India’s current account deficit narrowed to 1.3 billion dollars or 0.2 percent of GDP in the January-March quarter of last fiscal. According to the data released by the Reserve Bank, the decline was mainly due to moderation in trade deficit and a robust increase in services exports. However for fiscal 2022-23, the current account balance recorded a deficit of 2 percent of GDP compared to a deficit of 1.2 percent in 2021-22 as the trade deficit widened to 265.3 billion dollars from 189.5 billion dollars a year ago.
RBI data has shown that net services receipts increased, both sequentially and on a year-on-year basis, on the back of a rise in net earnings from computer services.