SME Times News Bureau | 11 Oct, 2015
Finance Minister
Arun Jaitley on Saturday said the country's current account deficit has come
down substantially to around 1.3 percent of GDP in 2014-15, as against around
4.8 percent two years earlier.
Besides, he said while the country was suffering from double-digit inflation
then, this has dipped to a low of 3.7 percent, an official statement said.
In his lead intervention in the plenary session of the International Monetary
Fund's (IMF)International Monetary and Finance Committee on Friday, he said
India is utilizing the regime of lower oil and commodity prices to increase
investments in infrastructure and irrigation as well as to undertake
comprehensive subsidy rationalization and successfully roll out the world's largest
financial inclusion initiative under which around 185 million bank accounts
have been opened.
Due to the large number of initiatives underway encompassing multiple areas of
intervention and reforms, Jaitley expressed optimism that India would continue to
record higher level of growth.
He emphasised that the IMF would be constrained in meeting its obligations if
the IMF Quota and governance reforms are not implemented expressing concern at
the unprecedented delay in implementation of the 14th General Review of Quotas.
Jaitley also said that the global economic outlook outlined by the IMF does not
look particularly encouraging as it has bearing on India's exports.
Consisting of 24 members who are finance ministers, central bank governors or
others of comparable rank, the IMFC is a key body providing strategic direction
to the work and policies of the IMF.