The country's current account deficit is likely to hit a three-year high of 1.8% or $43.81 billion in FY22, as against a surplus of 0.9% or $23.91 billion in FY21, a report said on Thursday.
According to an assessment by India Ratings, the Current Account Deficit (CAD) has moderated to $17.3 billion or 1.96% of GDP in the fourth quarter of FY22 as against $8.2 billion or 1.03% in the year-ago period, and massively down from $23.02 billion or 2.74% in Q3, which was a 13-quarter high.
The improvement in the key numbers are due to the remarkable improvement in merchandise exports in FY22, when it grew 42.4% as against a negative 7.5% in the pandemic-hit FY121.
