The country's current account deficit, CAD, narrowed sharply to just 300 million dollars, or 0.1 per cent of GDP in the first quarter of the current fiscal. Data released by the Reserve Bank of India showed that the CAD fell due to a lower trade deficit.The CAD had stood at 6.1 billion dollars, or 1.2 per cent of GDP in the year-ago quarter. The trade deficit for the reporting period declined to 23.8 billion dollars, from 34.2 billion in the year-ago period. This was on the back of a sharp 11.5 percentage points contraction in imports.Net foreign direct investment fell to 4.1 billion dollars during the quarter, from 10 billion dollars a year ago. But portfolio investment recorded a net inflow of 2.1 billion dollars, compared to a marginal 50 million dollar net outflow in the year-ago period.