New Delhi, July 21 -- : India's current account deficit (CAD) is expected to remain largely steady at 16 billion to 17 billion dollars or 2.3 per cent of GDP in the first quarter (April to June) of the current fiscal year 2019-20 despite recent contraction in merchandise exports and imports, according to investment information firm ICRA.
This de-growth is likely to persist in the immediate term, given the year-on-year decline in crude oil prices and impact of recent customs duty hike on gold and precious metals.
Such factors in addition to the threat imposed by global trade wars as well as sluggish domestic demand are likely to restrict the overall growth of both merchandise exports and imports to low single digits. ICRA forecasts India's...