Current account deficit to be less than 1 per cent in FY16, says Arun Jaitley

Current account deficit (CAD) will "hopefully" be less than 1 per cent of gross domestic product (GDP) in the next fiscal year that begins in April, Finance Minister Arun Jaitley told lawmakers on Tuesday.

The deficit narrowed to 1.6 per cent in the October-December quarter from 2 per cent a quarter earlier on the back of slumping oil prices.

Analysts said it should move into surplus in early 2015 for the first time in eight years.

(Reuters)