Current account slips to deficit in Q2
The Hindu
‘Huge widening lies ahead, with the large merchandise trade deficits seen in October-November’
India’s Balance of Payments (BoP) position moved to a deficit of $9.6 billion in the quarter ended September (Q2), as widening trade deficit weighed. At 1.3% of GDP, this compares with a surplus of $6.6 billion in the immediately previous quarter and with a surplus of $15.3 billion a year earlier.
“The deficit in the current account in Q2 was mainly due to widening of trade deficit to $44.4 billion from $30.7 billion in the preceding quarter and an increase in net outgo of investment income,” the RBI said on Friday.
“The current account deficit in Q2 FY22 was somewhat smaller than our expectation. Nevertheless, a huge widening lies ahead, with the large merchandise trade deficits seen in October-November 2021,” said Aditi Nayar, chief economist at rating agency ICRA.
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