Question
Consider the following information with respect to the
current account gap been reported by the central bank - I.India’s current account deficit (CAD) narrowed sequentially to $8.3 billion, or 1 per cent of gross domestic product (GDP), in the quarter ended September (Q2FY24) due to lower merchandise trade deficit and growth in services exports. II.The net outgo from the primary income account, mainly reflecting payments of investment income, decreased to $9.4 billion in the September 2023 quarter, from $11.8 billion a year ago. III.Private transfer receipts, mainly representing remittances from Indians employed overseas, amounted to $40.3 billion, an increase of 2.6 per cent year-on-year (Y-o-Y). IV.Regarding the balance of payments (BoP) position in Q2FY24, there was an accretion of $2.5 billion to reserves, as opposed to a depletion of $30.4 billion in the year-ago period. Which of the following statements is/are TRUE ?Solution
India’s current account deficit (CAD) narrowed sequentially to $8.3 billion, or 1 per cent of gross domestic product (GDP), in the quarter ended September (Q2FY24) due to lower merchandise trade deficit and growth in services exports.The net outgo from the primary income account, mainly reflecting payments of investment income, increased to $12.2 billion in the September 2023 quarter, from $11.8 billion a year ago.Private transfer receipts, mainly representing remittances from Indians employed overseas, amounted to $28.1 billion, an increase of 2.6 per cent year-on-year (Y-o-Y).Regarding the balance of payments (BoP) position in Q2FY24, there was an accretion of $2.5 billion to reserves, as opposed to a depletion of $30.4 billion in the year-ago period.
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