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India's CAD pegged at 3-3.2% of GDP in FY23: CEA V Anantha Nageswaran

'India's annual import cover comfortable; IMF does not consider external sector to be in a zone of vulnerability'

Speaking about the Fed’s actions, CEA V Anantha Nageswaran said he was surprised at Fed’s hawkishness on rate hikes as inflation in the US hit a four-decade high in February.

Country's external sector remains robust, according to Chief Economic Advisor (CEA) V Anantha Nageswaran

Abhijit Lele Mumbai
With rising domestic economic activity and an uptick in oil import bills, India’s current account deficit is expected to be 3-3.2 per cent of gross domestic product (GDP) for FY23, according to Chief Economic Advisor (CEA) V Anantha Nageswaran. But he stressed the country’s external sector remains robust.

India’s current account balance recorded a deficit of 1.2 per cent of GDP in 2021-22, against a surplus of 0.9 per cent in 2020-21.

The Reserve Bank of India expects CAD to have widened modestly in the first half (April-September 2022) but shrink in the second half (October 2022-March 2023). Overall, CAD

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First Published: Nov 24 2022 | 9:21 PM IST

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