Live
- Woman’s False Claim Sparks Unnecessary Panic
- Locals Report Naxal Activity in Karkala Village
- Mangaluru International Airport Sets New Records in Passenger and Flight Movements
- Where Areca failed, grow Coffee
- Collector Badavath Santosh Reviews Household Survey and Listing Process
- Awareness Session on SHE Team and POCSO Act
- Awareness Program in agricultural College on the Dangers of Drug Abuse for Youth
- 3500-Year-Old Menhir in Kamsanpally Village: A Call for Preservation
- The Role of Artificial Intelligence in Radiology: Transforming Diagnosis and Patient Care
- Hindustan Zinc Ltd. Signs MoU with Rajasthan Government to Invest Rs 36 Crores in Education Development
Fiscal deficit adhered to Budget target: RBI Guv
Reserve Bank of India (RBI) Governor Shaktikanta Das has said the gross fiscal deficit has adhered to budgetary targets, and that the current account deficit is expected to be around 2.5 per cent of the GDP in 2018-19.
New Delhi: Reserve Bank of India (RBI) Governor Shaktikanta Das has said the gross fiscal deficit has adhered to budgetary targets, and that the current account deficit is expected to be around 2.5 per cent of the GDP in 2018-19.
Das said this earlier this week while speaking at the "Governor Talks" event organised on the sidelines of the World Bank-International Monetary Fund (IMF) Spring Meetings in Washington DC.
The Governor's statement is the first official confirmation at a senior level of the government achieving the fiscal deficit target of 3.4 per cent in the previous fiscal 2018-19. The Controller General of Accounts (CGA) normally releases the fiscal deficit figures of the previous fiscal by May 15.
Das also said the country's current account deficit (CAD) in 2018-19 is expected to come in at around 2.5 per cent of the gross domestic product (GDP). According to the government, India's balance of payment situation eased mainly on account of falling global oil prices.
RBI, while deciding its rate of interest, also takes into account these macro data indicators of the Finance Ministry.
Earlier this month, the RBI cut the repo, or its short-term lending rate for commercial banks, by 25 basis points to 6 per cent, and lowered the current fiscal's GDP growth forecast to 7.2 per cent.
"The rate cut is in consonance of achieving the medium-term objective of maintaining inflation at the 4 per cent level while supporting growth," the statement, announcing the RBI's first bi-monthly monetary policy review of the fiscal, said.
