Press Esc to close
Friday 31 October 2014
News updated at 11:42 AM IST
Weather
Max: 28.4°C
Min : 18°C
In Bangalore
Partially cloudy

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
Security personnel patrol a street after a protest by the supporters of Jammu and Kashmir...

Security personnel patrol a street after a protest by the supporters of Jammu and Kashmir...

India A players Rohit Sharma and Manish Pandey during a practice match against Sri Lanka...

India A players Rohit Sharma and Manish Pandey during a practice match against Sri Lanka...

Indian Air Force officers arrive at the Gateway of India after swimming for a distance...

Indian Air Force officers arrive at the Gateway of India after swimming for a distance...

The Navy hovercraft carrying West Bengal Chief Minister Mamata Banerjee to Sagar Island...

The Navy hovercraft carrying West Bengal Chief Minister Mamata Banerjee to Sagar Island...

A Rajasthani herder with his cows in Gurgaon...

A Rajasthani herder with his cows in Gurgaon...

Devotees wait for the Sun to offer prayers, during Chhath Puja festival in Agra...

Devotees wait for the Sun to offer prayers, during Chhath Puja festival in Agra...

Sand artist Sudarsan Pattnaik creates a sand sculpture on Black Money with a message...

Sand artist Sudarsan Pattnaik creates a sand sculpture on Black Money with a message...

BJP workers arrange the cut-outs of party symbol (lotus) to decorate the boats at the Marine...

BJP workers arrange the cut-outs of party symbol (lotus) to decorate the boats at the Marine...

A police man investigates the tunnel dug up by the robbers in Gohana bank heist, in Sonipat...

A police man investigates the tunnel dug up by the robbers in Gohana bank heist, in Sonipat...

Bollywood megastar Amitabh Bachchan sweeps in a stree during a cleanliness drive as a part...

Bollywood megastar Amitabh Bachchan sweeps in a stree during a cleanliness drive as a part...

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