2036 Olympics and Paralympics: India formally submits Letter of Intent to IOC
There has been no official confirmation yet but according to reliable sources, the letter was submitted on October 1 with Ahmedabad as the likely host city.
India’s current account deficit (CAD) declined sharply to 1 per cent of the GDP or $8.3 billion in the second quarter of this financial year 2024, data released by RBI said on Tuesday.
The decline is driven by mainly due to lower merchandise trade deficit and growth in services exports, it added.
The CAD was 3.8 per cent of the GDP or USD 30.9 billion in July-September quarter in 2022-23.
Advertisement
Underlying the lower current account deficit on a year-on-year (y-o-y) basis in Q2:2023-24 was the narrowing of merchandise trade deficit to US$ 61.0 billion from USD 78.3 billion in Q2:2022-23.
RBI data said the services exports grew by 4.2 per cent on a y-o-y basis on the back of rising exports of software, business and travel services. Net services receipts increased both sequentially and on a y-o-y basis.
Net outgo on the primary income account, primarily reflecting payments of investment income, increased to US$ 12.2 billion from US$ 11.8 billion a year ago.
Private transfer receipts, mainly representing remittances by Indians employed overseas, amounted to US$ 28.1 billion, an increase of 2.6 per cent from their level during the corresponding period a year ago.
In the financial account, net foreign direct investment witnessed an outflow of US$ 0.3 billion as against an inflow of US$ 6.2 billion in Q2:2022-23.
Foreign portfolio investment recorded net inflow of US$ 4.9 billion, lower than US$ 6.5 billion during Q2:2022-23.
External commercial borrowings to India recorded net outflow of US$ 1.8 billion in Q2:2023-24 as compared with net outflow of US$ 0.5 billion in Q2:2022-23.
Non-resident deposits recorded net inflow of US$ 3.2 billion as compared with net inflow of US$ 2.5 billion in Q2:2022-23.
Advertisement
