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India's CAD likely at 1.7% this fiscal: Report

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India's CAD likely at 1.7% this fiscal: Report
India's current account deficit is expected to be around 1.7 per cent of GDP in this financial year, largely owing to higher oil prices, says a report.
With the December quarter current account deficit worsening to 2 per cent of GDP, Bank of America Merrill Lynch (BofAML) raised its current account deficit (CAD) forecast for this financial year and for the next fiscal.The global financial services major has raised its CAD forecast by 10 bps to 1.7 per cent of GDP in 2017-18 and by 20 bps to 1.9 per cent of GDP in 2018-19.
According to data released by the Reserve Bank on Friday, the CAD rose to 2 per cent of the GDP at USD 13.5 billion in the December quarter, up from USD 8 billion or 1.4 per cent in the year-ago period, on the back of higher trade deficit.On a cumulative basis, CAD more than doubled to 1.9 per cent of GDP in the April-December 2017 period.
The Business Standard, New Delhi, 20th March 2018

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