Global crude prices to come down shortly: Montek
By IANSFriday, February 4, 2011
KOLKATA - The ongoing Egyptian crisis is a temporary phenomenon and global crude oil prices, which are hovering around a two-year high due to the violent unrest in the African country, will come down shortly, Planning Commission Deputy Chairman Montek Singh Ahluwalia said Friday.
“The Egyptian crisis is a temporary phenomenon and I hope that global crude oil prices will come down shortly,” he told reporters on the sidelines of a programme organised by the Indian Chamber of Commerce (ICC) here.
On the prevailing high current account deficit in India, Ahluwalia said, “Current account deficit is one of the problems. During 2010-11 it was 3.5 percent.
“However, it is an effect of jacking up investments in the country. Exports are going to be slow, he added.
“The question is can we finance it (high current account deficit). Yes, we can finance it with long-term capital inflow, he said adding the deficit would remain at 3.5 percent next year.
