India’s balance of payments deficit surged despite a sharp improvement in the current account deficit in the July-September quarter, primarily due to slowing capital inflows, Reserve Bank of India data showed on Monday.
India’s balance of payments was at a deficit of $10.4 billion for the September quarter, compared with a $200 million deficit in the same period a year earlier.
India’s current account deficit in the September quarter fell sharply to $5.2 billion, or 1.2 per cent of GDP, from $21 billion, or 5 per cent of GDP, a year earlier, as exports picked up and gold imports moderated, the RBI said.
India’s trade deficit in the September quarter narrowed to $33.3 billion from $47.8 billion a year earlier, while the capital and financial account surplus fell to $5 billion from $20.8 billion year earlier, the data showed.
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