India's Fiscal Deficit Target Lowered

This is a India news story, published by CNBC, that relates primarily to The Reserve Bank of India news.

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fiscal deficit

CNBC

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World

India's finance minister faces a tough choice crafting the annual budget — boost growth or cut deficit?

Summary

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93% Informative

For the next fiscal year , the Indian government could lower the fiscal deficit target by 50 basis points to 4.4% of the country's gross domestic product.

The budget comes against the backdrop of a growth slowdown in the world's fifth -largest economy, weak domestic demand, a depreciating rupee and rising global uncertainties.

The upcoming budget is likely to re-emphasize on jobs growth in the labor-intensive manufacturing sector, while promoting rural housing programs and additional steps to control prices volatility.

The Reserve Bank of India has held the interest rate steady since February in 2023 .

A sharper-than-anticipated slowdown in India 's economic growth has made the central bank's task tougher.

With the rupee hitting record lows against the greenback, any cuts to the bank's policy rate could spark a further rise in domestic inflation.

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formal

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English

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Offensive language