Govt source says fiscal deficit may widen more
MUMBAI (Reuters) - A government source said the fiscal deficit could widen more than targeted for the year ending in March, potentially requiring additional market borrowing.
The government source said the fiscal deficit could reach 5.5 to 5.6 percent of gross domestic product in 2012/13, which could require additional market borrowing of 350-400 billion rupees.
The benchmark 10-year bond yield rose to as high as 8.23 percent, up 3 basis points from levels before the news. The yield was last trading at 8.22 percent compared to its 8.21 percent close on Wednesday.
(Reporting by Subhadip Sircar; Editing by Rafael Nam)
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Prime Minister Narendra Modi has a long list of pro-growth measures to implement over the next four months, but time may have already run out to breathe enough life into the economy to meet the tough 2014/15 fiscal deficit target without cuts. Article