The current account deficit (CAD) for the September quarter shrunk to $8.3 billion, around 1% of the GDP. The improvement was due to a significant reduction in the goods trade deficit, which dropped from -$78.3 billion in FY23 to -$61 billion in FY24. The petroleum, oil, and lubricants (POL) segment also showed a positive trend, with the deficit shrinking from -$29.5 billion to -$17.9 billion. The services sector demonstrated robust growth, with a net positive balance of $40 billion in Q2 FY24.

from Times of India https://ift.tt/SPMJOKX