UPA's economic failure: There is no foreign hand in this
The current account deficit (CAD) crossed $20 billion in June and is expected to reach 5% of GDP by the end of the financial year. This is in contrast with the current account surplus of $10.56 billion we had in 2003-04. The slide in the current account (CA) has happened after India witnessed a growth rate of 7.9% between 2004-05 and 2012-13, the highest-ever in the economic history of India. The CA was fluctuating between deficit and surplus from 2003 till 2009 and started declining thereafter with no signs of recovery.
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