The picture presented by the Reserve Bank of India of the country’s current account deficit (CAD) is very disquieting. CAD is the difference between the export of goods and services and the foreign exchange outgo on imports and other payments. In the last quarter of 2011, the CAD was 4.3 per cent of the GDP and from last April to Decmber, it was 4 per cent. It was 2.7 per cent in 2010-11 and is now much higher than official projections. What is worrying is that it is more than the 3 per cent figure of the foreign exchange crisis period of 1990-91……………….
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