Last Friday, the Reserve Bank of India (RBI) put out a scary number: a 4.3 percent current account deficit (CAD) in the third quarter (October-December) of 2011-12. For the April-December period, the CAD was a huge 4 percent of GDP. The whole year’s figure may, of course, be lesser (one hopes), as exports should pick up in January-March 2012. But don’t count on the figure being too much better. Even 3.5-3.7 percent is scandalous.