When the Q3 balance of payments data comes out Thursday, RBI Governor D Subbarao has already warned us, the current account deficit (CAD) is likely to be much worse than it was for Q2. While Q2 CAD was a record 5.4% of GDP, a Citi estimate puts the likely Q3 CAD at a whopping 6.5% of GDP. While we have to wait for Thursday to know if the estimate is right, a sharp worsening looks likely since, even after a 4% yoy hike in February exports, April-February exports are down 4% yoy. .......
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