European Commission President Jose Manuel
Barroso announced a political deal on the European Union's hotly contested
2014-2020 trillion-euro budget. Now it has to be seen that these monies are
channelled into effective programmes so people across the EU can find jobs.
According to Reserve Bank of India data, India’s
current account deficit stood at a historic high of 4.8% of GDP in 2012-13,
amid signs that the gap could remain at worrisome levels, despite having halved
to 3.6% of GDP during January to March, from the previous quarter’s 6.7%.
Global credit rating agency Moody's said that
India's fuel subsidies may reach a whopping `.1.3 lakh crore in
2013-14, surpassing their earlier estimate of `.1 lakh crore from a
record high of `.1.6 lakh crore in 2012-13. Indian rupee has depreciated
by 11.8% since the beginning of current fiscal year and reached an all-time low
of 60.73 against the US dollar on 26th June 2013. If the rupee continues to
depreciate and averages 62 against the dollar and crude prices increase to
average $108 per barrel for 2013-2014, subsidies could return to Rs. 1.6 lakh
crore.
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