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India's current account deficit at record 4.8 percent of GDP
The current account deficit stood at $87.8 billion, or 4.8 percent of GDP in the financial year 2012-13 as compared to $78.2 billion or 4.2 percent of GDP recorded in the previous year, according to data released by the Reserve Bank of India (RBI).
"Burgeoning trade deficit along with significant decline in invisible earnings caused widening of CAD during the year," the RBI said.
The situation would have been even worse had the number not shown improvements in the fourth quarter of the financial year under review.
For the January-March quarter the current account deficit moderated sharply to 3.6 percent of GDP from a historically high level of 6.7 percent of GDP reported in the previous quarter.
IANS