India's current account gap narrowed sharply to 5.2 billion dollars in the July-September quarter of 2013-14 on the back of turnaround in exports and decline in gold imports. The Reserve Bank of India said in a statement in Mumbai that the current account deficit, the difference between outflow and inflow of foreign exchange, was 21 billion dollars, in the second quarter of the last fiscal.
Both the government and RBI are expecting the current account deficit to be below 56 billion dollars in the current fiscal compared to the record high of 88.2 billion dollars during the last fiscal.