India's FY24 CAD reduces to 0.7% of GDP from 2% in FY23, records surplus of 0.6% in Q4

India's current account deficit improved significantly to 0.7% of GDP, or $23.2 billion in FY24, down from 2% of GDP, or $67 billion the previous year, attributed to a decrease in merchandise trade deficit, according to the Reserve Bank of India. The country's current account balance showed a surplus of 0.6% of GDP in Q4 FY24, a turnaround from deficits in earlier quarters.