Mumbai (Maharashtra) [India], December 29 (ANI): India's current account balance recorded a deficit of USD 36.4 billion (4.4 per cent of GDP) in Q2 of 2022-23 (July-September), up from USD 18.2 billion (2.2 per cent of GDP)1 in Q1 (April-June), RBI's balance of payments (BoP) data showed on Thursday.

The deficit was USD 9.7 billion (1.3 per cent of GDP) a year ago in the July-September quarter.

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A current account deficit is when the total value of imports a country make exceeds the total value of exports.

"Underlying the current account deficit in Q2:2022-23 was the widening of the merchandise trade deficit to USD 83.5 billion from USD 63.0 billion in Q1:2022-23 and an increase in net outgo under investment income," the RBI said.

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However, India's services exports reported a growth of 30.2 per cent on a year-on-year basis on the back of rising exports of software, business and travel services.

"Net services receipts increased both sequentially and on a y-o-y (year-on-year) basis," the RBI said. (ANI)

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