Press Esc to close
Friday 04 September 2015
News updated at 9:14 AM IST
Weather
Max: 34°C
Min : 22°C
In Bengaluru
Rain lightly

CAD target of $70 billion reachable, says Rajan

Mumbai, Oct 8, 2013, PTI:

The Reserve Bank Governor Raghuram Rajan on Friday said the government's target of reducing the current account deficit (CAD) to $70 billion or 3.7 per cent of the GDP in 2013-14 is "imminently reachable".

"...there is increasingly a sense amongst analysts, amongst commentators that India's current account deficit (CAD) problem is under control. $70 billion that government proposed as a CAD after calculating it with us seems now imminently reachable. Some independent analysts are saying it will be even better," Rajan told a TV channel.

The government is targeting to bring down the CAD, the gap between foreign exchange outflow and inflow, to $70 billion this fiscal.

The general sense amongst the public, he said, is that CAD is now an issue and barring exceptional circumstances like a dramatic price hike in oil, is going to be under control.

The financing of CAD is in place, he said, adding, "There was a period where analysts were competing with each other to find a bigger number for the rupee-dollar exchange rate, now most people say wherever it is, few rupees this way, that way is a reasonable level".

The Governor's confidence on lower CAD emanates from drastic reduction in gold imports and pick in merchandise exports.


Go to Top

Photo Gallery
An Indian one-horned rhinoceros wades through flood waters at Kaziranga...

An Indian one-horned rhinoceros wades through flood waters at Kaziranga...

The river Bheem which is the major water source for HK region is seen flowing in low level...

The river Bheem which is the major water source for HK region is seen flowing in low level...

Dragon Boat Race Championship...

Dragon Boat Race Championship...

Shri Krishna Janmbhoomi temple on the eve of Krishna Janmashtami Festival in Mathura...

Shri Krishna Janmbhoomi temple on the eve of Krishna Janmashtami Festival in Mathura...

Bollywood actor Kangana Ranaut and Imran Khan during promotion of film 'Katti Batti' in Mumbai...

Bollywood actor Kangana Ranaut and Imran Khan during promotion of film 'Katti Batti' in Mumbai...

An artist preparing idols of Lord Ganesh in Jodhpur on Thursday...

An artist preparing idols of Lord Ganesh in Jodhpur on Thursday...

11th India -UAE Joint Commission Meeting...

11th India -UAE Joint Commission Meeting...

Farmers waiting for the buyers with the bags of onians at APMC Yard Yeshwanthpur...

Farmers waiting for the buyers with the bags of onians at APMC Yard Yeshwanthpur...

A traffic policeman displays the newly launched app 'Public Eye'...

A traffic policeman displays the newly launched app 'Public Eye'...

Launch of Mercedes-AMG C 63 S...

Launch of Mercedes-AMG C 63 S...

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