Indian GDP grew by 6.8 %

It is not just the investors who seem to be happy with the Indian GDP growth in the quarter gone by. Even our FM, Mr Pranab Mukherjee seems to be all smiles. And why not? After all, India's not so comfortable public debt position may not deteriorate any further in the current fiscal. Strong economic performance has given the FM the hope that government revenues are likely to come in more buoyant than expected and hence, India's fiscal deficit, a measure of how much more it spends than earns, is likely to remain within the targeted 6.8% as a percentage of GDP. However, no further deterioration in the deficit situation does not mean that the 6.8% is a good number. Agreed that these were extraordinary times where the government had to come to the rescue but if India has to put itself on a higher growth path and has to lower the cost of borrowing for its companies and citizens, its deficit will have to be reined in substantially.


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