PM Modi says committed to meeting budget deficit goal

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New Delhi, Jan 17 (ANI): Prime Minister Narendra Modi has said that he is committed to meeting this year’s budget deficit target, welcoming a cut in interest rates by the Reserve Bank of India (RBI) on the back of falling inflation. In a speech, Modi said his government would cut wasteful spending, streamline the payment of welfare benefits and raise investment in roads and railways to boost economic growth in Asia’s third-largest economy. Modi’s comments signalled his assent to RBI Governor Raghuram Rajan’s call for “sustained high quality fiscal consolidation” as a condition for further monetary easing after a surprise quarter-point cut on Thursday. The 64-year-old prime minister said it would be difficult to revive economic growth but promised to deliver incremental reforms.

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