Current account deficit is low, will remain within the ambit of management: Shaktikanta Das
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Foreign exchange reserves have now increased to more than $600 billion. It was $ 524.5 billion on October 21, 2022. ”Das said that India’s service exports have grown at a good rate in the first two months of 2023.
Mumbai The Reserve Bank of India (RBI) on Thursday expressed confidence that India’s current account deficit (CAD) will remain low in the fourth quarter of 2022-23 i.e. January-March. Apart from this, in the next financial year 2023-24, CAD will be under the purview of management. The current account deficit stood at 2.7 per cent of the gross domestic product (GDP) in the first three quarters of the last financial year. It declined significantly to 2.2 per cent in the October-December quarter of 2022-23, as against a high of 3.7 per cent in the July-September quarter.
Announcing the results of the bi-monthly monetary review meeting, RBI Governor Shaktikanta Das said, “Overall, external indicators have improved significantly. Foreign exchange reserves have now increased to more than $600 billion. It was $ 524.5 billion on October 21, 2022. ”Das said that India’s service exports have grown at a good rate in the first two months of 2023.
He said that the better growth prospects of Gulf Cooperation Council (GCC) countries are good from the point of view of remittances coming from other countries. He said that money orders from outside have reached an all-time high of $107.5 billion in 2022. Das said that the Indian rupee has moved ahead in a systematic manner in 2022 and more or less the same situation will prevail in 2023 as well. He said that the central bank will keep a constant watch on the fluctuations of the rupee.
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