Press Esc to close
Tuesday 29 July 2014
News updated at 3:04 AM IST
Weather
Max: 27.7°C
Min : 20.7°C
In Bangalore
Generally 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
England's Sam Robson, left, fields the ball beside four other slips ...

England's Sam Robson, left, fields the ball beside four other slips ...

A Muslim woman performs ablution before having iftar meal on the last day of the holy month...

A Muslim woman performs ablution before having iftar meal on the last day of the holy month...

Police take top Maoist leader Sabyasachi Panda while taking him to court in Berhampur...

Police take top Maoist leader Sabyasachi Panda while taking him to court in Berhampur...

The launch of Science Express biodiversity special (SEBS) train in New Delhi...

The launch of Science Express biodiversity special (SEBS) train in New Delhi...

England's Ian Bell hits a shot during the second day of the third cricket test...

England's Ian Bell hits a shot during the second day of the third cricket test...

Bollywood music director Anu Malik, actor Sonam Kapoor, filmmaker Farah Khan and Pakistani...

Bollywood music director Anu Malik, actor Sonam Kapoor, filmmaker Farah Khan and Pakistani...

India shooter Vijay Kumar at Barry Buddon Shooting Centre in

India shooter Vijay Kumar at Barry Buddon Shooting Centre in

Muslim women offer namaz in Coimbatore on Monday during...

Muslim women offer namaz in Coimbatore on Monday during...

India gold medallist Rahi Sarnobatat and silver medallist Anisa Sayyed pose for...

India gold medallist Rahi Sarnobatat and silver medallist Anisa Sayyed pose for...

Ned McKendry of Australia is seen underwater as he...

Ned McKendry of Australia is seen underwater as he...

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