Current Account Deficit

  • Modi represents crony capitalism, big businesses support him: FM 31-03-2014 04:36 PM

    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...
  • CAD to be $ 45 bn this year: Chidambaram 17-02-2014 12:07 PM

    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 2012-13, 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 01-12-2013 07:47 PM

    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...
  • Current Account Deficit to be much lower than initial forecast, says FM 03-10-2013 12:14 AM

    New Delhi: Buoyed by better-than-expected 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...
  • Rupee ends at 62.46 vs US dollar, down 14 paise 01-10-2013 10:10 AM

    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 3-week lows to...
  • Gold, oil import pushed CAD to 4.9 per cent of GDP in Q1, says RBI 30-09-2013 05:57 PM

    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 April-June 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...
  • Use gold reserves to revive the economy, suggests Anand Sharma 28-08-2013 07:05 PM

    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 20-08-2013 09:24 PM

    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...
  • Govt plans to hike duties; gold, LCDs, high end cars likely to get costlier 13-08-2013 10:30 AM

    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' 01-08-2013 11:26 AM

    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...
  • Govt will liberalise FDI policy to raise more funds: Chidambaram 31-07-2013 04:22 PM

    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 29-07-2013 01:56 PM

    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 15-07-2013 09:57 AM

    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...
  • Rupee recovers after falling below 61 against dollar 08-07-2013 09:40 AM

    Mumbai: The RBI likely sold dollars via state-run 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...
  • Rupee close to record lows; current account data eyed 24-06-2013 09:42 AM

    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 January-March current account deficit data on Friday....
  • Rupee extends fall to hit record low of 58 per dollar 10-06-2013 03:53 PM

    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...
  • RBI to consider CAD, macro factors for policy decision 30-05-2013 06:15 PM

    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...
  • Rupee sinks to 10-month lows, ends at 56.17 29-05-2013 09:25 PM

    Mumbai: The rupee on Wednesday sank to 10-month lows before closing with 21-paise 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...