New Delhi:
In a big relief on the economic front, the government has revised the current account deficit or CAD target this fiscal to $60 billion, considerably lower than the $70 billion estimated earlier.
Finance Minister P Chidambaram said at a press conference that the CAD was now well under control, helped by a sharp pick-up in exports in the last three months.
Here are the highlights of what the Finance Minister said:
- Current account deficit well under control, I'm confident we will be able to adhere to red line for fiscal deficit
- The steps taken in the past few months are starting to show results
- Inflation is still a challenge and reviving investment
- We see greenshoots even in investment and we are confident that the steps taken by RBI will bring about a moderation in inflation
- Investor confidence in India remains intact
- Trade deficit April-Sept $80 billion lower than $92 billion last year
- Sharp pick up in exports in last three months
- Trade balance will be well contained, will reflect on current account deficit
- Current account deficit will be contained at $60 billion
- Earlier current account deficit target was $70 billion
- Agricultural credit has increased by 12.1 per cent, which is very satisying
- Core sector data encouraging, hope core sector will do well
- In six months 99 projects have been cleared worth Rs 3.68 lakh crore by the Cabinet Committe on Investments (CCI)
- Situation prior to May 22, 2013 and the situation afterMay 22, 2013 is entirely different
- I'm happy that in two policy statements the RBI has been able to withdraw liquidity tightening steps
- The markets seem to have welcomed the RBI and the government's measure
- I would caution investors against excessive exuberance over market rally
- The rupee has by and large stabilised, but it is still a little over the appropriate exchange rate
- I look forward to stability in currency, stable markets
- I look forward to moderation of inflation
- We have evidence to show inflation is fuelled by food inflation
- FDI inflows have been encouraging
- Indian industry must now not any longer sit on idle cash but start investing
- Look forward to more FDI inflows in pharmaceutical sector, single brand retail, multi brand retail and telecom sectors
- Look forward to pass the following bills in the winter session of Parliament: Bill to replace the Sebi ordinance and the Insurance Bill
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