IANS | 29 Dec, 2022
India's current account deficit rose sharply to 4.4 per cent of the GDP
in the second quarter of the current fiscal (2022-23) from 2.2 per cent
in the first quarter.
The current account balance
recorded a deficit of $36.4 billion (4.4 per cent of GDP) in the second
quarter, up from $18.2 billion (2.2 per cent of GDP) in the first.
Underlying
the current account deficit in the second quarter was the widening of
the merchandise trade deficit to $83.5 billion from $63 billion in the
first quarter of 2022-23.
There was a depletion of foreign
exchange reserves to the tune of $30.4 billion in second quarter as
against an accretion of $31.2 billion during the corresponding period of
last year.
Net FDI inflows also fell to $20 billion in the first
half of 2022-23 compared to $20.3 billion recorded in the corresponding
period of last year.
These are some of the key details of the
data released by RBI on balance of payments for the second quarter of
current fiscal on Thursday.
Portfolio investment recorded a net
outflow of $8.1 billion in first half of 2022-23 as against an inflow of
$4.3 billion a year ago.
Meanwhile, net invisible receipts were
higher in first half of 2022-23 on a year-on-year basis on account of
higher net receipts of services and private transfers.
Non-resident
deposits recorded net inflows of $2.5 billion second quarter of 2022-23
as against net outflows of $0.8 billion in second quarter of 2021-22.
Net
foreign portfolio investment recorded inflows of $6.5 billion in second
quarter of current fiscal, up from $3.9 billion during second quarter
of 2021-22.
Net external commercial borrowings to India recorded
an outflow of $0.4 billion in second quarter of current fiscal as
against an inflow of $4.3 billion a year ago.
