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      Question

      What was the primary reason for the reduction in India's

      current account deficit from USD 67 billion in 2022-23 to USD 23.2 billion in 2023-24?
      A Increase in remittances Correct Answer Incorrect Answer
      B Decrease in merchandise trade deficit Correct Answer Incorrect Answer
      C Increase in foreign direct investment Correct Answer Incorrect Answer
      D Decrease in service sector exports Correct Answer Incorrect Answer

      Solution

      The reduction in India's current account deficit was primarily due to a decrease in the merchandise trade deficit, increasing net services exports, and rising remittances

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