India’s present account deficit widens to 2.7 per cent in December quarter

India’s present account deficit widened to USD 23 billion or 2.7 per cent of the GDP within the December quarter, the Reserve Financial institution stated on Thursday. The well being of present account, which is a key indicator of a rustic’s exterior energy, has deteriorated when in comparison with the previous September quarter in addition to the year-ago interval.

The deficit was at USD 9.9 billion or 1.3 per cent of the GDP within the second quarter of this fiscal whereas the identical stood at USD 2.2 billion or 0.3 per cent of the GDP within the year-ago interval, the information on Stability of Funds confirmed.

The widening of the present account deficit for the December quarter was attributed by the central financial institution to pressures on the commerce deficit entrance, with the hole on that entrance rising to USD 60.4 billion resulting from rising imports.

Web providers receipts elevated, each sequentially and on a year-on-year (y-o-y) foundation, on the again of strong efficiency of web exports of laptop and enterprise providers.

For the primary 9 months of the present fiscal, the present account deficit got here at 1.2 per cent of the GDP as in opposition to a surplus of 1.7 per cent within the April-December 2020 interval, as per the information.
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