Falling net FDI levels, it says, were driven by rising repatriation due to foreign investors realising higher returns on investments due to surging stock market.
Overdrafts allow current account holders to withdraw more money than their account balance up to a predetermined limit, essentially borrowing from the bank.
India’s merchandise trade deficit dipped to 12-month low of $17.7 bn in Jan, while services trade surplus rose to record $16.5 bn. Services exports jumped by more than $4 bn in December.
Strong domestic demand amidst high commodity prices will raise total import bill and contribute to unfavourable developments in the current account balance, warns report.
Majority of the country's deficit is due to negative balance in merchandise account. India usually runs a surplus in services & remittances, but incurs deficit in trade of merchandise.
RBI data shows that India's CAD was around $23.90 billion in the first quarter of FY-22/23. Following the rising prices of commodities globally, the trade deficit also has been affected.
Commerce Secretary B.V.R. Subrahmanyam says country's trade deficit surged in July as elevated commodity prices and depreciating rupee inflated its import bill.
Premier David Eby, the leader of the minerals- and gas-rich province of British Columbia, spoke with executives at Tata Steel and Reliance Industries on a trade mission to India.
Overall, President Droupadi Murmu has approved Gallantry awards to 70 armed forces personnel, including six posthumous, on the eve of 77th Republic Day.
No nation other than China can negotiate one-on-one with Trump on an equal footing. That’s why the middle powers who so far formed the core of multilateral bodies now feel orphaned.
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