India’s current account deficit increased to $11.5 billion, with the growth rate of the major infra sector declining to 2.9 per cent
New Delhi| The Reserve Bank of India said on Friday that India’s current account deficit has increased in the October to December quarter. The main reason for this is the increase in trade deficit. The current account deficit stood at $11.5 billion, or 1.1% of GDP, in the third quarter of FY 2024-25, compared to $10.4 billion, or 1.1% of GDP, in the same quarter a year earlier. RBI said the deficit in July-September this year was a revised $16.7 billion, or 1.8% of GDP.
The growth rate of the major infra sector declined to 2.9 percent in February
The growth rate of eight major infrastructure sectors declined to a five-month low of 2.9 percent in February, compared to 7.1 percent in the same month a year ago, according to official data released on Friday.
On a monthly basis, the growth rate in output for these sectors remained lower than the 5.1 per cent growth recorded in January. Earlier, the growth rate of 2.4 percent was recorded in September. Negative growth was recorded in the production of crude oil and natural gas in the month of February.
Production growth of coal, refinery products, steel and electricity stood at 1.7 per cent, 0.8 per cent, 5.6 per cent and 2.8 per cent respectively, compared to 11.6 per cent, 2.6 per cent, 9.4 per cent and 7.6 per cent in February last year
From May 1, 2025, every additional withdrawal will have to pay a fee of Rs 23
Customers will have to pay a fee of Rs 23 per transaction from May 1, 2025, for withdrawing money after the ATM free withdrawal limit is over. RBI allowed banks to increase the fee for withdrawing money from ATMs by Rs 2 from May 1. Currently there is a charge of Rs 21 for withdrawing money from ATM after the free withdrawal limit. Customers can make five free transactions (financial and non-financial transactions) every month from their bank’s ATM. They are also eligible for free transactions (financial and non-financial transactions) from ATMs of other banks. Customers can make three free transactions in metro cities and five in other locations. RBI said, these instructions will also be applicable to transactions done on cash recycler machines (other than cash deposit transactions).
Fiscal deficit at 85.8 per cent of the target set
The Centre’s fiscal deficit reached 85.8 per cent of the target set for the entire fiscal year by the end of February, 2025. In the same period a year ago, it was 86.5 per cent of the revised estimate for 2023-24. The Centre’s net tax revenue stood at 2 million crore, or 78.8 per cent of the revised estimate for 2024-25, according to Comptroller General of Accounts (CGA) data released on Friday.
According to the data, the Centre’s total expenditure in the first 11 months of the current fiscal year was 38.93 lakh crore, or 82.5 per cent of the revised estimate. The Centre’s fiscal deficit is projected to be 4.8 per cent of GDP for 2024-25 and 4.4 per cent for 2025-26.
