India needs govt commitment on fiscal consolidation: RBI

The government needs to commit to fiscal consolidation for supporting growth, Subir Gokarn, a deputy governor at the country's central bank, said on Monday.

Gokarn said that reining in fiscal deficit was doable.

India is on course to miss the 2011/12 fiscal deficit target of 4.6% of GDP. Many private economists believe the country will miss the target by almost a percentage point.