The Finance Minister told the Lok Sabha today that the Current Account Deficit, CAD, in fiscal 2013-14 will be contained at 70 billion US dollars. This amounts to 3.7 per cent of the Gross Domestic Product, GDP, as against 4.8 per cent in 2012-13. Making a statement on the Securities Laws Amendment Ordinance, 2013, Mr. P Chidambaram said CAD will be reduced by cutting the import of gold and silver, oil and non-essential items. Simultaneously, measures to enhance the capital inflows in the country will also be taken. These measures include allowing the public sector financial institutions to raise quasi-sovereign bonds to finance long-term infrastructure.The guidelines for External Commercial Borrowings, ECB, will be liberalized. The public sector oil companies will be allowed to raise additional funds through ECB and trade finance. The Finance Minister said sustained efforts are needed to further contain the CAD so as to reduce the volatility in the currency market to stabilize the rupee.