India's current account deficit (CAD) widened to $23.9 billion or 2.8 per cent of the country's gross domestic product (GDP) in the April-June period of the current financial year from $13.4 billion recorded in the previous quarter, as per data released by the Reserve Bank of India (RBI) on Thursday.
The government will borrow Rs 5.92 lakh crore, or 41.7 per cent of planned gross market borrowing of Rs 14.21 lakh crore for the current financial year, in the second half of the fiscal ending March 31, 2023, the Finance Ministry said in a statement on Thursday.
As per RBI, in the financial account, net foreign direct investment fell to $2.7 billion from $12 billion in Q4FY20.
He said the current account deficit was directly linked with the global oil prices which had been going up and were going to have some unfavorable impact on the country’s economy.
Jaitley says external factors like US policies, trade war, and crude oil prices are impacting economies like India
