Amitabh Kant As Centre Lowers Fiscal Deficit Target: "Will Bring Down Interest Rate Over Time"

India has set a target to narrow its fiscal deficit to 5.1% in the fiscal year 2024/25, after lowering the current year's deficit to 5.8% of gross domestic product (GDP), Finance Minister Nirmala Sitharaman. The government will continue the path of fiscal consolidation, Sitharaman said while presenting the interim budget for the fiscal year starting on April 1. "The great thing is that it will create a lot of fiscal space available leading to lower interest rate; bank rates will come down over a period of time. That will enable private sector to access a lot of resources for investment and that will kickstart private sector investment and also focus on infrastructure. That is critical. Overall, economy's interest rate will come down.

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