Modi 3.0 Government / Parliament session begins, the government got this big victory on the economic front on the very first day

Vikrant Shekhawat : Jun 24, 2024, 10:30 PM
Modi 3.0 Government: The first parliamentary session of the 18th Lok Sabha began on Monday after the elections. On one hand, while the newly elected members of Parliament were taking oath of their office, on the other hand, a news came on the economic front, which shows a good picture of the economy. It shows that the country's economic condition is strong and its growth is also going to be tremendous in the near future. It is also being considered a big victory for the government. Data related to the country's current account was released on Monday. This shows that the country's current account deficit (CAD-Current Account Deficit) has decreased in the January-March quarter. It has come down to 0.6 percent of the country's GDP.

Current account deficit of the country

The Reserve Bank of India (RBI) released the data of current account deficit on Monday. RBI says that the country's current account had a surplus of $ 5.7 billion in the January-March quarter this year. This is 0.6 percent of India's gross domestic product (GDP).

RBI issued a statement on its 'India's development in terms of payment balance'. It said that in the same quarter of the financial year 2022-23, the country's current account had a deficit of $ 1.3 billion. This was equal to 0.2 percent of GDP. Now the current account is not even in deficit, but there is also a surplus in it. Just before this, in the October-December 2023 quarter, there was a deficit of $ 8.7 billion in the current account. This was one percent of GDP.

The figures for the whole year are also encouraging

RBI released the figures not only for January-March, but also for the entire financial year 2023-24. In the financial year 2023-24, the country's current account deficit came down to $ 23.2 billion, which is 0.7 percent of GDP. In the financial year 2022-23, the country's current account deficit was $ 67 billion i.e. 2 percent of GDP.

In the March quarter of the last financial year 2023-24, the country's goods trade deficit was $50.9 billion, which is less than $52.6 billion in the same period of 2022-23. At the same time, there has been an increase of 4.1 percent in the service trade category, that is, the income from service trade increased to $42.7 billion. This is more than $39.1 billion a year ago. Therefore, the current account has come into a surplus situation.