Current account deficit to be around $60 billion: Chidambaram
New Delhi: Finance Minister P. Chidambaram today said India's current account deficit (CAD) would come down and be around $60 billion owing to rising exports and import controls initiated by the government."The current account deficit
The CAD stood at a record high of 4.8 percent of the gross domestic product (GDP) at $88.2 billion in the last fiscal.
The government is trying to rein in CAD by imposing higher duties on gold and cutting down on non-essential import items.
The finance minister has set a target of below $70 billion or 3.8 percent of the GDP of CAD this fiscal.
According to the minister, trade deficit in the period between April and September stood at $80 billion -- down from $92 billion in the corresponding period of last year.
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