The country’s current account deficit is unlikely to be recorded this year, said Chief Economic Adviser K.S. V. Subramanian has said. Leading economic advisers have backed India’s decision to impose import restrictions this year to help it recover from a troubled economy.
Addressing a virtual conference organized by the Confederation of Indian Industry (CII), the chief adviser said the world is facing a different challenge this year. He also said that the country’s growth rate could be hampered by the corona-lockout.
Subramanian gave the example of 2013, citing interest on US bonds. He said the immediate recovery by the US Federal Reserve had helped keep the economy afloat.
According to the Chief Economic Adviser, India’s current account deficit stood at २० 20 billion in the first quarter of the current financial year. It is expected to reach 19.8 billion in the second quarter.
First Published on November 24, 2020 12:22 am
Web Title: there is no current account deficit this year subramanian abn 97
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