An exponential increase in merchandise imports during the first quarter (April - June) of 2017 - 18 pushed India's current account deficit (CAD) higher to $14. 3 billion from $0. 4 billion reported for the like period of 2016 - 17.
According to data released by Reserve Bank of India (RBI) on Friday, Q1 CAD was even higher than the fourth quarter 2016 - 17 deficit of $3. 4 billion.
"India's CAD at $14. 3 billion (2. 4 per cent of GDP) in Q1 of 2017 - 18 increased sharply from $0. 4 billion (0. 1 per cent of GDP) in Q1 of 2016 - 17 and $3. 4 billion (0. 6 per cent of GDP) in Q4 of 2016 - 17, " the RBI said.
"The widening of the CAD on a year - on - year (y - o - y) basis was primarily on account of a higher trade deficit ($41. 2 billion) brought about by a larger increase in merchandise imports relative to exports. "
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