India says current account deficit could be halved in 1-2 yrs

Indian Finance Minister P. Chidambaram said he expected his country’s current account deficit for the last year/13 fiscal year that ended in March to be around 5 per cent of gross domestic product and perhaps half that amount in one to two years.

Chidambaram is in the United States seeking foreign investment for India’s ailing economy, the third-largest in Asia, before making his way to Washington for the annual spring meetings of the International Monetary Fund and World Bank.

via Business feed http://www.scmp.com/business/economy/article/1217253/india-says-current-account-deficit-could-be-halved-1-2-yrs