RBI pushes government to act on fiscal consolidation promises

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The governor of the Reserve Bank of India (RBI), Duvvuri Subbarao, said today (October 30) that the Indian government must take concrete action if it wants to meet recent deficit reduction pledges.

The central bank chief said a recovery of Indian growth depended crucially on the government following through with its pledges announced on October 29, when finance minister Palaniappan Chidambaram said the government would target a deficit of 5.3% this year, falling to 3% by 2017, but revealed

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