business
India’s fiscal deficit target a comfort for central bank
India's Finance Minister Arun Jaitley addresses a gathering during 'Advancing Asia: Investing for the Future' conference in New Delhi, India, yesterday. – Reuters pic, March 12, 2016.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 today, amid hopes of a policy rate cut.
Finance Minister Arun Jaitley committed to fiscal discipline in his February 29 budget, lowering the deficit target further to 3.5% 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.
He said the country was broadly moving in the direction of boosting growth. – Reuters, March 12, 2016.
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