Corrected: India's April-June balance of payments in deficit for first time in six quarters [Reuters]
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Source: Reuters
Corrected: India's April-June balance of payments in deficit for first time in six quarters | Reuters 2 Min Read (Corrects name of the company and the economist in fourth and ninth paragraph) By Suvashree Choudhury MUMBAI (Reuters) - India’s overall balance of payments slipped into deficit for the first time in six quarters in April-June on large foreign dollar outflows. The deficit , a measure of economic transactions between the country and the rest of the world, stood at $11.3 billion, compared to a surplus of $11.4 billion a year earlier, Reserve Bank of India data showed on Friday. The current account also posted a deficit, which rose to $15.8 billion or 2.4 percent of gross domestic product from $15.0 bln or 2.5 percent a year ago. The merchandise trade gap widened to $45.7 billion from $41.9 billion. Both deficits have widened “beyond comfort levels” as a consequence of the current global environment of higher rates and tight dollar liquidity, said A. Prasanna, chief economist
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