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Business News/ Politics / Policy/  Raghuram Rajan says India’s current account deficit biggest concern
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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

A file photo of finance ministry’s chief economic adviser Raghuram Rajan. Photo: Ramesh Pathania/Mint (Ramesh Pathania/Mint)Premium
A file photo of finance ministry’s chief economic adviser Raghuram Rajan. Photo: Ramesh Pathania/Mint
(Ramesh Pathania/Mint)

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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Published: 05 Mar 2013, 12:15 PM IST
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