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POLL-India’s current account likely to return to surplus in January-March

By Vivek Mishra and Anant Chandak

Bengaluru, June 27 (Reuters)India’s current account is likely to return to surplus in the first three months of the year, the first quarterly surplus in almost two years, due to a narrowing trade deficit and rising services exports, according to a Reuters poll.

Latest survey of 22 economists reveals current account balance Incura = ECI Likely posted a surplus of $3.3 billion, equivalent to 0.4% of gross domestic product (GDP) Incapa = ECIin the final quarter of the 2022/23 fiscal year.

This is a significant improvement from last quarter’s deficit of $18.2 billion (2.2% of gross domestic product (GDP)). Expectations ranged from a deficit of $5 billion to a surplus of $7.8 billion.

Upasana Chakra, India’s chief economist at Morgan Stanley, said: “While we expect the commodity trade deficit to narrow due to the containment of global commodity prices, rising services exports have pushed the invisible trade balance down in the last quarter. should stabilize at the level of .

“On the capital account side, we expect foreign capital inflows to slow. On the overall[balance of payments]side, we expect the surplus to be broadly stable, similar to last quarter’s level.”

balance of payments Inbop = ECI Earnings forecast last quarter was $9.8 billion, compared with $11.1 billion three months ago, according to the survey.

The current account deficit (CAD) was expected to average -1.5% of GDP this fiscal year and -1.8% next year, but -2.0% in the just ended fiscal year. Reuters survey I showed you last week.

“Lower oil prices are likely to narrow the trade deficit, and the Canadian dollar is certain to shrink further,” said Prasenjit K. Bass, chief economist at ICICI Securities.

(Reported by Vivek Mishra and Anant Chandak, Voted by Veronica Khongwir and Madhumita Gokhale, Edited by Ross Finley and Mark Potter)

((Vivek.Mishra@thomsonreuters.com))

The views and opinions expressed herein are those of the authors and do not necessarily reflect those of Nasdaq, Inc.

Summarize this content to 100 words
By Vivek Mishra and Anant Chandak
Bengaluru, June 27 (Reuters) – India’s current account is likely to return to surplus in the first three months of the year, the first quarterly surplus in almost two years, due to a narrowing trade deficit and rising services exports, according to a Reuters poll.
Latest survey of 22 economists reveals current account balance Incura = ECI Likely posted a surplus of $3.3 billion, equivalent to 0.4% of gross domestic product (GDP) Incapa = ECIin the final quarter of the 2022/23 fiscal year.

This is a significant improvement from last quarter’s deficit of $18.2 billion (2.2% of gross domestic product (GDP)). Expectations ranged from a deficit of $5 billion to a surplus of $7.8 billion.
Upasana Chakra, India’s chief economist at Morgan Stanley, said: “While we expect the commodity trade deficit to narrow due to the containment of global commodity prices, rising services exports have pushed the invisible trade balance down in the last quarter. should stabilize at the level of .
“On the capital account side, we expect foreign capital inflows to slow. On the overall[balance of payments]side, we expect the surplus to be broadly stable, similar to last quarter’s level.”
balance of payments Inbop = ECI Earnings forecast last quarter was $9.8 billion, compared with $11.1 billion three months ago, according to the survey.
The current account deficit (CAD) was expected to average -1.5% of GDP this fiscal year and -1.8% next year, but -2.0% in the just ended fiscal year. Reuters survey I showed you last week.

“Lower oil prices are likely to narrow the trade deficit, and the Canadian dollar is certain to shrink further,” said Prasenjit K. Bass, chief economist at ICICI Securities.

(Reported by Vivek Mishra and Anant Chandak, Voted by Veronica Khongwir and Madhumita Gokhale, Edited by Ross Finley and Mark Potter)
((Vivek.Mishra@thomsonreuters.com))

The views and opinions expressed herein are those of the authors and do not necessarily reflect those of Nasdaq, Inc.

https://www.nasdaq.com/articles/poll-indias-current-account-likely-turned-to-surplus-in-jan-march POLL-India’s current account likely to return to surplus in January-March

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