Press Esc to close
Friday 25 July 2014
News updated at 5:43 AM IST
Weather
Max: 28.5°C
Min : 19.8°C
In Bangalore
Sunny day

CAD may come down to $70 b in 2013-14, says PMEAC chief

New Delhi, August 26, 2013, PTI:
C. Rangarajan

India may be able to contain its current account deficit (CAD) to $70 billion, about 3.7 per cent of GDP, in the current fiscal because of various steps taken by the government, Prime Minister’s Economic Advisory Council chairman C. Rangarajan said on Monday.

He also said that the country’s economic growth will be around 5.5 per cent in the 2013-14 fiscal. “Reducing CAD from $88 billion (2012-13 fiscal) to $70 billion is possible because of various actions taken by the government... Gold imports falling by $10-12 billion itself will be a great relief,” Rangarajan said at an event in New Delhi. India’s CAD — the gap between inflow and outgo of foreign exchange — widened to a record high of $88 billion or 4.8 per cent of the GDP for the fiscal ended March 31, from $78.2 billion in 2011-2012, about 4.2 per cent of the Gross Domestic Product.

Finance Minister P Chidambaram had said recently that the government will make all efforts to contain fiscal deficit at 4.8 per cent, and CAD at 3.7 per cent of GDP, about $70 billion, in the 2013-14 financial year.

The government has increased duty on import of gold and silver to 10 per cent in a bid to contain the forex outflow, and also announced a slew of measures including easier overseas borrowing norms to fetch an additional $11 billion this fiscal to check the burgeoning CAD.


Go to Top

Photo Gallery
India's Sanjita Khumukcham completes a lift during the 48-kg women's weightlifting event...

India's Sanjita Khumukcham completes a lift during the 48-kg women's weightlifting event...

Sachin Tendulkar speaks at the launch of the campaign “Shuddh Paani, Swastha Bharat” to curb...

Sachin Tendulkar speaks at the launch of the campaign “Shuddh Paani, Swastha Bharat” to curb...

Kajol with her mother actress Tanuja at a seminar on breast cancer in Pune...

Kajol with her mother actress Tanuja at a seminar on breast cancer in Pune...

Hironori Kanayama, President & CEO 0f Honda Cars India Ltd. and Yoshiyuki Matsumoto...

Hironori Kanayama, President & CEO 0f Honda Cars India Ltd. and Yoshiyuki Matsumoto...

School students wades through a flooded street after heavy rains in Ahmedabad...

School students wades through a flooded street after heavy rains in Ahmedabad...

Aishwarya Rai Bachchan at a promotional event in Glasgow on Wednesday...

Aishwarya Rai Bachchan at a promotional event in Glasgow on Wednesday...

Monsoon clouds over Taj Mahal in Agra...

Monsoon clouds over Taj Mahal in Agra...

A over view of fireworks that gallored the sky at Celtic Park during the opening ceremony...

A over view of fireworks that gallored the sky at Celtic Park during the opening ceremony...

A  man rows his boat on a river in Buthidaung...

A man rows his boat on a river in Buthidaung...

A worker sorts coffee berries at a factory in Kienjege, Nairobi...

A worker sorts coffee berries at a factory in Kienjege, Nairobi...

Copyright 2014, The Printers (Mysore) Private Ltd., 75, M.G Road, Post Box 5331, Bangalore - 560001
Tel: +91 (80) 25880000 Fax No. +91 (80) 25880523