Citigroup revised CAD estimates for financial year 2013 to 4.7 per cent from 4 per cent of GDP after incorporating the latest trade and GDP data, and said CAD is likely to stay elevated in financial year 2014 as well.
'We have the more difficult reforms to do such as the reduction of subsidy, the insurance and pension sector reform, eliminating bureaucratic red tape and implementing Goods and Services Tax'
The Finance Ministry on Monday sought to assure the investors that the country's fundamentals are "very strong" even as the rupee slipped to below 63 to a US dollar and the BSE Sensex plunged by over 426 points on global cues, following currency crisis in Argentina.
The country's CAD stood at 5.4 per cent of GDP during April-December period of financial year 2012-13 amounting to $72 billion.
The senior Congress leader was in New Delhi to campaign in Maharashtra Assembly polls.
Since end-May there has been volatility in the foreign exchange market.
Internshala Trainings is offering free online trainings for 1,000 young professionals who have lost their jobs in the pandemic.
Rating agency expects current account deficit to remain at a modest 1.4% at end of FY16 and stay at similar level till 2018
India's Current Account Deficit rose to a record 6.7 per cent in the quarter ended December of 2012-13.
The investment banking major has hiked its FY'14 CAD forecast to 4.3 per cent of GDP from 3.8 per cent with slowing global recovery likely to delay export turnaround.
The current account deficit widened to $10.1 billion or 2.1 per cent of GDP for the September quarter as against 1.2 per cent in the year-ago period.
India's CAD had touched a record high of 4.2 per cent of GDP in 2011-12, on the back of a wider trade gap and lower capital inflows.
Gold imports tick up 10.47% to $2.42 billion in May.
Around 10 to 15 contract labourers were at the site when the incident occurred, Wardha's additional superintendent of police Nikhil Pingle said.
The Commerce and Industry Ministry is pitching for easing of the gold import restrictions to boost gems and jewellery exports
Imports of gold and silver in February 2013 stood at $5.24 billion. In January this year, they were $1.72 billion.
India, desperate to trim a gaping current account deficit, took a slew of measures last year to curb demand for bullion
PowerGrid was the top gainer in the Sensex pack, spurting 2.76 per cent, followed by NTPC, M&M, L&T, Hindustan Unilever, HDFC, and Infosys.
The scheme, touted as a panacea to burgeoning CAD, was a huge flop that fostered a spike in smuggling and allowed several Gitanjali-like players to make a killing
The rupee appreciated by 0.27 per cent in June against the dollar.
In August 2014, imports stood at $ 2.06 billion. Higher imports will have adverse bearing on India's current account deficit (CAD).
Govt mulls raising duty on non-essential goods with annual import bill exceeding $1 billion
The deficit for April-June was at $21.8 billion or 4.9 per cent of GDP.
Giving more freedom to individuals travelling abroad, they may soon be allowed to spend $2 lakh overseas in a year as against the present ceiling of $75,000.
Earlier in his address, he said with over 500 million bank accounts in the country, it is estimated that the Indian banking system produces over one billion transactions a day.
Finance Minister P Chidambaram on Monday said the currency will find its level as steps being taken by the government to contain fiscal and current account deficits will improve investor sentiments.
India's current account deficit, which is the excess of foreign exchange outflows over inflows, touched a historic high of 4.8 per cent of GDP in 2012-13, mainly due to rising imports of gold and petroleum products.
Let's take a look at how countries are placed when it comes to current account deficit.
In an interview to Business Standard, Rangarajan says CAD will be brought under control at around two per cent of the gross domestic product.
Pati Patni Aur Woh cannot decide whether it wants to be the climax of a Priyadarshan comedy or give the cad a dose of his own medicine brand of cheeky payback, writes Sukanya Verma.
If your annual family income in less than Rs 2.4 lakhs, you can avail of these courses free of cost on a special scholarship.
After recording significant decline in September, gold and silver imports jumped by 62.5 per cent to $1.3 billion in October this year.
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Inflow down in December month-on-month; jewellers demand cut in Customs duty rates
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The rupee has fallen almost 20 per cent in the first four months of FY14, forcing the government to consider raising import duties on gold and non-essential luxury items.
The Reserve Bank of India has kept the key short term lending rate (repo rate) unchanged at 7.25%.
Global rating agency Standard and Poor's on Wednesday cautioned that large deficit economies including India could face more economic problems in the near term.
Strength in dollar against some other currencies overseas weighed on the rupee
The Reserve Bank remains laser-focused to bring back retail inflation to 4 per cent over a period of time in a non-disruptive manner, Governor Shaktikanta Das stressed while voting for status quo in interest rates, as per minutes of the October policy meeting released on Friday. The central bank has been mandated by the government to ensure the Consumer Price Index (CPI) based inflation is at 4 per cent, with a band of 2 per cent on either side. The retail inflation, which was above 6 per cent during May and June, has started moving down and stood at 4.35 per cent in September.
Bank of America Merrill Lynch believes this would ease pressures on CAD as $10 a bbl fall in oil price reduces CAD by $8 billion or 0.4 per cent of GDP.
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Gold prices on Tuesday rose by Rs 227 to Rs 28,418 per 10 gm in futures trade, largely on speculative positions created by participants amid a firming trend at the spot market.
