Current account deficit pegged at 3.5% this fiscal: C Rangarajan
the fiscal deficit down to three per cent of the GDP over the next five years. Finance Minister P Chidambaram has already outlined the map for fiscal consolidation. We should adhere to it", he said.
On the Government decision to allow FDI in multi-brand retail, Rangarajan said "I think the government has taken a decision and it is trying to build a consensus on that. In democracy, there is always be some dissent (RPT) dissent. But it is a question of achieving the highest degree of consensus", he said, adding, in the long run it is "good" for the country
Rangarajan said FDI in multi-brand retail will streamline the existing distribution mechanism.
"But it is also taken care to see that it does not affect the small retailers. A rule also has been made that 30 per cent of the total goods should be sourced from small and medium enterprises. Therefore, sufficient precautions have been taken. I think the new retailers when they come in, will be able to reduce the distribution margin and make the agriculture commodities, in particular food commodities, more at a cheaper rate", he said.
Earlier participating at the 14th Pole Star Foundation award function organised by Polaris Financial Technology, he said there are two major sectors of the economy which needs immediate attention.
"One is agriculture and the other is infrastructure, more particularly power. Power shortage has become very acute. I do not have to say for the people in Chennai or Tamil Nadu", he said.
He said, the last two
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