Budget could unveil strategy to curb increasing current account deficit
The Budget could announce measures to curtail the increase in the current account deficit. For that matter finance minister will actually acknowledge in her Budget speech as well, that there is a need to curb the current account deficit and for this, India is going to lay down a detailed roadmap.
With India's current account deficit ballooning to a 9-year high of $36.4 billion, CNBC-TV18 learnt from sources that the finance ministry could announce some measures in the upcoming Budget to curb the current account deficit.
The Budget could announce measures to curtail the increase in the current account deficit. For that matter finance minister will actually acknowledge in her Budget speech as well, that there is a need to curb the current account deficit and for this, India is going to lay down a detailed roadmap.
What could be the measures that could be part of this roadmap - what is on the drawing board right now is hiking import duties wherever there is a need, cracking down on imports circumventing country of origin norms that is something that India has been working upon for the last two years at least.
Also ensuring cheaper fertilizer imports, because fertilizer import bill is something that India is likely to curb. India is looking at cracking a few more deals internationally to ensure that they import the raw material for fertilizers at a cheaper rate and not to forget possible expansion of PLI schemes.
RoDTEP - has already been expanded, three new sectors have been added so that could be another area because that is going to boost our exports. So to curb imports, we are looking at expanding exports that is also one major step that India is looking at.
Also focusing on beneficial FTAs what could be in the offing and how India can actually take more benefit out of FTAs rather than losing and not to forget the import curbing or discouragement of imports of non-essential items across sectors that is a list that has been drawn already and that will be finalized and put forward in the Budget.
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