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India’s CAD does not Create Global Imbalances
Thursday, May 31, 2007

The RBI Governor has reassured global audiences that India’s current account deficit (CAD) would not create imbalances in the global economy. The CAD is at 1.7% currently in spite of a trade deficit of almost 7% owing to NRI remittances .

Remittances from NRIs are buffers to balance of payments, keeping the CAD in check Addressing a gathering at a bank in Japan, Governor of RBI, Y.V.Reddy admitted that India’s forex reserves are limited when compared with Japan’s in terms of imports and external debt.

The Governor reiterated that deregulation in India’s financial sector would fall in place as the real and fiscal sectors grow.

Deregulation and liberalisation would run parallel to the progress in these sectors, he stressed. Indian banking requires reforms in the banking sector, and should be geared to meet the requirements of the growing economy, both domestic and global.

Priorities have to be set within the legal framework of the country to stay tuned to the evolving economy, said the Governor.

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