India's current account deficit narrows to 1.2% of GDP at $10.5 bn in Oct-Dec

India's current account deficit narrows to 1.2% of GDP at $10.5 bn in Oct-Dec

Daily Current Affairs   /   India's current account deficit narrows to 1.2% of GDP at $10.5 bn in Oct-Dec

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Category : Business and economics Published on: March 30 2024

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  • The Reserve Bank of India (RBI) adjusted the Current Account Deficit (CAD) for the second quarter, revising it to 1.3% from the earlier estimate of 1%. 
  • This adjustment was attributed to the upward revision of customs data pertaining to merchandise imports, highlighting the importance of accurate data in assessing the country's trade balance.
  • In the third quarter of the financial year 2023-24 (3QFY24), Foreign Direct Investment (FDI) witnessed a significant net inflow of $4.2 billion, marking a notable increase from the previous quarter's net inflow of $2 billion. This influx of FDI indicates growing investor confidence and interest in the Indian market, potentially contributing to economic growth and development.
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