NEW DELHI (Reuters) - The government will not go in for additional borrowing this fiscal year and will be able to keep the fiscal deficit at 5.3 percent of GDP, said Arvind Mayaram, a senior finance ministry official.
Finance Minister P. Chidambaram has staked his reputation on lowering the deficit to 5.3 percent of GDP to improve the investment climate following ratings agency threats to downgrade India's sovereign debt to junk if action was not taken.
(Reporting by Neha Dasgupta; writing by Matthias Williams)
Trending On Reuters
Markets & Business
The BSE Sensex and Nifty slumped more than 2 percent on Wednesday to wipe out their entire gains for the year because of strong selling on algorithmic trading platforms, while continued offloading by foreign investors amid retrospective tax worries also weighed. Full Article
Greenpeace faces shutdown after India freezes funds in charity crackdown Full Article