Greater Noida: Senior Bharatiya Janata Party (BJP) leader Yashwant Sinha on Friday said that that there cannot be economic stability unless the Current Account Deficit (CAD) is reduced.
He also recalled that there was Current Account surplus, whenBJP was in power Yashwant Sinha was the Finance Minister during NDA`s rule.
"When we were in power, there was current account surplus. There cannot be economic stability until Current Account Deficit is controlled. There is tremendous gap in the Current Account Deficit," he said.
"The pressure on rupee has decreased due to some steps taken by the United States. But rupee cannot be stabilized if CAD gap is maintained.
Earlier in the day, Finance Minister P Chidambaram said the Current Account Deficit (CAD) is under control, and will be contained at 60 billion dollars.
" Current Account Deficit shall be contained at 60 billion dollars. It is well under control, and I am confident we will be able to adhere to red line for fiscal deficit. Earlier current account deficit target was 70 billion dollars," he told media here today.
"There has been a sharp pick up in exports in last three months. Trade balance will be well contained, and it will reflect on current account deficit," he added.