Arab Today, arab today india\s current account deficit hits record 67
Last Updated : GMT 21:08:13
Arab Today, arab today
Arab Today, arab today

India\'s current account deficit hits record 6.7%

Arab Today, arab today

Arab Today, arab today India\'s current account deficit hits record 6.7%

New Delhi - AFP

India's current account deficit hit a record 6.7 percent of GDP in the last quarter, official data showed on Thursday, underscoring the nation's weak finances. The worse-than-expected deficit for the three months to December stemmed mainly from large oil and gold imports and weaker exports amid the global economic downturn. The figures were more bad news for the Congress-led government which is struggling to stimulate India's economy, whose growth for the financial year to March 31, 2013 is expected to be five percent -- the weakest pace in a decade. The hefty current account deficit, the gap between inflows of foreign currency and outflows, totaled $32.6 billion or a record 6.7 percent of gross domestic product (GDP). That was up from $22.3 billion in the previous financial quarter to September representing 5.4 percent of GDP. Analysts had expected a current account deficit of around six percent of GDP. Business group Assocham called the new data "extremely disappointing". "The current account deficit reaching to 6.7 percent level is untenable," said Assocham president Rajkumar Dhoot. Last weekend, India's finance minister P. Chidambaram loosened debt market rules to draw more overseas investment to finance the current account deficit, noting it "can be financed only through foreign inflows". India is seeking to narrow its current account deficit and boost growth in order to avoid the threat of a sovereign debt rating downgrade by global credit ratings agencies. In September, the government initiated a string of liberalisation measures to open up sectors such as retail, insurance and aviation to foreign investors and jump-start growth before it faces voters in 2014. Chidambaram has promised a "next generation" of reforms to further pry open the still heavily regulated economy and return it to high growth. India's central bank said last month it would consider more steps to restrict gold imports and help stem the widening current account deficit. Many Indians -- especially in rural areas where there are few banks -- purchase gold in the form of jewellery, bars and coins as an investment. Energy-scarce India is also heavily dependent on imported fuel to power its economy, importing some 80 percent of its crude oil needs.  

arabstoday
arabstoday

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today india\s current account deficit hits record 67 Arab Today, arab today india\s current account deficit hits record 67

 



Arab Today, arab today

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today india\s current account deficit hits record 67 Arab Today, arab today india\s current account deficit hits record 67

 



Arab Today, arab today Designer prepared new set of ornaments

GMT 02:45 2017 Wednesday ,28 June

Designer prepared new set of ornaments
Arab Today, arab today France defies terrorism through tourism

GMT 15:18 2017 Saturday ,20 May

France defies terrorism through tourism
Arab Today, arab today Mai Al-Jeddawi presents décor ideas for Ramadan
Arab Today, arab today
Arab Today, arab today

GMT 08:23 2017 Saturday ,24 June

Actress Feryal Yussef received new drama offers

GMT 09:49 2017 Tuesday ,02 May

Girl barred from Malaysia chess competition

GMT 08:48 2017 Saturday ,06 May

Climate science: Bad news gets worse

GMT 16:25 2017 Sunday ,04 June

“Suhoor” is basic meal for fasting

GMT 06:31 2015 Thursday ,04 June

Pluto's unruly moons

GMT 11:09 2017 Sunday ,25 June

HUAWEI P10 the ‘guru’ of portrait shots

GMT 17:59 2017 Monday ,12 June

Designer Rania Adel reveals her new collection
Arab Today, arab today
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube
arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday