The Reserve Bank has informed that India’s current account balance recorded a deficit of 23.9 billion dollars in the first quarter, an increase of 13.4 billion from the last quarter.

• This rise of the Current Account Deficit from 1.5 percent of GDP to 2.8 percent of GDP was primarily due to the widening of trade deficit from 54.5 billion dollars to 68.6 billion dollars.
• The net outgo of investment income payments also increased from 7.5 billion dollars to 9.3 billion dollars.
• As per the data released by the Reserve Bank on India’s Balance of Payments during the First Quarter of 2022-23, the services exports grew 35.4 percent on a year-on-year basis, led by broad-based growth in computer, business, transportation and travel services.