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Nirmal Bang Report
The current account surplus for Q2 FY21 stood at $15.5 billion (2.4% of gross domestic product), down from a surplus of $19.2 billion (3.8% of GDP) in the previous quarter.
However, it was above our expectation as we had expected the current account surplus to narrow to 1.8% of GDP in Q2 FY21.
The trade deficit widened to $14.8 billion from $10.8 billion in Q1 FY21 on higher oil and non-oil non-gold imports.
Services exports and remittances were only marginally better than Q1 FY21 despite improvement in growth.
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