India's government is likely to cut spending for the current fiscal year by...
NEW DELHI - India’s government is likely to cut spending for the current fiscal year by as much as 2 trillion Indian rupees as it faces one of the biggest tax shortfalls in recent years, three government sources said.
But with a revenue shortfall of about 2.5 trillion rupees, the government has little choice to keep its deficit within “acceptable limits”, the first official, who did not want to be named, told Reuters. Lack of demand and weak corporate earnings growth in the economy led to lagging tax collections this year. Analysts said growth will be hurt.
Now, even the Reserve Bank of India seems to have become more worried about inflation rising. It kept its key lending rate on hold on December 5, even though it slashed its growth forecast for the current fiscal to 5%, which would be the lowest in a decade.
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