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India’s current account deficit narrowed sharply in the January to March quarter, mainly on the back of a moderation in the trade gap and an increase in services exports, the Reserve Bank of India said on Wednesday.
The current account deficit stood at $1.3 billion or 0.2% of GDP in the fourth quarter of fiscal year 2022/23, compared with a revised deficit of $16.8 billion or 2% of GDP in the preceding October-December quarter.
The deficit had stood at $13.4 billion in the same quarter a year ago, the release showed.
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