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India July-Sept current account deficit at record high 5.4 pct

Source : REUTERS
Last Updated: Mon, Dec 31, 2012 12:03 hrs
A grocery shop owner counts rupees in the western Indian city of Ahmedabad

India's current account deficit widened to an all-time high of 5.4 percent of GDP in the July-September quarter as export growth slowed more sharply than growth in imports, dragging the balance of payments into the red once again.

The country's current account deficit was $22.3 billion in the three months through September, compared with $18.9 billion in the same quarter in 2011, Reserve Bank of India data showed on Monday.

In April-June, the current account deficit had narrowed to $16.6 billion from $21.76 billion in the previous quarter.

The balance of payments was in deficit at $158 million, from a marginal surplus of $521 million in the previous quarter, the RBI data showed.

The trade deficit in the September stood at $48.3 billion, up from around $42.3 billion in the June quarter.

India's financial account, which includes foreign direct investment, portfolio investment and overseas borrowing by Indian companies, stood at a surplus of $24.2 billion, compared with $15.7 billion in the June quarter.




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