© Reuters. FILE PHOTO: A basic view of Mumbai’s main monetary district, India, November 22,2017 REUTERS/Danish Siddiqui/File Photo
By Swati Bhat
MUMBAI (Reuters) -India’s existing account deficit narrowed more than anticipated in the July-September quarter mainly due to a lower product trade deficit while services exports likewise grew, the main bank stated in a declaration on Tuesday.
The present account deficit stood at $8.3 billion, or 1% of GDP, in the 2nd quarter of financial 2023/24 compared with $9.2 billion or 1.1% of GDP in the preceding quarter.
The CAD hadactually been at $30.9 billion or 3.8% in the verysame quarter a year ago.
The typical projection in a Reuters survey of 18 financialexperts was for a deficit of $9 billion.
“Following the growth in the product trade deficit in October 2023, we anticipate the CAD for the continuous