In­dia's deficit tar­get a com­fort for cen­tral bank

The Pak Banker - - COMPANIES/BOSS -

In­dia's head­line fis­cal deficit tar­get for the next fis­cal year is a com­fort for the coun­try's cen­tral bank, Re­serve Bank of In­dia Gov­er­nor Raghu­ram Ra­jan said on Sun­day, amid hopes of a pol­icy rate cut.

In­dia's Fi­nance Min­is­ter Arun Jait­ley com­mit­ted to fis­cal dis­ci­pline in his Feb. 29 bud­get, low­er­ing the deficit tar­get fur­ther to 3.5 per­cent of gross do­mes­tic prod­uct in the fis­cal year that starts next month, sur­pris­ing in­vestors. Ra­jan told re­porters the cen­tral bank's board gave sub­stan­tial com­pli­ments to the fi­nance min­is­ter for bud­get and fis­cal dis­ci­pline.

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