 "Current account surplus can't be celebrated: Former FM Chidambaram")
A day after Chief Economic Advisor (CEA) Krishnamurthy Subramanian said the country is likely to have a current account surplus this year, former finance minister P Chidambaram on Tuesday said this means India, which needs capital, is investing its capital abroad.
“The CEA has confirmed my suspicion that India will end 2020-21 with a current account surplus. But I am puzzled by the tone of his remarks. Is the CEA celebrating a current account surplus?” he tweeted. Given that India is a developing country in need of capital, a current account surplus cannot be celebrated.
“Our policies should ensure that both exports and imports grow smartly leaving a manageable current account deficit,” he said.
One subscription. Two world-class reads.
Already subscribed? Log in
Subscribe to read the full story →*Subscribe to Business Standard digital and get complimentary access to The New York Times
Smart Quarterly
₹900
3 Months
₹300/Month
SAVE 25%
Smart Essential
₹2,700
1 Year
₹225/Month
SAVE 46%
*Complimentary New York Times access for the 2nd year will be given after 12 months
Super Saver
₹3,900
2 Years
₹162/Month
Subscribe
Renews automatically, cancel anytime
Here’s what’s included in our digital subscription plans
Exclusive premium stories online
Over 30 premium stories daily, handpicked by our editors
Complimentary Access to The New York Times
News, Games, Cooking, Audio, Wirecutter & The Athletic
Business Standard Epaper
Digital replica of our daily newspaper — with options to read, save, and share
Curated Newsletters
Insights on markets, finance, politics, tech, and more delivered to your inbox
Market Analysis & Investment Insights
In-depth market analysis & insights with access to The Smart Investor
Archives
Repository of articles and publications dating back to 1997
Ad-free Reading
Uninterrupted reading experience with no advertisements
Seamless Access Across All Devices
Access Business Standard across devices — mobile, tablet, or PC, via web or app
SAVE 25%