-The Hindu Business Line Trade deficit, primary income outweighed services surplus: ICRA India’s current account deficit (CAD) doubled sequentially to an all-time high of $36.4 billion in Q2 FY23 from $18.2 billion in the previous quarter, and was nearly four times higher than the $9.7 billion posted a year ago. CAD for FY22 was at $38.77 billion. The Q2 CAD was equivalent to 4.4 per cent of the country’s GDP as against 2.2...
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India sees sharp decline in IT sector's ability to fund trade deficit -Krishna Kant
-Business Standard A relatively slower growth in IT Services exports has made India ever more dependent on capital inflows and workers remittances to fund its trade and the overall current account deficit IT services are India's single biggest export and a key source of foreign exchange. But there has been a sharp decline in the IT industry’s ability to fund India’s fast-growing merchandise trade deficit and current account deficit. Please click here to...
More »Patra: India can sustain CAD of 2.5-3% without an external sector crisis
-The Telegraph Overall current account deficit in July rises to $21.04 billion (merchandise and services), commerce ministry reports on Friday Mumbai: Reserve Bank of India deputy governor Michael Patra has tried to soothe concerns about the anticipated surge in India’s current account deficit, suggesting that the country will not be roiled by a crisis if the CAD climbed to anywhere between 2.5 and 3 per cent of GDP. “Our experience has been that...
More »Centre, RBI bid to curb inflation
-The Telegraph Food prices, which account for nearly half of the consumer price index basket, softened last month The finance ministry and the Reserve Bank of India (RBI) are in discussions on the inflation trajectory amid the easing of global commodity and crude oil prices. A Reuters poll of economists forecast retail inflation at a five-month low in July at 6.78 per cent. But it is still above the RBI’s upper threshold...
More »As the rupee touches 80 to the dollar, what does this mean for India’s economy? -Deepanshu Mohan
-Scroll.in Costlier imports and the widening of the current account deficit is likely to eat into India’s foreign currency exchange reserves. The Indian rupee touched a historical low, trading almost at Rs 80 against the US dollar on Wednesday. A knee-jerk, macro-analytical response studying India’s currency performance would mistakenly see this trend in isolation, while projecting a weakening of macro-economic fundamentals to be leading towards a depreciation. Looking closely at the numbers it...
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