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CAD to be less than 3%: Montek

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SummaryEncouraged by surging exports, Planning Commission on Thursday said the current account deficit

Encouraged by surging exports, Planning Commission on Thursday said the current account deficit will be definitely less than 3% of GDP in the 2013-14 fiscal as per its latest assessment.

“I think that the current assessment is that it is definitely less than 3%. That is our assessment,” Planning Commission deputy chairman Montek Singh Ahluwalia said.

The CAD, which is the difference between outflow and inflow of foreign exchange, touched an all-time high of $88.2 billion or 4.8% of the GDP in 2012-13.

Earlier, the government had projected CAD at $70 billion for 2013-14, but was revised downwards to $60 billion by finance minister P Chidambaram because of declining gold imports and recovery in exports.

The Reserve Bank said on Wednesday that CAD in 2013-14 will be $56 billion and there was no fundamental reason for the rupee depreciation.

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