RBI’s Kanungo warns on fiscal imbalances

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Heavy borrowing by India’s states is starting to make the debt management work of the Reserve Bank of India harder, deputy governor BP Kanungo warned on August 31.

In remarks to the Bengal Chamber of Commerce, Kanungo said it was “a matter of concern” that greater fiscal imbalances were appearing in the state finances. “Fiscal slippages” have also appeared in the central government’s finances, with the gross fiscal deficit averaging 5.6% of GDP from 2008–13, despite a supposed target of 3%.

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