....Reserve Bank of India Deputy Governor Subir Gokarn had recently said that India’s fiscal deficit is somewhere around 5.5 per cent of the GDP and will take time to get back to 2008 levels. “The fiscal deficit was at 2.5 per cent in 2008… Due to build-up of subsidies following high oil prices, it grew to around 6 per cent of GDP and is now somewhere in the region of 5.5 per cent, Gokarn said at an Indo-Swiss Chamber of Commerce meeting. The RBI deputy governor said that the global environment has turned hostile and the markets were not recovering as fast as expected. As a result, the “exports are suffering”.......
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