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Govt must cut spending: RBI chief

He said raising taxes was not the same as reducing the fiscal deficit

Read more on:    Rbi | Fiscal Deficit | Monetary Policy | D Subbarao
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The Indian government must reduce spending and not just raise taxes for fiscal consolidation, the Reserve Bank of India's Governor Duvvuri Subbarao said on Tuesday, a day after the central bank kept interest rates steady.

He said raising taxes was not the same as reducing the and added it was important to look at the quality of fiscal consolidation.

The government failed to contain its fiscal deficit in the last financial year that ended in March and economists expect it to overshoot the target of 5.1 percent of GDP this year also.

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