A main formal Committee was set up in 2000 with the then Secretary, Economic Affairs, Dr. E.A.S. Sarma as the Chairman and Dr. Ashok Lahiri as one of the members; and a working group comprising of RBI officials was set-up under my Chairmanship to provide technical assistance to the main Committee on several aspects for drafting the Fiscal Responsibility Bill.
If we therefore wish to remedy the current account deficit in the longer term we would need to address these factors comprehensively. It is therefore clear that we would need to undertake significant structural adjustments, improve skills and human development, and labour productivity to name but a few in our quest to grow exports and in the process contribute towards lowering unemployment levels.