India's current account deficit shrinks sharply to 0.2% of GDP
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India's current account deficit (CAD) fell to $1.3 billion or 0.2% of the Gross Domestic Product (GDP) in the fourth quarter of the fiscal year 2022-23, per the Reserve Bank of India (RBI). The CAD was reportedly $13.4 billion (1.6% of GDP) a year ago. The sharp dip has been attributed to a moderation in the trade deficit and an increase in services exports.