Following the Deputy Chairman of the Planning Commission and echoing the government’s intentions, the Chairman of the Economic Advisory Council to Prime Minister (PMEAC) C Rangarajan has said that the Current Account Deficit (CAD) will go down well below $70 billion for the FY13-14.
Rangarajan pointing to the present trend in exports and imports said that if it continues, the overall CAD will reduce lower than $70 billion or 3.8% of the GDP. Further, noting the Indian rupee over the last few weeks had remained stable at around 61-62 against the US dollar, he said the rupee was well corrected for inflation differential.
The PMEAC chairman had earlier expressed optimism that India’s GDP growth would touch 5%-5.5% this year, as monsoon has been good this year leading to rise in agricultural production and pick up in rural demand and the good monsoon will also lead to improved exports figures.
Rangarajan pointing to the present trend in exports and imports said that if it continues, the overall CAD will reduce lower than $70 billion or 3.8% of the GDP. Further, noting the Indian rupee over the last few weeks had remained stable at around 61-62 against the US dollar, he said the rupee was well corrected for inflation differential.
The PMEAC chairman had earlier expressed optimism that India’s GDP growth would touch 5%-5.5% this year, as monsoon has been good this year leading to rise in agricultural production and pick up in rural demand and the good monsoon will also lead to improved exports figures.
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