India's current account deficit (CAD) for the March quarter was $18.1 billion, or 3.6% of GDP, which was lower than expected and below the $21.7 billion deficit a year earlier.

The current account gap for the full fiscal year ended March 2013 was $87.8 billion, which was 4.8% of GDP compared with $78.2 billion (4.2%) a year earlier.

"Essentially, non-oil, non-gold components of imports showed a decline, reflecting slowdown in domestic economic activity," the RBI said. Read More

Jyothi Shankaran

    Jyothi’s last role was as Senior Editor with the business news channel Bloomberg TV India. He also worked as News Editor at business-standard.com, the online version of the business newspaper Business Standard. Jyothi is a chemical engineer from the Regional Engineering College, Srinagar.