What PM Narendra Modi faces on CAD in fiscal 2015

Thu May 29 2014, 15:23 hrs
PM Narendra Modi has just occupied the most powerful position in India. Here is what he faces on economic front, as per Crisil. Express photo: Prem Nath Pandey  Read: Crisil Research
PM Narendra Modi has just occupied the most powerful position in India. Here is what he faces on economic front, as per Crisil. Express photo: Prem Nath Pandey Read: Crisil Research
1.India’s current account deficit (CAD) narrowed sharply to $32.4 billion (1.7% of GDP) in fiscal 2014 from $87.8 billion (4.7% of GDP) in fiscal 2013. PTI Photo  Read: Crisil Research
1.India’s current account deficit (CAD) narrowed sharply to $32.4 billion (1.7% of GDP) in fiscal 2014 from $87.8 billion (4.7% of GDP) in fiscal 2013. PTI Photo Read: Crisil Research
2. The correction in CAD was primarily due to a contraction in merchandise imports coupled with a rise in service exports.  PTI Photo  Read: Crisil Research
2. The correction in CAD was primarily due to a contraction in merchandise imports coupled with a rise in service exports.  PTI Photo Read: Crisil Research
3. Capital inflows at $48.8 billion – buffered by a surge in inflows under foreign currency non-resident (FCNR) deposits - were more than sufficient to finance the CAD, resulting in a $15.5 billion accretion to India’s foreign exchange reserves. Express photo: Prem Nath Pandey  Read: Crisil Research
3. Capital inflows at $48.8 billion – buffered by a surge in inflows under foreign currency non-resident (FCNR) deposits - were more than sufficient to finance the CAD, resulting in a $15.5 billion accretion to India’s foreign exchange reserves. Express photo: Prem Nath Pandey Read: Crisil Research
4. In fiscal 2015 however, CRISIL Research now expects CAD to widen to $47 billion (2.2% of GDP) as restrictions on gold imports are gradually withdrawn and imports of capital and consumption goods pick-up with economic recovery. Express photo: Prem Nath Pandey  Read: Crisil Research
4. In fiscal 2015 however, CRISIL Research now expects CAD to widen to $47 billion (2.2% of GDP) as restrictions on gold imports are gradually withdrawn and imports of capital and consumption goods pick-up with economic recovery. Express photo: Prem Nath Pandey Read: Crisil Research
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