Current Account

  • CAD narrows sharply to 1.7 pc in AprilJune quarter September 1, 2014

    New Delhi: India's Current Account Deficit narrowed sharply to 1.7 per cent of GDP in the AprilJune quarter of this fiscal mainly on account of reduction in trade deficit, and a steep decline in gold imports. "The lower CAD was primarily on account of a contraction in the trade deficit contributed...
  • Modi represents crony capitalism, big businesses support him: FM March 31, 2014

    New Delhi: Finance Minister P Chidambaram on Monday hit out at Narendra Modi, the prime ministerial candidate of the BJP, saying he represented "crony capitalism" and big businesses which liked it, supported him. "Modi is associated with crony capitalists. Big businesses which are comfortable with the idea support him," he said. The...
  • CAD to be $ 45 bn this year: Chidambaram February 17, 2014

    New Delhi: India's current account deficit (CAD) will be contained at USD 45 billion this financial year, well below the record high level of 201213, Finance Minister P Chidambaram said on Monday. "CAD that threatened to exceed last year's USD 88 billion will be contained at USD 45 billion," he...
  • Chidambaram should apologise for his 'wrong and hasty' remark on Modi: BJP December 1, 2013

    New Delhi: BJP on Sunday termed as "wrong and hasty" Finance Minister P Chidambaram's statement that Narendra Modi was giving lessons in economy and sought an apology from him. The controversy erupted when Chidambaram said Modi had quoted him wrongly as having claimed that buying gold leads to inflation. The Finance...
  • Current Account Deficit to be much lower than initial forecast, says FM October 3, 2013

    New Delhi: Buoyed by betterthanexpected Q1 current account deficit (CAD) numbers, Finance Minister P Chidambaram said he is confident of closing the fiscal with a better set of numbers than initially projected. The minister also said economic growth closer to 5.5 per cent should be considered very satisfactory and that there...
  • Rupee ends at 62.46 vs US dollar, down 14 paise October 1, 2013

    Mumbai: The rupee on Tuesday ended 14 paise down at 62.46 versus US dollar against it close on Monday at 62.60 versus US dollar. The rupee opened with a marginal gain of 11 paise at 62.49 per dollar. Meanwhile, the BSE benchmark Sensex on Tuesday rebounded from 3week lows to end...
  • Gold, oil import pushed CAD to 4.9 per cent of GDP in Q1, says RBI September 30, 2013

    High imports of gold and oil pushed Current Account Deficit (CAD) to 4.9 per cent of GDP to USD 21.8 billion in the AprilJune quarter of the current fiscal, RBI said on Monday. CAD, the difference between inflow and outflow of foreign exchange, was 4.4 per cent or USD 16.9 billion...
  • Use gold reserves to revive the economy, suggests Anand Sharma August 28, 2013

    New Delhi: As the gold prices touch a record high of Rs 34,500 per 10 gram with a biggest ever single day surge of Rs 2,500 in opening trade in bullion market on Wednesday, Commerce and Industry Minister Anand Sharma said that monetising some part of gold reserves at today's...
  • Rajnath expresses concern over increasing fiscal deficit August 20, 2013

    Longowal: Expressing concern over increasing fiscal deficit in the country, BJP president Rajnath Singh said on Tuesday that after the implementation of the Food Security Act, the Current Account Deficit (CAD) may touch"alarming dimensions". The CAD may touch alarming dimensions after Food Security Act is implemented," Singh said. The deficit in Current...
  • Govt plans to hike duties; gold, LCDs, high end cars likely to get costlier August 13, 2013

    New Delhi: Gold, high end cars, LCDs and LEDs could get costlier in the next 24 hours as government is set to hike the import duties to fight the rupee slide and check the burgeoning Current Account Deficit (CAD). Sources in the Finance Ministry say that there could be hikes...
  • Goldman Sachs downgrades Indian stocks to 'underweight' August 1, 2013

    Mumbai: Goldman Sachs downgraded its rating on Indian stocks to "underweight" on concerns about delayed growth recovery and rising vulnerabilities for the economy. This comes just a day after the Reserve Bank of India also downgraded growth forecast. It said a high current account deficit remains a key vulnerability, which was...
  • Govt will liberalise FDI policy to raise more funds: Chidambaram July 31, 2013

