Manmohan Calls for Urgent Steps to Check High CAD

............Though the official growth and current account deficit numbers for 2012-13 have only come in later weeks, the prime minister had correctly anticipated in May that the first year of the 12th plan would see GDP growth of “only 5%” and a current account deficit of about 5% of GDP. Figures released by the RBI last week put the deficit at 4.8% of GDP. India’s growth aspirations, Singh said, pose a challenge for its democratic system. There is a need for consensus about the “difficult but necessary policy choices we face” amidst the country’s “vigorously competitive politics”. The path India chooses to take, Singh said, could also mould the future of democracies around the world............

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