India's current account deficit significantly declined to $23.2 billion (0.7% of GDP) in 2023-24 from $67 billion (2% of GDP) the previous year, driven by a lower merchandise trade deficit and increased net invisible receipts, with notable improvements in foreign exchange reserves, services exports, and portfolio investments, according to the RBI.

The merchandise trade deficit at USD 71.6 billion was marginally higher than USD 71.3 billion during the third quarter of 2022-23. Services exports grew by 5.2 per cent on a year-on-year basis on the back of rising exports of software, business and travel