.....Such comforting words notwithstanding, it has to be realised that the CAD is unacceptably high, far higher than what the Reserve Bank of India (RBI) and other official forecasters say it should ideally be in the present circumstances (between 2.5 per cent and 3 per cent of GDP). Besides, the official explanations do not in any way minimise the structural risks arising out of a grim trade scenario and dependence on short-term capital inflows to bridge the deficit......
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