Prime Minister's Economic Advisory Council (PMEAC) Chairman C. Rangarajan expects Current Account Deficit(CAD) to be lower at 3.5 per cent of the GDP (gross domestic product) this fiscal compared to 4.2 per cent of GDP last year following a declining trend in imports of gold. This expectation is on the backdrop of declining trend in inflation which will reduce the attraction of gold as an investment. This view is also enforced by the recent quarter import bill which shows a 18% decline in gold imports.
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