India's current account deficit (CAD) totalled 4.6 billion dollars or 0.7 per cent of the GDP in the fourth quarter (January to March) of 2018-19, the Reserve Bank of India (RBI) said on Friday.
It narrowed from 13 billion dollars or 1.8 per cent of the GDP in Q4 of 2017-18 and 17.7 billion dollars or 2.7 per cent of the GDP in the preceding quarter.
At end-March 2019, India's external debt was placed at 543 billion dollars, marking an increase of 13.7 billion dollars over its level at end-March 2018.
"At end-March 2019, India's external debt witnessed an increase of 2.6 per cent over its level at end-March 2018, primarily on account of an increase in short-term debt, commercial borrowings and non-resident Indian (NRI) deposits," the central bank said in a statement.
"The increase in external debt was partially offset by valuation gain resulting from the appreciation of the US dollar against Indian rupee and other major currencies. The external debt to GDP ratio stood at 19.7 per cent at end-March 2019, lower than its level of 20.1 per cent at end-March 2018."
The RBI also said that net foreign direct investment at 6.4 billion dollars in Q4 of 2018-19 remained at the same level as in Q4 of 2017-18.
Disclaimer: No Business Standard Journalist was involved in creation of this content
