The Union finance minister, Mr Pranab Mukh-erjee, on Sunday expressed concern over the spiralling inflation, the country’s increasing current account deficit and trade imbalances. “These are the issues which raise concerns. Inflationary pressures are there and non-oil imports are rising,” he told reporters on the sidelines of an event here on Sunday. He said that imports of capital goods, raw materials and intermediaries are rising, widening the trade gap. Though financing the trade gap was now manageable, he cautioned that if the situation continued to be like this, the scenario would be uncertain. The finance minister said the import bill would rise further due to high oil prices. “I do not know to what extent we will be able to control import of petroleum products,” he said. |
Archives of “current account deficit” tag
rssCurrent account deficit at $13 bn in Jan-March: RBI
Current account deficit widened to $13 billion in the March-quarter, compared with $12.2 billion in Oct-Dec, the Reserve Bank of India (RBI) said on Wednesday.
The Oct-Dec current account deficit was revised upwards to $12.2 billion from $12.03 billion that was announced in March.
The current account deficit stood at $1.2 billion in the Jan-March quarter of the fiscal year 2008-09.
The RBI said the balance of payments surplus in Jan-March was $2.1 billion, compared with a surplus of $1.8 billion in the Oct-Dec quarter.
The balance of payments had a marginal surplus of $0.3 billion in the corresponding quarter a year earlier, the bank said.
India’s merchandise trade deficit was $31.5 billion in the March-quarter as against an upwardly revised $31.1 billion in the December-quarter.
The merchandise trade deficit stood at $20.2 billion in Jan-March quarter of 2008/09.
Current account deficit widened to $13 billion in the March-quarter, compared with $12.2 billion in Oct-Dec, the Reserve Bank of India (RBI) said on Wednesday.
The Oct-Dec current account deficit was revised upwards to $12.2 billion from $12.03 billion that was announced in March.
The current account deficit stood at $1.2 billion in the Jan-March quarter of the fiscal year 2008-09.
The RBI said the balance of payments surplus in Jan-March was $2.1 billion, compared with a surplus of $1.8 billion in the Oct-Dec quarter.
The balance of payments had a marginal surplus of $0.3 billion in the corresponding quarter a year earlier, the bank said.
India’s merchandise trade deficit was $31.5 billion in the March-quarter as against an upwardly revised $31.1 billion in the December-quarter.
The merchandise trade deficit stood at $20.2 billion in Jan-March quarter of 2008/09.
India -Deficit fears
Daniel Tenengauzer, co-head of global emerging markets fixed income strategy and economics at BofA Merrill Lynch Global Research, is not convinced by the buzz surrounding India. ‘Compared to the rest of Asia, India is not the best story.’
‘My problem with the Indian story is fiscal. The government spends a lot of money which has increased the country’s current account deficit. The fiscal deficit for this year is -10.6% – China’s is half of that.’