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Raghuram Rajan says India’s current account deficit biggest concern

Chief economic adviser Raghuram Rajan says food inflation persisting at a high level was not easy for RBI to manage
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First Published: Tue, Mar 05 2013. 12 15 PM IST
A file photo of finance ministry’s chief economic adviser Raghuram Rajan. Photo: Ramesh Pathania/Mint
A file photo of finance ministry’s chief economic adviser Raghuram Rajan. Photo: Ramesh Pathania/Mint
Updated: Tue, Mar 05 2013. 12 17 PM IST
Pune: India’s record high current account deficit is the country’s biggest concern, finance ministry’s chief economic adviser Raghuram Rajan said on Tuesday.
India’s current account deficit widened to a record high of 5.4% of gross domestic product in the September quarter as export growth slowed more sharply than imports, with a similar gap expected in the December quarter likely to prolong weakness in the rupee.
The current account deficit is expected to stay at record high for the entire 2012-13.
Rajan was speaking at the convocation ceremony of a banking and finance institute in the western city of Pune.
He also said food inflation persisting at a high level was not easy for the central bank to manage.
India’s annual consumer price inflation accelerated to 10.79% in January from the previous month, government data showed.
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First Published: Tue, Mar 05 2013. 12 15 PM IST