Tuesday, July 5, 2022

Current account deficit was 1.2 percent of GDP in the last financial year, RBI governor…

GDP Rate: The country’s current account deficit (CAD) stood at 1.2 per cent of gross domestic product (GDP) in the financial year 2021-22, while it was 0.9 per cent surplus in the financial year 2020-21. . Let us tell you that CAD has increased mainly due to increasing trade deficit. The Reserve Bank of India (RBI) has given this information on Wednesday.

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RBI gave information
According to the RBI, the current account deficit stood at $ 13.4 billion, or 1.5 percent of GDP, in the March quarter of the financial year 2021-22, which is less than Rs. In the previous December quarter, it was $ 22.2 billion, or 2.6 percent of GDP.

Learn why the trade deficit widened?
Tell you a current account deficit occurs when the value of imported goods and services and other payments over a particular period of time to the value of exported goods and services and higher than other gains. The central bank said that the trade deficit widened to $ 189.5 billion in the fiscal year 2021-22, from $102.2 billion in the earlier 2020-21. Due to this the current account deficit has increased. According to the Balance of Payment data, India’s imports stood at $618.6 billion in the financial year 2021-22, compared to $398.5 billion a year ago. This has increased the trade deficit.

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How much GDP?
The country’s economic growth rate between January and March in the fourth quarter of the financial year 2021-22 has been 4.1 percent. Whereas earlier in the fourth quarter of the financial year 2020-21, the GDP growth rate was 1.6 percent. At the same time, the GDP in 2021-22 has been 8.7 percent while in the 2020-21 financial year the GDP was negative (-)7.3 percent. ¬†Earlier in the financial year 2021-22, the Central Statistics Office (CSO) ¬†estimated GDP to be 9.2 percent.

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