BQ Blue's special research section collates quality and in-depth equity and economy research reports from across India's top brokerages, asset managers and research agencies. These reports offer BloombergQuint's subscribers an opportunity to expand their understanding of companies, sectors and the economy.
ICRA Research Report
India's current account deficit surged to a 36-quarter high of $23.0 billion (down 2.7% of gross domestic product) in Q3 FY22 from $9.9 billion (down 1.3% of GDP) in Q2 FY22.
However, the Q3 FY22 deficit has undershot the lower end of our expectation band of $24-28 billion, with a better than anticipated outcome for the balances of goods, services and secondary income.
The sequential widening of the deficit was on account of the spike in merchandise trade deficit to $60.4 billion in Q3 FY22 from $44.4 billion in Q2 FY22.
We expect the current account deficit to recede to around $17-21 billion in Q4 FY22, with the third wave temporarily curtailing certain imports.
Accordingly, the CAD in FY22 is projected at $43-47 billion or 1.5% of GDP.
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