Budget 2019: Govt to sell first global bond to fund infra and spur growth

Government plans to narrow its budget deficit target and sell its first global bond to raise funding for infrastructure spending to spur economic growth. Bonds rallied.

The fiscal deficit goal for the year that began on April 1 was lowered to 3.3% of gross domestic product from 3.4% set in February’s interim plan, Finance Minister Nirmala Sitharaman said in her maiden budget in Parliament in New Delhi on Friday. That plan will in part be funded by increasing taxes on the wealthy and selling stakes in state-run companies.

“Those in the highest income brackets need to contribute more to the nation’s development,”