Chidambaram: 2013/14 fiscal deficit to be within budgeted target
NEW DELHI (Reuters) - India's fiscal deficit will be contained within its budgeted target for the fiscal year ending March 2014, Finance Minister P. Chidambaram said on Thursday.
India unveiled new taxes on the rich and large companies on Thursday to fund higher-than-expected spending for the next fiscal year, in a budget that aimed to revive growth amid the country's worst slowdown in a decade ahead of a 2014 election.
(Chidambaram calls for tough choices, click here)
(Rich taxpayers to pay 10 percent surcharge, click here)
(Budget 2013 highlights, click here)
Stocks, bond prices and the rupee all fell despite Finance Minister P. Chidambaram's vow to cut next year's fiscal deficit to 4.8 percent of GDP, which some watchers said counted on ambitious revenue assumptions given hefty spending targets.
(Reporting by Arup Roychoudhury; editing by Matthias Williams)
- Tweet this
- Share this
- Digg this
- U.S.-led air strikes killed 521 fighters, 32 civilians in Syria - monitor
- Google launches new email service dubbed "Inbox"
- Apple CEO says to add 25 stores in China within two years - Sina
- Japan PM's new minister hit by scandal over racy bar bill
- India hope to get boxer Sarita Devi's suspension reversed
India could allow commercial coal mining by foreign companies if they set up units in the country, opening the door for global giants like Rio Tinto to access the world's fifth largest coal reserves, a source familiar with the matter said. Full Article