India’s current account showed a notable improvement in the fourth quarter of the fiscal year 2023-24, recording a surplus of USD 5.7 billion, equivalent to 0.6% of GDP. This turnaround from a deficit in the previous quarter was driven by a narrower merchandise trade deficit, increased remittances, and a surplus in services trade, according to a recent CRISIL report. The country’s foreign exchange reserves also saw a significant boost, increasing by USD 30.8 billion to reach USD 652.9 billion by June 2024.