The government today took five measures and a broad policy decision to curb non-essential imports and increase exports to stop further depreciation of rupee and widening of current account deficit (CAD).
Finance Minister Arun Jaitley, after holding a detailed discussion with Prime Minister Narendra Modi, said the government is committed to maintain its fiscal deficit target even as it monitors the impact of external factors on the Indian economy.
“One broad policy decision was to address the issue of expanding current account deficit. The government will take necessary steps to cut down non-essential imports and increase exports,” Jaitley told reporters after the high-level meeting.
The meeting was attended by Reserve Bank of India (RBI) Governor Urjit Patel and senior officers from the Prime Minister’s Office (PMO), Finance Ministry and the RBI.
“The non-essential import items would be decided in consultation with various ministries and will be announced as and when the decisions are taken in the next few days.”