Press Trust of India
New Delhi, Jan 15: With the rupee falling to 67.38 against the US dollar, the Finance Ministry Friday said it, along with the Reserve Bank, is keeping a close watch on the currency movement and asserted that current account deficit will remain well under control. The government, Economic Affairs secretary Shaktikanta Das said, will stick to the fiscal deficit roadmap for this year as well as the next.
“Finance Ministry and RBI keeping close watch on currency movements. Current Account Deficit (CAD) expected to be in the range of 1-1.3 per cent in current year. Well under control,” Das tweeted. Not only rupee, but other comparable currencies too are depreciating against dollar, he said, adding that the “positive for India is that the CAD is well under control”. Das said the government will initiate new reform measures in near future and will further open up sectors to attract foreign direct investment.
He said the path of fiscal consolidation will be adhered to and it would be government’s endeavour to maintain fiscal deficit target not only this year but next year as well. The rupee was trading at 67.38 to a dollar in the late morning trade Friday. The government proposes to bring down the fiscal deficit in current fiscal to 3.9 per cent of GDP, from 4 per cent in 2014-15. As per the fiscal consolidation roadmap, the deficit is pegged at 3.5 per cent for the next fiscal beginning April.
