Indian on Saturday said that it will contain the current account deficit (CAD) below USD 70 billion in the 2013-14 fiscal year.
Terming the slow economy as a period of stress, Finance Minister P Chidambaram told reporters in southern city of Mysore that he was told by pundits, analysts and rating agencies that the country cannot contain the fiscal deficit.
"I'm happy that we were able to surprise them. We are told that the government cannot contain the current account deficit, I said last year we had the deficit of USD 88 billion, this year I'm betting at USD 70 billion, and I will contain it below 70 billion," he said.
A CAD is when a country's government, businesses and individuals imports more goods, services and capital than it exports.
"Let me tell you, I will surprise them once again, we will contain it below USD 70 billion. I say this because we have intellectual capacity among our senior economists and administrators, we have the institutional capacity and above all we have our people who give us the confidence to overcome stress," the minister claimed.
The CAD has been blamed as the main cause for shuddering of the Indian economy with the Indian rupee falling to an all time low this year.
The Indian Prime Minister had already called upon the oil ministry to cut USD 25 billion oil import to lessen the CAD