India's chief economic adviser says current account deficit biggest concern
Purchase this article for republication
Buy SPH photos
India's record high current account deficit is the country's biggest concern, Finance Ministry's Chief Economic Adviser Raghuram Rajan said on Tuesday, March 5, 2013. -- ST FILE PHOTO: TED CHEN
PUNE (REUTERS) - India's record high current account deficit is the country's biggest concern, Finance Ministry's Chief Economic Adviser Raghuram Rajan said on Tuesday.
India's current account deficit widened to a record high of 5.4 per cent of GDP in the September quarter as export growth slowed more sharply than imports, with a similar gap expected in the December quarter likely to prolong weakness in the rupee.
The current account deficit is expected to stay at record high for the entire 2012 TO 2013.
Mr Rajan was speaking at the convocation ceremony of a banking and finance institute in the western city of Pune.
