Mumbai, Sep 30 (SocialNews.XYZ) India posted a healthy current account surplus in Q1FY21 on the back of lower trade deficit, official data showed on Wednesday.
According to Reserve Bank of India's data on India's Balance of Payments (BoP), a year-on-year basis the Q1FY21 surplus stood at $19.8 bil lion from a deficit of $15 billion reported for the corresponding period of the previous fiscal.
"India's current account balance (CAB) recorded a surplus of $19.8 billion (3.9 per cent of GDP) in Q1 of 2020-21 on top of a surplus of $0.6 billion (0.1 per cent of GDP) in the preceding quarter, i.e., Q4 of 2019-20; a deficit of $15 billion (2.1 per cent of GDP) was recorded a year ago," the Reserve Bank said in its statement on developments in India's Q1FY21 BoP.
"The surplus in the current account in Q1 of 2020-21 was on account of a sharp contraction in the trade deficit to $10 billion due to steeper decline in merchandise imports relative to exports on a year-on-year basis."
Source: IANS
About Gopi
Gopi Adusumilli is a Programmer. He is the editor of SocialNews.XYZ and President of AGK Fire Inc.
He enjoys designing websites, developing mobile applications and publishing news articles on current events from various authenticated news sources.
When it comes to writing he likes to write about current world politics and Indian Movies. His future plans include developing SocialNews.XYZ into a News website that has no bias or judgment towards any.
He can be reached at gopi@socialnews.xyz