India’s current account deficit down to 1.3 percent of GDP: Jaitley

Lima, Oct 10 (IANS) Indian Finance Minister Arun Jaitley on Saturday said the country’s current account deficit has come down substantially to around 1.3 percent of GDP in 2014-15, as against around 4.8 percent two years earlier.

Besides, he said while the country was suffering from double-digit inflation then, this has dipped to a low of 3.7 percent, an official statement said.

In his lead intervention in the plenary session of the International Monetary Fund’s (IMF)International Monetary and Finance Committee on Friday, he said India is utilizing the regime of lower oil and commodity prices to increase investments in infrastructure and irrigation as well as to undertake comprehensive subsidy rationalization and successfully roll out the world’s largest financial inclusion initiative under which around 185 million bank accounts have been opened.

Due to the large number of initiatives underway encompassing multiple areas of intervention and reforms, Jaitley expressed optimism that India would continue to record higher level of growth.

He emphasised that the IMF would be constrained in meeting its obligations if the IMF Quota and governance reforms are not implemented expressing concern at the unprecedented delay in implementation of the 14th General Review of Quotas.

Jaitley also said that the global economic outlook outlined by the IMF does not look particularly encouraging as it has bearing on India’s exports.

Consisting of 24 members who are finance ministers, central bank governors or others of comparable rank, the IMFC is a key body providing strategic direction to the work and policies of the IMF.

Leave a Reply

Please enter your comment!

The opinions, views, and thoughts expressed by the readers and those providing comments are theirs alone and do not reflect the opinions of or any employee thereof. is not responsible for the accuracy of any of the information supplied by the readers. Responsibility for the content of comments belongs to the commenter alone.  

We request the readers to refrain from posting defamatory, inflammatory comments and not indulge in personal attacks. However, it is obligatory on the part of to provide the IP address and other details of senders of such comments to the concerned authorities upon their request.

Hence we request all our readers to help us to delete comments that do not follow these guidelines by informing us at Lets work together to keep the comments clean and worthful, thereby make a difference in the community.

Please enter your name here