India will fully finance CAD: Arvind Mayaram

Updated: October 01, 2013 21:10 IST

India’s Economic Affairs Secretary, Arvind Mayaram, said on Tuesday that the country would finance its current account deficit fully in the fiscal year ending March without drawing down on its reserves, and would also contain the fiscal deficit at 4.8 percent of GDP. He also said that economic growth will pick up in the second half of the fiscal year. Mayaram while addressing a news conference in New Delhi expressed confidence and said that they would be able to contain the current account deficit. Mayaram added that the government would not have to go beyond the finance ministry's planned market borrowing for the year, and would be able to meet its budgeted revenue target. Mayaram also said that the elevated level of current account deficit was mainly due to gold imports.

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