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Nirmal Bang Report
The current account returned to a deficit of $1.7 billion or 0.2% of gross domestic product in Q3 FY21.
This was against our expectation of a marginal surplus of $0.9 billion or 0.1% of GDP. The return to deficit was mainly on account of a widening trade deficit (as growth returned) and higher outflows as income payments.
Net services exports and remittances improved both QoQ and YoY, pointing to the return of growth globally.
The capital account surplus stood at $33.5 billion in Q3 FY21, nearly double from $15.4 billion in Q2 FY21, driven by higher portfolio flows.
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