Containing trade deficit at $150 bn will be good: Chidambaram

    By IANS,

    Chennai : Union Finance Minister P.Chidambaram Saturday said it will be good if the trade deficit is contained in the region of $150-155 billion this fiscal.

    Speaking at an interactive session with exporters, Chidambaram said the trade deficit for the period April-October of this fiscal is around $90 billion and if this could be contained between $150-155 billion, the economy is in a “good wicket”.

    He said the trade deficit last year was $190 billion.

    Chidambaram said he would be happy if the current account deficit (CAD) is contained below $56 billion.

    Urging the exporters to increase their shipments, he said the best way to reduce the trade deficit is to increase exports.

    He urged the exporters to make sure the exports continue to grow at the rate recorded in October, that is 13.5 percent.

    According to him, the attractive exchange rate has enabled exports to grow and the government is trying to facilitate exports.

    On the issue of CAD, Chidambaram said the government has taken several steps to contain it.