India’s deficit on the current account of its balance of payments in the third quarter of 2023 was US 8.3billion(1.08.3 billion (1.0% of GDP). This represented a reduction from the deficit of US 8.3billion(1.09.2 billion (1.1% of GDP) recorded in the second quarter of 2023.
Evaluate whether India would benefit from a further reduction in the deficit on the current account of its balance of payments.