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There are dangers ahead. I will quickly allude to them in one or two minutes. Firstly, the current account deficit is again moving beyond three per cent. We have figures of current account deficit. The current account deficit is a percentage of GDP. In 1990-91 - the worst year - it was 3.2 per cent. Then, in Dr. Manmohan Singh's years, it was 0.4 per cent, 1.8 per cent, 0.4 per cent, 1.1 per cent and 1.8 per cent. It never crossed two per cent. During the period of the United Front Government, it was 1 per cent and 1.5 per cent. This year, by all indications, it will perhaps be close to three or may even cross three per cent. Now, what will happen when the current account deficit touches three per cent or crosses three per cent? Your exchange rate will come under pressure. When the exchange rate comes under pressure, when the rupee depreciates further, as it has depreciated in the last eight months, it will be inflationary because we are dependent on imports. As the rupee depreciates, there is inflation. And as the rupee depreciates further, there will be more inflation. What are you doing about the deficit in the current account? There is an even greater problem. You are going to face a BoP problem like you did in 1990-91. The BoP is again coming under pressure. The total BoP deficit is estimated at $ 22 billion. Even if invisibles this year are the same as last year - about $ 10 billion where are you going to make up another $ 12 billion?

I think, the Reserve Bank of India, both under Dr. Rangarajan and Dr. Bimal Jalan, managed the external value of the rupee reasonably well, given the unprecedented nature of the crisis of South-East Asia.

What I am now saying is that if your reserves run down, if your Current Account deficit moves beyond three, your exchange rate will come under further pressure. This has nothing to do with South East Asia. This has got to do with North Block and South Block. If you allow your Current Account deficit to go to three and beyond three, will your exchange rate come under pressure or not? If your exchange rate comes under pressure, will it not be inflationary? It will be inflationary because all imports will be costlier. If imports are costlier, it will spur inflation.

I urge them to push inflation control to the top of the agenda. Once you place inflation control to the top of the agenda, then you fashion your fiscal policies and your monetary policies accordingly. If you do not do that, you will face this trouble again and again and again. It is not for the sake of record that we are saying this others are also saying these things. The World Economic Forum said it day before yesterday. ICRA said it yesterday that we are going back to the crisis year of 1990-91. We are not wishing that you should go back to the crisis year of 1990-91. It is like a deja vu. high fiscal deficit, a high Current Account deficit, a depreciating rupee, a depleting reserve, what else is it but `1990-91'.

The Government is fully in control. There is no question about it. I do not know from where he got the figure that the current account deficit in this year was going to cross three per cent. He is going by newspaper reports. I am sorry. The current account deficit this year will not go beyond 2.3 per cent. That is my assessment as of now. The fiscal deficit -- I have said repeatedly in this House and outside -- shall be controlled at 5.6 per cent. I have said that inflation has gone up. But I have figures here. Where has inflation gone?