Goldman Sachs cuts India’s 2023 CAD estimate to 1.4% of GDP on robust remittances
The investment bank estimates net remittances at $104 billion in calendar year 2023, up from the earlier projection of $92 billion. With almost $110 billion in gross remittance receipts, 3.2% of GDP in 2022, India was one of the highest recipients of remittances globally
New Delhi: Goldman Sachs has slashed its estimate for India’s current account deficit (CAD) for 2023 to 1.4% of GDP, significantly lower than the 2.4% of GDP seen last year. The adjustment was driven by several factors, including robust remittance inflows, strong services exports, and a projected decrease in the goods trade deficit.