Do not rely entirely on monetary policy to do the job. Monetary policy alone cannot bring about the much-needed correction. In the case of a current account deficit arising from either consumer spending or government deficit or both, a tightening of monetary policy, that is higher interest rates, does not address the source of the current account deficit.
It simply induces private investors holding foreign currencies to buy rupee-denominated assets thereby reducing the need to finance the current account deficit from the Bank of Mauritius foreign reserves. There is both theory and evidence that no firm in the private sector runs persistent deficits. Any such tendency would be self-correcting as its spending would reflect its wealth including its foreign assets.