In a bid to curb the widening current account deficit (CAD) as well as encourage exports, the government has constituted a six-member inter-ministerial committee headed by Finance Secretary R S Gujral. The committee will help in formulating measures that would increase exports from the micro, small and medium enterprises (MSMEs). Commerce Secretary S R Rao, Revenue Secretary Sumit Bose, MSME Secretary Madhav Lal, Financial Services Secretary Rajiv Takru and Chief Economic Adviser Raghuram Rajan are the other members of the committee.

The committee will recommend both long and short term measures and will submit its suggestions by mid-May. MSMEs are responsible for about 40 per cent of the country’s exports.