India likely to report account surplus for the current fiscal year: CEA Krishnamurthy
- IBEF
- November 24, 2020
At the end of the current financial year ending March 2021, India is expected to register a current account surplus, primarily driven by a significant reduction in imports, Mr. Krishnamurthy Venkata Subramanian, chief economic advisor to the Ministry of Finance, said on Monday.
As its trade deficit sharply narrowed, India's current account surplus increased to a record US$ 19.8 billion in April-June, the Reserve Bank of India said earlier.
Amid Covid-19 pandemic, demand for imports has dropped, along with recent economic reforms undertaken by the government to boost production, Krishnamurthy Subramanian told a virtual conference organised by the Confederation of Indian Industry (CII).
Disclaimer: This information has been collected through secondary research and IBEF is not responsible for any errors in the same.
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