(Photo for representational purpose only. Source: AP)(Photo for representational purpose only. Source: AP)India's current account deficit (CAD) will be contained at $45 billion this financial year, well below the record high level of 2012-13, Finance Minister P Chidambaram said on Monday.
"CAD that threatened to exceed last year's $88 billion will be contained at $45 billion," he said in the interim budget presented in Parliament.
The finance minister also said: "I am happy to inform the House that we expect to add about $15 billion to the foreign exchange reserves by the end of the financial year."
In the first half (April-September) of 2013-14, CAD narrowed to $26.9 billion (3.1 per cent of GDP) from $37.9 billion (4.5 per cent of GDP) in the first half of 2012-13.
Both the government and the Reserve Bank of India (RBI) had taken steps to bring down gold imports, one of the major causes for the widening of the CAD in 2012-13.
The government had increased customs duty on gold thrice in 2013 to 10 per cent and the RBI had imposed a series of curbs on inward shipments of the yellow metal.
FULL COVERAGE: The Great Indian Budget
Chidambaram also said India's exports are likely to touch $326 billion in 2013-14. Exports were about $304.5 billion in 2012-13.
The aim, he said, "must be robust growth in exports and imports, both."
IndiGo cancels over 1,000 flights, CEO promises restoration by Dec 15
‘Ahead of schedule’: PM Modi says India-Russia trade to cross $100 bn before 2030 
Netflix to acquire Warner Bros. Discovery's TV, film studios, streaming division for $72 billion
'IndiGo failed to plan crew requirements': DGCA orders inquiry into airline's flight disruptions
NHAI gets SEBI nod for Raajmarg InvIT, paving way for public investment in highways
India–Russia Trade To Cross $100 Billion Before 2030: PM Modi Fast-Tracks Economic Partnership
Russia Eyes Indian Workforce, New Trade Plan And Tariff Cuts In Major Economic Push
IndiGo CEO Pieter Elbers Admits Worst-Ever Disruption As Over 1,000 Flights Cancelled Nationwide
India & Russia Plan Faster Trade Routes, Digital Corridors & New Nuclear Opportunities
Passengers Angry Over IndiGo Delays, Complain Of No Information
IndiGo shares slump 9% this week amid 'double whammy' pressureNHAI gets SEBI nod for Raajmarg InvIT, paving way for public investment in highways
Meesho IPO Day 3: Issue subscribed over 79 times on final day; check allotment date & latest GMP
RBI's bold rate cut signals growth focus as Budget nears
Cloudflare outage briefly hits Zerodha, Groww & other services