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India's current account deficit narrows to lowest level in 7 years

Xinhua, June 17, 2016 Adjust font size:

India's current account deficit narrowed to its lowest level in seven years in the quarter ended March, said local daily The Times of India online Friday.

The narrowing is mainly due to lower trade gap as both exports and imports fell, the report quoted Reserve Bank of India (RBI) data as saying.

The data showed that the current account deficit (CAD), or difference between the value of all imports, including goods, services and investment incomes, and the value of all exports, shrank to 300 million U.S. dollars in the fourth quarter of fiscal 2015-16.

It was down from 700 million U.S. dollars a year earlier and sharply lower from 7.1 billion recorded in the previous quarter, according to the report.

This is the lowest deficit since a 4.74 billion U.S. dollar-surplus was reported in March 2009. Endit