CURRENT AFFAIRS

Detailed explanation-1: -According to Citigroup’s India economist Samiran Chakraborty, the shortfall in CAD, the broadest measure of trade in goods and services, will likely be at 2.9% of gross domestic product (GDP) .

Detailed explanation-2: -"India’s current account balance recorded a deficit of USD 36.4 billion (4.4 per cent of GDP) in Q2:2022-23, up from USD 18.2 billion (2.2 per cent of GDP) in Q1:2022-23 and a deficit of US$ 9.7 billion (1.3 per cent of GDP) a year ago [i.e., Q2:2021-22],” the RBI said.

Detailed explanation-3: -As a percentage of GDP, India’s July-September CAD is 4.4 percent as against 2.2 percent in April-June and 1.3 percent in July-September 2021. For the half-year ended September, the deficit is 3.3 percent of GDP, sharply higher than the 0.2 percent in April-September 2021.

Detailed explanation-4: -The brokerage had, in August last year, said it expected India’s CAD to be as high as 3.9% of GDP for the fiscal year ending March 2023. Reuters Citi also revised its CAD forecast for fiscal 2023-24 to 2.2% of GDP, from 2.4% earlier.

Detailed explanation-5: -Current account balance as percent of GDP, 2021 - Country rankings: The average for 2021 based on 153 countries was -2.15 percent. The highest value was in Kiribati: 32.27 percent and the lowest value was in Palau: -55.92 percent. The indicator is available from 1960 to 2022.