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Widening deficit: Worries persist over FY24 current account balance

CAD may be better than expected in FY23, but India won't be completely out of the woods next year, says official

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Meanwhile, The International Monetary Fund expects global growth to slow from 3.2 per cent in 2022 to 2.9 per cent in 2023

4 min read Last Updated : Feb 16 2023 | 11:14 PM IST

With India expected to be among the fastest growing major economies in financial year 2023-24 (FY24), officials in the Union government are not as worried about most major economic indicators like gross domestic product (GDP), inflation, and the fiscal deficit.

However, the current account balance is still a cause for concern for some policymakers, given how uncertain the trade component is expected to be due to recession in many western developed economies and slowdown in China.

This concern could be reflected in public statements of senior officials and in future monthly economic reports as well, and comes in spite of Reserve Bank of India (RBI) Governor Shaktikanta Das’ assurances that the current account deficit (CAD) is “eminently manageable”. A deficit indicates that the country imported more goods and services than it exported.