India's current account deficit drops to $7.1 bn
India's current account deficit (CAD) narrowed to $7.1 billion or 1.3% of GDP in the quarter ended December 2015, from $7.7 billion or 1.5% of the GDP in the year-ago period, the RBI said on Monday. The reduction in CAD was attributed to a lower trade deficit ($34 billion) on account of a fall in commodity prices.