India records current account surplus of 0.9% in FY21

Current GK ( Master) Indian Economy

According to the data released by the Reserve Bank of India, India reported a current account surplus of 0.9% of GDP in the FY 21. In FY 20 there was a current account deficit of 0.9%.
The reason for Current Account Surplus in FY21 is sharp contraction in the trade deficit to US$ 102.2 billion from US$ 157.5 billion in 2019-20.
Current Account Surplus/Deficit is difference between Export and Import.
Current Account Surplus implies that Export from India was more than Import into India.
Current Account Deficit implies that Import into India was more than Export from India.
India has seen a Current account surplus for first time in 17 years.