INSUBCONTINENT EXCLUSIVE:
PM Modi was briefed by RBI Governor and finance ministry officials on the economy, Arun Jaitley said.The government has decided to cut
non-essential imports and increase exports amid a widening current account deficit (CAD), sliding rupee and soaring crude oil prices,
Finance Minister Arun Jaitley said on Friday
The government, in a meeting chaired by Prime Minister Narendra Modi, also decided to remove restrictions on external commercial borrowings
rupee-denominated instruments through which Indian entities can raise funds by accessing overseas capital markets."To address the issue of
expanding CAD, the government will take necessary steps to cut down non-essential imports and increase exports
The commodities of which imports will be cut down will be decided after consultations with concerned ministries and will be WTO-compliant,"
Mr Jaitley was quoted as saying in a report by news agency Press Trust of India (PTI).The decisions are aimed at checking the current
account deficit and increase foreign exchange inflows, Mr Jaitley said.PM Modi was briefed by the RBI Governor and finance ministry
officials on the economy.Current account deficit increased to $15.8 billion in the fiscal first quarter, compared to $15.0 billion in the
corresponding period a year ago.Trade deficit, however, stood at $17.4 billion in August, as against a near five-year high of $18.02 billion
The deficit narrowed despite a sharp increase in merchandise imports, up over 25 per cent to $45.24 billion due to soaring crude oil prices,
