CAD nar­rows to 2% of GDP In 1st qtr

The Times of India (New Delhi edition) - - Times Business -

Mum­bai: Lower crude prices and higher in­vis­i­ble re­ceipts have helped the coun­try nar­row the cur­rent ac­count deficit to 2% of GDP or at $14.3 bil­lion in the first quar­ter, down 30 ba­sis points from year-ago, the Re­serve Bank said on Mon­day. In the year-ago pe­riod, CAD had printed at 2.3% of GDP or $15.8 bil­lion.

“CAD con­tracted on an an­nu­alised ba­sis pri­mar­ily due to higher in­vis­i­ble re­ceipts at $31.9 bil­lion com­pared to $29.9 bil­lion a year ago,” RBI said.

The net for­eign di­rect in­vest­ment was $13.9 bil­lion in Q1 up from $9.6 bil­lion last year. Dur­ing the quar­ter, for­eign port­fo­lio in­vest­ment recorded net in­flow of $4.8 bil­lion as against an out­flow of $8.1 bil­lion in Q1 of 2018-19, on ac­count of net pur­chases in both debt and eq­uity mar­kets.

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