On Tuesday Union finance minister, Pranab Mukherjee uttered concern over the rising current account and trade debits and recommended a wider export market besides Europe and North America to approve the imbalances.

He has hesitation because the current account scarcity has increased, trade disproportion have increased because exports have not developed in absolute terms as contrasted to imports.

So, they have to find different markets. This was said by Pranab Mukherjee after inaugurating a financial hub in New Town, Rajarhat. This will be the second such facility after Mumbai’s Bandra Kurla Complex.

The search for a wider export market presumes importance as export demand from traditional importing countries deliberated down subsequent the global financial crisis. About 60% of the country’s exports depart to Europe, North America and Japan but the lower demand has enlarged India trade deficit.

India’s current account arrears were $13.7 billion for the June quarter, compared with $4.5 billion in the related period last year and $13 billion in the quarter to March 2010.

Its stock trade insufficiency was $34.2 billion in the June-quarter; matched up with $25.6 billion in 2009 and $31.5 billion for the March quarter.