India deficit hits $32.6bn
New Delhi, March 29, 2013
India yesterday said it would do what was needed to tackle its current account deficit, after heavy oil and gold imports together with muted exports drove the gap to a record high in the December quarter.
In a worse-than-expected reading, the deficit hit $32.63 billion in the final three months of 2012, compared with $22.3bn in the September quarter.
The Finance Ministry said the deficit was likely to moderate in the March quarter if the current trend of improved exports and steady imports persisted. Economists also expect the gap to narrow in the current quarter and beyond.
For April-December, the current account deficit was $71.7 billion, or 5.4 per cent of GDP.
India ran a marginal balance of payments surplus of $781 million for the October-December quarter.-Reuters
More INTERNATIONAL NEWS Stories
- Two Europeans not on board 'missing' Malaysian jet
- China draws red line on North Korea
- Saudi sentences three to death for 2003 bombing
- First bitcoin machine opens in UK
- US sanctions will boomerang, warns Russia
- China plans $50bn bank to fund projects
- Sony to sell Tokyo 'birthplace'
- Obama orders sanctions over Russian moves
- Crimea parliament votes to join Russia
- Arab League to be revamped
- 'Upskirting' is legal: Massachusetts court
- Singapore probes 'unnatural' death of bitcoin trader
- Onus on world powers for Syria war crimes: UN
- US, Russia set for talks on Ukraine crisis
- Brent oil drops below $109
- Services outshine manufacturing, pushing up jobs
- Bitcoin bank shut down after hacker attack
- India to kick off world's biggest poll on April 7
- China signals focus on reforms
- Hundreds ready for bitcoin exchange class action
- Space taxi, Jupiter mission in Obama budget
- Putin: Use of force last resort in Ukraine
- Powers to boost Lebanese military, economy
- Egypt bans Hamas activities in Egypt
- Putin ends army exercise, markets rally
- Russia has violated international law: Obama
- Russian markets hit as Putin tightens grip on Crimea
- Iran nuclear deal 'being implemented as planned'
- Global factory growth stumbles as demand falters
- Obama warns of 'fallout' for Israel if peace effort fails