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CAD likely to be $35 bn in 2013-14: Chidambaram

Last Updated: Monday, March 31, 2014 - 17:46

Zee Media Bureau

New Delhi: Finance Minister P Chidambaram on Monday announced that the current account deficit (CAD) is likely to be USD 35 billion in 2013-14.

Speaking on the occasion, the finance minister stated that the is economy more or less stable and no one talks of downgrade as fundamentals are strong.

"India's forex reserves have crossed USD 300 billion. We have successfully contained fiscal deficit and current account deficit," Chidambaram said.

"We will consider some relaxation on gold import in consultation with RBI after monetary policy," he said.

"The Petroleum Ministry should not have referred the RIL gas price hike issue to Election Commission".

"Business is comfortable with UPA; BJP's brand of capitalism is crony capitalism," Chidambaram said.

He also said that the process of granting new bank licences should continue uninterrupted.

The finance minister also said that he will raise issue of Swiss govt refusing to share tax data on sidelines of Fund-Bank meeting in Washington on April 10-11.

First Published: Monday, March 31, 2014 - 17:46
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