Moderation in imports pulled down India's current account deficit (CAD) to 3.9 per cent of the GDP in first quarter of 2012-13 as against a
record high of 4.5 per cent in the previous quarter (January-March).
"During Q1 of 2012-13, a moderation in trade deficit due to sharper decline in imports as compared with exports coupled with improvements in secondary income, led to decline in CAD in absolute terms as compared with Q1 of the previous year," RBI said.
On a Balance of Payment (BoP) basis, it said, goods exports recorded a decline of 2.6 per cent while imports registered a sharper decline of 3.6 per cent during the April-June period of 2012-13.
However, it said, as a proportion of GDP - which represents the difference between exports and imports after considering cash remittances and payments - it rose to 3.9 per cent as compared with 3.8 per cent in same quarter of the previous year.
Consequently, the CAD at $16.4 billion was lower in April-June period of 2012-13 than the corresponding quarter of the previous year at $17.4 billion.
It reflected the fall in the growth of GDP and rupee depreciation of about 17 per cent against US dollar over the corresponding quarter, it said.
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