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India’s current account deficit seen widening to 2.2% of GDP in FY27 as oil prices stay elevated

India’s current account deficit is expected to widen to 2.2% of GDP in FY27 from 0.6% in FY26 as elevated energy prices weigh on the external balance. Crisil Ratings forecasts Brent crude will average $90-95 per barrel this fiscal, about 32% higher than in fiscal 2026. India’s merchandise trade deficit widened to $28.2 billion in May 2026 amid higher import growth and continued pressure from oil.
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