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    Question

    What was India's current account deficit (CAD) as a

    percentage of GDP in Q3FY23?
    A 2.2% Correct Answer Incorrect Answer
    B 3.7% Correct Answer Incorrect Answer
    C 4.2% Correct Answer Incorrect Answer
    D 5.1% Correct Answer Incorrect Answer
    E None of these Correct Answer Incorrect Answer

    Solution

       India’s current account deficit (CAD) narrowed substantially to $18.2 billion in the quarter ended December 2022, or 2.2 percent of gross domestic product, from $30.9 billion in Q2FY23 (3.7 percent of GDP).      Behind the lower CAD in Q3FY23 was the narrowing of the merchandise trade deficit to $72.7 billion from $78.3 billion in Q2FY23, in addition to robust services and private transfer receipts.    The net outgo from the primary income account, mainly reflecting payments of investment income, increased to $ 12.7 billion in the December 2022 quarter.    Private transfer receipts, mainly representing remittances from Indians employed overseas, amounted to $30.8 billion, an increase of 31.7 percent YoY.

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