India says real economy is much better off than last year

NEW DELHI (Reuters) - India's real economy is much better off this year than it was in 2012/13, a senior finance ministry official said on Tuesday in a talk with financial professionals to explain the government's response to the Indian rupee's drop to record lows.

Economic Affairs Secretary Arvind Mayaram said India had brought its fiscal deficit down more sharply and quickly than any other country, but managing the current account deficit was more complicated because the government had less control of it.

However, he said the government was determined not to allow the current account deficit for 2013/14 go beyond a "red line" at 3.7 percent of GDP, and added that it may surprise sceptics on that measure.

(Reporting by John Chalmers; editing by Matthias Williams)