India's current account deficit rose to a high of $21.7 billion in the fourth quarter of the 2011-12 financial year helped by a whopping trade deficit of $50 billion, figures provided by the Reserve Bank of India (RBI) showed.
India's trade deficit during the fourth quarter exceeded $50 billion (10.6 per cent of GDP) and its current account deficit (CAD) rose to $21.7 billion (4.5 per cent of GDP), the highest in 30 years, RBI said.
For the full fiscal year 2011-12, India's current account deficit was $78.2 billion or 4.2 per cent of GDP, against $46 billion during the similar quarter of 2010-11, RBI said.
The current account deficit during the October-December 2011-12 quarter stood at $19.95 billion, RBI data showed.
On a BoP basis, growth in merchandise exports declined sharply to 3.4 per cent during Q4 of 2011-12 from 46.9 per cent during the corresponding quarter of 2010-11.
Imports grew 22.6 per cent during Q4 of 2011-12 against a growth of 27.7 per cent in the corresponding quarter of the previous year.