India’s account gap narrows to lowest

Bloomberg

India’s current-account deficit narrowed last quarter as a slowdown in the economy sapped imports.
The shortfall was $4.6 billion in the January-March period, the RBI said. That compares with a median $6.1 billion deficit estimated in a survey.
The gap is smaller than the previous quarter’s $17.7 billion, or 2.7 percent of GDP. It compares with a deficit of 1.8 percent of GDP in the year-earlier period. The deficit narrowed as imports slowed during the quarter on the back of a broader slump in consumption, which accounts for
60 percent of India’s GDP.