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Govt revenues a fiscal concern: RBI
May 09, 2003 12:34 IST
Reserve Bank of India Deputy Governor Rakesh Mohan said on Friday that government revenues rather than expenditure were a fiscal concern.
"There is a great requirement for fiscal correction at the central and state levels, but that has more to do with revenue, no longer expenditure," Mohan told a business gathering.
India's central and state governments have a combined fiscal deficit of nearly 10 per cent, one of the highest in the world, leaving little money for health, education and social development in the world's second most populous country.
India aims to control its runaway deficit at 5.3 per cent of GDP in the year to March 2004, compared with 5.9 per cent in the past year.
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