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February 23, 2001
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Govt sees higher 2000-01 current account deficit


Higher oil prices will drive up India's import bill and widen its current account deficit to 1.5-1.7 per cent of gross domestic product in 2000-01 (April-March), the government said on Friday.

In the Economic Survey for 2000-2001, a report card on the economy, the government said the current account deficit in 1999-2000 was contained to 0.9 per cent of GDP, despite unfavourable international trade and a near two-thirds hike in India's oil import bill.

It also said the overall rate of inflation in 2001-02 is expected to be fairly moderate provided the manufactured products group which has over a two third weight in the wholesale price index remained stable.

"If this group continues to conform to the past two years trend of three per cent growth in prices, the overall inflation in fiscal 2001-02 should be fairly moderate," the survey said.

Headline inflation, measured by the wholesale price index, has been rising steadily, over the past few months and grew 8.21 per cent year-on-year in the week ended February 3.

Consumer price inflation is running lower and grew 3.48 per cent in December.

Economic Survey 2000-2001
Budget 2001

Read the Economic Survey

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