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The current account deficit (CAD) for the June quarter (Q1 FY14), is likely tocome at 6.1 percent of gross domestic product (GDP), due to higher gold imports, belives Sonal Varma, India Economist, Nomura Financial Advisory & Securities. Also read: Gods forbid: India's temples guard their gold from govtOn the other hand Haseen Drabu, economist, expects the macro data to come between 3 and 3.5 percent forFY14. The government will be releasing the country's balance of payment numbers today. Below is the edited transcript of the interview to CNBC-TV18. Q: What is the number that you are going with? Varma: For the June quarter, we are expecting a current account deficit of USD 27 billion which amounts to 6.1 percent of gross domestic product (GDP). This quarter clearly has seen a significant increase in gold imports plus exports so we were looking at USD 27 billion which is substantially higher than last quarter USD 18 billion. The current account deficit (CAD) numbers should improve going forward but this quarter will be pretty bad. Q: You did mention a significant increase in gold imports – what is the number that you are going with today? Varma: We are expecting a USD 27 billion CAD which is 6.1 percent of GDP and gold imports in the June quarter have been close to USD 17-18 billion in the first quarter itself.

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