Prime Minister's Economic Advisory Council Chairman, C Rangarajan has said that reducing current account deficit, CAD, from 88 billion dollars to 70 billion dollars is possible in the current fiscal because of various steps taken by the government. Speaking at a function in New Delhi today, Mr Rangarajan said, gold imports falling by 10-12 billion dollars itself, will be a great relief.AIR Correspondent reports, CAD widened to a record high of 88 billion dollar or 4.8 per cent of Gross Domestic Product, GDP, for the fiscal ended March 31st, from 78.2 billion dollar in 2011-2012, about 4.2 per cent of GDP.The government has increased duty on import of gold and silver to 10 per cent to contain the forex outflow. It also announced a number of measures including easier overseas borrowing norms to fetch an additional 11 billion dollars this fiscal to check the burgeoning CAD.