India's 2016/17 federal budget 'balanced', 'pragmatic': RBI deputy | Reuters

MUMBAI India's 2016/17 budget unveiled by Finance Minister Arun Jaitley on Monday is "pragmatic" and "balanced," and its focus on the rural economy and job creation will bring long-term benefits, Reserve Bank of India Deputy Governor S.S. Mundra said.

Mundra's reaction, during an interaction with reporters on Tuesday, marks the first public comment from a senior RBI official on the budget.

"It is a pragmatic budget, particularly if you look at the fiscal consolidation road map," Mundra told reporters on the sidelines of a conference.

"The thrust on rural economy and job creation is very positive for the long term benefit. The social and public investment thrust should also be very important. Overall it's a balanced budget and (with) a very long term impact."

Mundra said the government's plan to inject 250 billion rupees ($3.67 billion) into state-owned lenders in the year starting in April "would work for the time being", but added it should be open to making more such injections.

"If the need arises, government will find a way," he said.

($1 = 68.0350 Indian rupees)

(Reporting by Aastha Agnihotri; Writing by Rafael Nam; Editing by Anupama Dwivedi)

This story has not been edited by Firstpost staff and is generated by auto-feed.

Updated Date: Mar 01, 2016 16:53 PM

Also Watch

Watch: Firstpost test rides the new Thunderbird 500X in Goa and walks you through the Royal Enfield Garage Cafe
  • Tuesday, April 17, 2018 Varun Dhawan on Shoojit Sircar's October, 5-star reviews and working with Anushka Sharma in Sui Dhaaga
  • Saturday, April 14, 2018 Ambedkar Jayanti: Re-visiting Babasaheb's ideals exposes fake Dalit politics of Rahul Gandhi and Congress
  • Monday, April 9, 2018 48 hours with Huawei P20 Pro: Triple camera offering is set to redefine smartphone imaging
  • Monday, April 16, 2018 Rajyavardhan Singh Rathore interview: Sports can't be anyone's fiefdom, we need an ecosystem to nurture raw talent

Also See