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.