    New Delhi: Faced with sliding rupee, Finance Minister P Chidambaram on Wednesday said that the government will further liberalise the FDI policy and encourage the public sector undertakings to raise funds from overseas markets. Addressing media on completion of one year as Finance Minister, he exuded confidence that economy would...
  • Economy can be built back to 8 per cent growth rate: Chidambaram July 29, 2013

    Ahmedabad: Finance Minister P Chidambaram on Monday said the economy can be build back to register the eight per cent growth rate. The remarks came at a time when the economy is growing at around 5 per cent and current account deficit and inflation are the biggest worries of the...
  • Rupee opens at 59.87 per dollar July 15, 2013

    Mumbai: The rupee weakened on Monday as a contraction in factory output and high retail inflation added to concerns about an economy already hurting under a record current account deficit. The rupee fell to as much as 59.93 compared to its Friday close of 59.56/57. It was trading at 59.87/88 at...
  • Rupee recovers after falling below 61 against dollar July 8, 2013

    Mumbai: The RBI likely sold dollars via staterun banks on Monday afternoon to prevent the rupee from slipping below the 61 per dollar mark, four traders told Reuters, after intervening earlier in the morning as well. The partially convertible rupee was trading at 60.81/82 per dollar at 4 pm, close to...
  • Rupee close to record lows; current account data eyed June 24, 2013

    Mumbai: The rupee weakened on Monday, hovering near a record low hit last week, as worries about China's economic and financial stability hit global risk assets, while caution prevailed ahead of current account deficit data due this week. India is due to report JanuaryMarch current account deficit data on Friday. The...
  • Rupee extends fall to hit record low of 58 per dollar June 10, 2013

    Mumbai: The rupee fell to a record low of 58 against the dollar on Monday, escalating worries about the current account deficit and complicating the task for policy makers looking to revive an economy that grew at its slowest in a decade in 2012/13. The Finance Ministry's chief economic adviser Raghuram...
  • RBI to consider CAD, macro factors for policy decision May 30, 2013

    Mumbai: The Reserve Bank of India will take into account macro economic factors and "more importantly" the current account deficit for policy decisions, Governor Duvvuri Subbarao said on Thursday. He also said high current account deficit is leading to the rupee weakening. India's current account deficit widened to a record high 6.7...
  • Rupee sinks to 10month lows, ends at 56.17 May 29, 2013

    Mumbai: The rupee on Wednesday sank to 10month lows before closing with 21paise loss at 56.17, making imports costlier that is likely to worsen government's Current Account Deficit (CAD) woes and hit the common man hard. The fall would have been much more pronounced, had there not been sustained capital inflows...
  • Fiscal, current account deficits major challenges: Chidambaram April 1, 2013

    Tokyo: Asserting that India has to sort many internal issues, Finance Minister P Chidambaram on Monday said containing fiscal deficit, current account deficit and inflation are big challenges that country is facing currently. However, he maintained that the problems were being addressed and that fiscal deficit will reach the target...
  • Montek calls for strategy to deal with high CAD March 29, 2013

    New Delhi: Terming the current account deficit at 6.7 per cent of GDP in the December quarter as "far too high", Planning Commission Deputy Chairman Montek Singh Ahluwalia on Thursday said the country needs a strategy to deal with the problem. "I think (CAD) ... is far too high. We need...
  • Current account deficit rises to alarming 6.7 pc in Q3 March 28, 2013

    India's current account deficit (CAD) widened from 5.4 per cent in the JulySeptember quarter to a record high of 6.7 per cent of GDP in the OctoberDecember quarter, driven mainly by huge trade deficit, said a release by the Reserve Bank of India. This is much higher than the 6.4...
  • Current account deficit biggest concern, says Raghuram Rajan March 5, 2013

    Pune: India's record-high current account deficit is a chief worry as it is increasing the dependence on foreign investments, the government's top economic adviser said on Tuesday, making the country vulnerable to a sudden stop and reversal in fund inflows. The current account deficit widened to 4.6 per cent of...
  • India's current account deficit at USD 16.4 bn September 29, 2012

    India's current account deficit for the AprilJune quarter came in at USD16.4 billion, lower than another USD 17.4 billion in the first quarter of last year as well as lower than the USD 21.7 billion in the previous quarter, (Q4FY12). As a percentage of the gross domestic product (GDP) the...
  • Falling rupee: The reason for the rout June 22, 2012

    CNBCTV18 banking editor Latha Venkatesh explains why the rupee continues to fall. ...