With the central bank calling India's wide current-account deficit "by far the biggest risk to the economy," the government is pledging to narrow it to 2.5% of GDP by March 2017, roughly half the rate for the fiscal year ended in March. Planning Commission Deputy Chairman Montek Singh Ahluwalia said the hope is to narrow the gap in steady stages over the next four years. "There is a lot that needs to be done to enable ... an environment that makes domestic debt available," Ahluwalia said.

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