Reform deficit: FDI flows slacken  ET Bureau Nov 27, 2010,
07.22am IST  The report that foreign direct investment (FDI)
flows into the country fell 23% during the first half of the
current fiscal underscores the concern often voiced in these
columns about our widening current account deficit .  A current
account deficit is not a bad thing, per se, especially for a
developing country as it is a measure of its net draft of global
resources, used to raise domestic investment above domestic
savings.  It becomes problematic only when its size grows so
large as to make foreign suppliers of capital jittery about the
country's ability to service the capital, and when the quality
of funding is flighty, to begin with. So, while it is but
natural that faster growth in India relative to the rest of the
world should see imports expand faster than exports, leading to
a widening of the trade deficit and the current account deficit,
the question is, is it sustainable?  At about 3% of GDP, the
current account deficit is now h