India likely to report account surplus for the current fiscal year: CEA Krishnamurthy

India is likely to report a current account surplus at the end of the current financial year ending in March 2021, mainly led by a fall in imports, Krishnamurthy Venkata Subramanian, the chief economic adviser at the Ministry of Finance said on Monday.

India's current account surplus rose to a record $19.8 billion in April-June as its trade deficit narrowed sharply, the Reserve Bank of India said earlier.

Demand for imports has fallen amid the Covid-19 pandemic, coupled with recent economic reforms initiated by the government to boost manufacturing, Krishnamurthy Subramanian told a virtual conference organised by Confederation of Indian Industry (CII).