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In a big sigh of relief to Indian policymakers concerned over the deteriorating macro-economic situation of the country, the Current Account Deficit (CAD) for the third quarter of the current financial year narrowed sharply to $4.2 billion (0.9% of GDP) as compared to $5.2 billion (1.2% of GDP) in Q2 FY14 mainly driven by a sharp decline in the trade deficit as merchandise exports picked up and imports moderated, particularly gold imports. During the April-December’FY14, CAD stands at $31.1 billion (2.3% of GDP) versus $69.8 billion (5.2% of GDP) reported in the same period of previous fiscal year.
The value of exports increased by 7.5 percent to $79.8 billion in Q3 FY14 on y-o-y basis on the back of significant growth witnessed in the exports of engineering goods, readymade garments, iron ore, marine products and chemicals. On the other hand, merchandise imports witnessed a contraction of 14.8 percent to $112.9 billion in the reported quarter from a year earlier led by a steep decline in gold imports, which amounted to $3.1 billion in Q3 FY14 as against $3.9 billion in Q2 FY14 and $17.8 billion in Q3FY13. Therefore, trade deficit contracted by around 43 percent to $33.2 billion in the reported quarter as compared to $58.4 billion in Q3 FY13.
Net services receipts grew by 8.9 percent to $18.1 billion during the reported quarter on y-o-y basis. Net outflow due to primary income (profit, dividend and interest) lowered to $5.4 billion in Q3 FY14 than $5.8 billion in the corresponding quarter as well as $6.3 billion in the preceding quarter. During Q3FY14, the gross private transfer receipts increased by 4.8 percent to $17.3 billion on y-o-y basis. Further, India’s foreign exchange reserves witnessed a net accretion of $19.1 billion in Q3FY14 as compared to drawdown of $10.4 billion in the preceding quarter.
The decline in CAD was mainly attributed to a decline in the trade deficit as merchandise exports picked up and imports moderated, particularly gold imports. The significant curtailing of country’s CAD has eased some pressure on the macro-economic front as it is a major macro-economic problem that has created huge volatility in the domestic equity markets and currency.
MoneyWorks4Me rating and ranking of funds for SIP is available to subscribers only. Moneyworks4Me is not a rating and ranking agency, however it is required that users have a way of selecting funds and building a Portfolio. The method used by it are described below to enable users to understand the logic behind the rating and ranking Subscriber will find more details on this in the various content made available from time to time. In case you need more please write to besafe@moneyworks4Me.com
MoneyWorks4Me rates and ranks mutual funds based on the following data-driven system:
Funds ranking in screeners: Performance Consistency and Quality are two parameters used for ranking funds for SIP. The ranking as follows GG, GO, GR, OG, OO, OR, RG, RO and RR.
With the same color-coded funds, the one with the higher Average 3-year rolling returns (over 5 to 10 years), the number that appears in the Performance tag, ranks higher.
Here is the summary:
The third tag Upside Potential is not relevant for SIP. It is relevant for lumpsum investments in Mutual Funds.
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