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Current account deficit to be around $60 bn: FM
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SME Times News Bureau | 02 Nov, 2013
Finance Minister P. Chidambaram Friday said India's current account
deficit (CAD) would come down and be around $60 billion owing to rising
exports and import controls initiated by the government.
"The
current account deficit is well under control. I'm confident we will be
able to adhere to the red line for fiscal deficit,â Chidambaram said at a
press conference here.
âIn recent weeks, we see signs that steps and measures we have taken are beginning to yield results."
CAD which is the difference between dollar inflow and outflow has been a matter of concern for the government.
The CAD stood at a record high of 4.8 percent of the gross domestic product (GDP) at $88.2 billion in the last fiscal.
The government is trying to rein in CAD by imposing higher duties on gold and cutting down on non-essential import items.
The finance minister has set a target of below $70 billion or 3.8 percent of the GDP of CAD this fiscal.
According
to the minister, trade deficit in the period between April and
September stood at $80 billion -- down from $92 billion in the
corresponding period of last year.
On the other hand, the finance
minister said challenges like high inflation levels and reviving the
investment sentiment in a sluggish economy still remain.
âInflation
is still a challenge and reviving investment,â Chidambaram said, adding
that he sees green shoots emerging in the investment scenario.
âWe are confident that the steps taken by RBI will bring about a moderation in inflation."
Chidambaram also asked the industry to invest back in the economy and that the government will expedite the clearance process.
âIndian industry must now not any longer sit on idle cash but start investing,â Chidambaram said.
âIn six months, 99 projects have been cleared worth Rs.3.68 lakh crore by the Cabinet Committee on Investments (CCI).â
Chidambaram
added that he looked forward to attracting more foreign investments in
pharmaceutical, telecom, and single- and multi-brand retail sectors.
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Current account deficit to be around $60 bn: FM
VVGKMURTHY | Sun Nov 24 12:32:36 2013
RESPECTED SIR,
ONLY ONE THING I BRING TO YOUR KIND NOTICE
I AM AN ORDINARY CITIGEN OF INDIA. I HAVE
AGE OF 49 YEARS AFTER I WAS KNOWN THE ENGLISH FROM MY BIRTH THERE ARE SO MANY GOVERANMENTS HAVE LEFT I HAVE LET KNOWN THAT ANY TYPE OF GOVT COMES ALWAYS SAY DEFICIT, AND HIGH INFLATION( I HAVE KNOWN WHEN EVER THEY TELLING ABOVE TWO THINGS AS PER MY OBSERVATION THE COST OF THE LIVING GOING VERY HIGH, BUT BEFOER COMMING FEBRAVORY MONTH BEFORE BUJUT OR AFTER BEJUCT WE WILL CONTROL ALL THE FINANCIAL CRICES OF INDIA AND THEY PUT LAKHS OR CR OF RUPEES BEJECTS WILL PUT AND ENCASH THE RUPEES GO AWAY.
ONLY ONE QUECTION I WILL ASK,
ARE THE GOVT OF INDIA CAN CONTROL ANY TIME FOR FACTOR OF 5 YEARS AS THEY ARE IN
POWER ?
WITHOUT TUCH THE FORGIEN INVESTERS MONENY?
WITHOUT TRING TO DO VIFERGATION OF STATES?
WHEN WILL A COMMEN MAN WILL LIVE WITHOUT AN GOVERNMENTS CREDITS ON HIM?
THEY ARE SO MANY FINANCE ADVISERS AND FINANCE REACH SCHOLORS IT IS AN SHAME ALLWAYS INCREASE THE PRICES OF FOOD COMODITIES AND PUTTING GOVT CHARGES ONLY
THEY ARE ADVISING TO GOVT.
SO THINK SIR, FOR COMMONE MAN LIVING COST ALSO.
MY HUMBLE REQUEST TO DAY WE ARE EXPANCING THE UNBARABLE COST ON FOOD PRODUSTS. IS IT IS WRIGHT DIRECTION TO OUR GOVERNAMENT.
PLEASE ADVISE WHICH IS BEST AND WHICH IS BAD. WE CAN'T DETACT OR RECALL THE GOVT.
EXCEPT VOTE TO THEM BY BELIVE.
THANK Q FOR GIVING TIME.
THANKING YOU,
YOURS SINCERELY
INDIAN
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Import |
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US Dollar
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84.65 |
Euro
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78.25
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75.65 |
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56.85 |
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