Current account deficit lowest in five years: Petroleum Minister Dharmendra Pradhan

NewsBharati    29-Sep-2017
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New Delhi, September 29: Petroleum Minister Dharmendra Pradhan has released the numbers on GDP shows that the current account deficit in last five years has come down to 0.7 percent in 2016-17 from 4.8 percent in 2012-13 on Friday.

 

The current account is the net difference between inflows and outflows of foreign currencies. India’s trade deficit during the fiscal year narrows to $11.45 billion in July. India's exports grew by 3.94 percent on a yearly basis to USD 22.54 billion in July on account of rising in shipments of petroleum, chemicals, and marine products.


In 2012-13 India’s current deficit in GDP was 4.8 percent which came down to 1.7 percent in 2013-14, followed by 1.3 percent in 2014-15 and 1.1 percent in 2015-16. The current deficit of GDP came down to 0.7 percent in 2017.

However, in 2016-17, FDI (Foreign Direct Investment) inflows marginally declined to $35.6 billion from $36 billion reported during 2015-16 and the trade deficit narrowed to $112.4 billion in 2016-17 from $130.1 billion in 2015-16.