FM confident of overcoming high current account deficit issue

"Yes, it is matter of concern Current Account Deficit but as there is a saying if there is crisis in food that does not mean that we shall start eating lizards," he said in his reply to Finance Bill.

"Situation is not that difficult today. Yes, it is a difficult situation but we can overcome the situation. As in past we have overcome," he said.

CAD rose to 4 per cent of GDP in 2011-12 against 2.7 per cent in the previous fiscal.

As regards the Goods and Services Tax and Direct Taxes Code, Mukherjee said, these two reforms would bring in sea change in tax administration.

"If these two things we can do, I believe that there will be a sea change, a major reform in the Indian Tax System which will be transparent; which will be non-discriminatory; which will be viable; and which will provide tax buoyancy, as it has been established with the introduction of VAT," he said.

"...Please help us to have the necessary reforms in the introduction of the GST," he added.