Bolstered by reducing trade deficit in June and July, Finance Minister P Chidambaram has pegged India's current account deficit (CAD) at a three-year low of 3.7% of the Gross Domestic Product (GDP) in 2013-14. CAD had touched a record 4.8% in the last financial year.

The Finance Minister said the Government would reduce imports of gold, silver, oil and non-essential goods to narrow CAD. Read More