India's CAD narrows to 1.2% of GDP in Q3 due to higher service costs
India's current account deficit (CAD) decreased in the October-December quarter of fiscal year 2023/24 to $10.5 billion, or 1.2% of GDP, compared to $11.4 billion or 1.3% of GDP in the previous quarter. This improvement was primarily driven by higher service exports, with a 5.2% year-on-year growth in services exports, particularly in software, business, and travel services.
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