The current account deficit (CAD) narrowed to 0.9% of GDP or $6.3 billion in the July-September quarter of the current fiscal from 2.9% or $19 billion in same period last year, according to the RBI data. In the first quarter, the deficit stood at 2% of GDP or $14.2 billion. “The contraction in the CAD was primarily on account of a lower trade deficit at $38.1 billion as compared with $50 billion a year ago,” RBI said in a release. In the first half of the current fiscal, the CAD narrowed to 1.5% of GDP from 2.6% in the same period in FY2018-19 on the back of a reduction in the trade deficit. Trade deficit shrank to $84.3 billion in the first half of FY2019-20 from $95.8 billion last year, the RBI said.
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