Difference between fiscal deficit and current account deficit

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Fiscal deficit is a percentage of the nation's GDP and can be considered as an economic event in which the government expenditure exceeds its revenue. Meanwhile, current account deficit occurs when the country's imports are greater than the country's exports of goods, services and transfers.

Most developing countries run a short term current account deficit to boost domestic productivity, which could lead to increase in exports in the future.

After India's current account deficit hit a historic high of 6.7 percent of GDP in Q3 of last fiscal year, it was at 5 percent of the GDP in the year ended March, making the rupee weak and also making way for lower interest rates.

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