(MENAFN) India decided to limit some imports to lessen its account deficit and help save its declining currency after a fall in the country's industrial output, Saudi Gazette reported.
Government figures show that the industrial output in India fell by 2.2 percent in June compared to the same month last year.
The government vowed to take steps to lower the gap in the account deficit. Finance Minister P. Chidambaram told the parliament that the central bank has "taken a number of measures to increase short-end interest rates and this has contained the depreciation of the rupee to some extent."
Indian economy is expected to expand by 5.5 percent now after initial projections of at least 6 percent, Chidambaram said.
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