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India Needs to Focus on Funding Current-Account Gap, Rajan Says

Raghuram Rajan, chief economic adviser in India’s Finance Ministry, spoke to reporters about the nation’s economy in Pune today.

On the current-account deficit:

“You have to focus more on financing the current-account deficit because reducing it will take time. The best way is to increase exports relative to imports. The problem is, that is also dependent on growth in foreign countries.

‘‘My sense is the world economy will over the year start strengthening, so long as there are no surprises from Europe. We are seeing signs that things are stabilizing on the export front.’’

On economic growth bottoming out:

‘‘Some of the signs suggest it may have, but you can’t be sure.’’

On food inflation:

‘‘Milk inflation has come down relative to the past because milk production has been strong. But cereal inflation has taken off. The rabi crop looks like it’s going to be good. That might bring down cereal prices.’’

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