MUMBAI: Rising imports and high oil prices have taken their toll on India\u2019s current account deficit (CAD) even before the Russian invasion of Ukraine. The quarter ended December 2021 saw India\u2019s CAD widen to $23 billion, or 2.7%, of the country\u2019s gross domestic product (GDP).
\nReleasing the data, the Reserve Bank of India (RBI) said that the widening current account gap was due to pressures on trade deficit, which swelled to $60 billion because of rising imports. Given that prices of crude and international commodities shot up in the fourth quarter significantly, the CAD is expected to get much worse.
\nThe trade deficit, on account of petroleum products, was $26 billion as compared to $16 billion in the corresponding quarter of previous fiscal. The overall deficit due to trade in goods was $60 billion as against $34.6 billion in the third quarter of previous year. Gold imports during the quarter moderated to $14 billion from $16 billion in the preceding quarter.<\/p>\n","protected":false},"excerpt":{"rendered":"
MUMBAI: Rising imports and high oil prices have taken their toll on India\u2019s current account deficit (CAD) even before the Russian invasion of Ukraine. The quarter ended December 2021 saw India\u2019s CAD widen to $23 billion, or 2.7%, of the country\u2019s gross domestic product (GDP). Releasing the data, the Reserve Bank of India (RBI) said that the widening current account gap was due to pressures on trade deficit, which swelled to $60 billion because of rising imports. Given that prices of crude and international commodities shot up in the fourth quarter significantly, the CAD is expected to get much worse. […]<\/p>\n","protected":false},"author":44,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[130,219,137],"tags":[],"class_list":["post-481048","post","type-post","status-publish","format-standard","hentry","category-newspapers","category-oil-gas-the-times-of-india","category-the-times-of-india"],"acf":[],"_links":{"self":[{"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/posts\/481048","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/users\/44"}],"replies":[{"embeddable":true,"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/comments?post=481048"}],"version-history":[{"count":0,"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/posts\/481048\/revisions"}],"wp:attachment":[{"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/media?parent=481048"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/categories?post=481048"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/tags?post=481048"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}