Govt aims to keep FY2023 fiscal deficit at last year's level: sources

Surging costs forced India in May to cut fuel taxes and change duty structures, hitting revenues by about $19.16 billion, while additional fertiliser subsidies lifted expenditure. India's government and central bank have scrambled to contain prices through fiscal measures and monetary tightening after inflation jumped to multi-year highs. Retail inflation has held above the Reserve Bank of India's 6% mandated ceiling for five straight months while wholesale price inflation has risen to 30-year highs.

Govt aims to keep FY2023 fiscal deficit at last year's level: sources
Surging costs forced India in May to cut fuel taxes and change duty structures, hitting revenues by about $19.16 billion, while additional fertiliser subsidies lifted expenditure. India's government and central bank have scrambled to contain prices through fiscal measures and monetary tightening after inflation jumped to multi-year highs. Retail inflation has held above the Reserve Bank of India's 6% mandated ceiling for five straight months while wholesale price inflation has risen to 30-year highs.