KOLKATA: India may see achhe din on the capital account front with analysts predicting a surplus for the first time in more than seven years as falling crude oil prices and lesser gold imports would ease the pressure on the country’s trade balances.This may attract more capital inflows leading to an even appreciation of the rupee when almost all currencies are losing against the US dollar. In its global research report, Nomura expects the current account balance to swing into a surplus of about 1.5 per cent of gross domestic product for the January to March quarter compared with its current account deficit or CAD estimate of 1.6 per cent of GDP in 2014. It expects a balance of payment surplus of above $20 billion in Q1 alone. YES Bank is even more optimistic.“Based on the current trends, we expect India’s current account balance to turn positive for the fourth quarter of FY15,” the bank’s chief economist Shubhada Rao said.CAD was 2.1 per cent of GDP in the quarter ended September 30, a fivequarter high, on slow exports growth and rise in imports owing to a rise in demand for gold. India had last seen a current account surplus of $4.2 billion (1.6 per cent of GDP) in the fourth quarter of 2006-07.Rao said that a sharp decline in the oil import bill, along with seasonal improvement in the export performance is likely to shrink India’s trade deficit to $23 billion in Q4 FY15 from an expected $41.3 billion in Q3 FY15, translating into a current account surplus of $5.5 billion, i.e., 1.0 per cent of GDP. “We think the swing in Q1 2015 will largely reflect the full pass-through of lower oil prices on the import bill, which we expect will more than offset lower petroleum exports and weaker remittances,” Nomura’s research analysts Sonal Varma and Aman Mohunta said