India's current account turned positive in the last quarter of the 2019/20 fiscal year as a result of a lower trade deficit and a sharp rise in net invisible receipts, the Reserve Bank of India said on Tuesday, the first quarterly surplus in 13 years. <br /> <br />The current account recorded a surplus of $600 million or 0.1% of Indian gross domestic product in the three months to March 2020 compared to a deficit of 0.7% in the same period a year ago, RBI data showed. <br /> <br />This represents the first time that India's quarterly current account, which measures the difference between the value of a country's imported and exported goods and services, has recorded a surplus since the January-March quarter of 2007. <br />#Indiacurrentaccount <br />In layman terms, current account of a nation means: Total Incoming - total outgoing money. <br /> <br />It’s primarily calculated from Total exports minus Total Imports, Services and FDI. <br /> <br />India is current account surplus means, we received more money from outside than what we sent out. <br /> <br />The RBI data also showed the current account deficit (CAD) for the October-December quarter of 2019/20 was revised to $2.6 billion or 0.4% of GDP from $1.4 billion earlier. <br /> <br />For the year as a whole the CAD narrowed to 0.9% of GDP versus 2.1% in 2018/19, the data showed. <br /> <br />"Net services receipts increased on the back of a rise in net earnings from computer, travel and financial services," the RBI said in a release.
