India's external situation stable, says CEA V Anantha Nageswaran

G20 second framework working group meeting to discuss global macroeconomic issues

With global crude oil prices on the slide, India’s current account deficit (CAD), too, will drop in the current fiscal year (2022-23, or FY23) and the next (2023-24, or FY24), with the “external situation being quite stable”, indicated Chief Economic Advisor (CEA) V Anantha Nageswaran on Thursday.

Quoting private-sector organisations and economists, the CEA said the industry expects CAD to be in the range of 2-2.4 per cent of gross domestic product (GDP) in FY23 and further down to 2 per cent in FY24.

“You might have seen that global crude oil prices have come down. The external situation for