You are here:HomeEconomy

After big-ticket reforms, Prime Minister may announce spending cuts

close

For Prime Minister Manmohan Singh, the more difficult part is over. The most difficult part has yet to begin.
Dr Singh has won over industry with the big ticket reforms that the government announced on Thursday and Friday. However, implementing them in face of severe backlash from the Opposition and allies alike will be a Herculean task.

When the Prime Minister speaks at the Planning Commission today, everyone will be listening keenly. Dr Singh will chair a meeting of the Planning Commission to discuss India's five-year economic strategy and look at trimming expenditure in the light of an economic slowdown.

The government may announce spending cuts for the 2013 fiscal year today, although the size of the cuts is not clear, Reuters reported earlier, citing two government sources.

"The government is quite serious to keep the fiscal deficit as close to budgeted target of 5.1 per cent of GDP as possible," one of the sources, a senior finance ministry source, said.

A second source, a senior government official who did not want to be named, said the meeting would "discuss cuts for current spending".

Economic Affairs Secretary Arvind Mayaram told NDTV earlier that while the quantum of the likely cuts was not known, it would be done to curb wasteful expenditure only and that the government had no reservations about social spending.

Story first published on: September 15, 2012 10:33 (IST)

MORE FROM NDTV

FROM THE WEB

MORE FROM THE WEB
MORE FROM NDTV

For Profit Update,
Follow NDTV on Pinterest

Social Sharing

Advertisement

Advertisement

Portfolio
 

More From NDTV

More From the WEB

Don't Miss

Advertisement

Market Data provided by © Accord Fintech.
© Copyright NDTV Convergence Limited 2014. All rights reserved.