India has reported a current account deficit of USD 1.3 bln for Q1 2023, equivalent to 0.2% of the GDP, the smallest in almost two years, primarily due to a decrease in the trade deficit, aided by lower commodity prices and increased services exports. The current account deficit for Q4 2022 has been revised downward to USD 16.8 bln from an initial estimate of an 18.2 bln gap.