Current Account in India
India - Current AccountEconomic momentum appeared subdued in April?June, although it was still likely stronger than in January?March. The private sector PMI averaged markedly lower in April?June than it did in the previous three-month period on weaker demand growth, in addition to disruption stemming from the general election. The weather also likely had an impact as workers toiled in sweltering temperatures in May?June. Moreover, there was lower-than-average rainfall in June, the first month of the four-month monsoon season, which will have hit the agricultural sector. In politics, the government unveiled its final budget for FY 2019 on 5 July. The budget outlines a 13.3% spending increase, which is unchanged from the interim budget presented in February. Despite this rise, the government targets a fiscal deficit of 3.3% of GDP, which is lower than the shortfall of 3.4% of GDP recorded in FY 2018.
India - Current Account Data
|Current Account (% of GDP)||-1.8||-1.4||-1.1||-0.7||-1.8|
5 years of economic forecasts for more than 30 economic indicators.
India Current Account Chart
Source: Ministry of Finance and FocusEconomics calculations.
|Bond Yield||6.37||-0.04 %||Jul 31|
|Exchange Rate||68.88||-0.09 %||Jul 31|
|Stock Market||37,481||-0.08 %||Jul 31|
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August 14, 2019
Merchandise exports increased 2.3% year-on-year in July to reach USD 26.3 billion, contrasting the 9.7% decrease in June.
August 14, 2019
In July, consumer prices rose 0.91% compared to the previous month, up from June’s 0.63% increase, partly due to higher prices for food and beverages, which more than outweighed a decrease in energy prices. Consumer price inflation decelerated to 3.1% in July from 3.2% in June.
August 9, 2019
Industrial production increased 2.0% in annual terms in June, down from May’s revised 4.6% increase (previously reported: +3.1% year-on-year) and marking the lowest reading since February. In terms of sectors, growth in June was weighed on by weaker readings in the manufacturing and mining sectors.
August 7, 2019
The Reserve Bank of India (RBI)’s Monetary Policy Committee (MPC) cut all monetary policy rates by 0.35 percentage points at its 5–7 August meeting, reducing the repo rate to 5.40%, the marginal standing facility to 5.65% and the reverse repurchase rate to 5.15%.
August 5, 2019
The composite Purchasing Managers’ Index (PMI) produced by Nikkei and IHS Market rose to 53.9 in July from 50.8 in June, representing the highest reading since November 2018.