Central Banking

India's central bank urges state govts to reform

India's central bank on Friday urged the country's state governments to enact speedy reforms."As a result of financial sector reform, there are more stringent overall limits to fiscal expansion, impinging on both central and state governments," Reserve Bank of India deputy governor Y.V. Reddy told a seminar.

"Commercial acitities such as power, transport, water for irrigation will have to be fully funded and operated commercially to reduce the fiscal burden and also have to attract financial r