The current account deficit (CAD) narrowed sequentially to $10.5 billion in the quarter ended December 2023 (Q3 FY24) 1.2 per cent of gross domestic product (GDP) from $11.4 billion in Q2 FY24 (1.3 per cent of GDP).
The deficit was also down from $16.8 billion or 2 per cent of GDP in the year-ago period (Q3 FY23).
Reserve Bank of India (RBI) data showed that the rise in net services receipts more than compensated for a slight rise in merchandise trade deficit in Q3 FY24. This helped cushion the CAD.
Services exports grew by 5.2 per cent year-on-year (Y-o-Y) on the back of rising exports of software, business and travel services.
"The CAD narrowed in the quarter despite a wider merchandise trade deficit, cushioned by a record high services trade surplus and secondary income," Barclays said in the note.
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