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States’ fiscal deficit to rise to 3.2% of GDP: RBI

States’ fiscal deficit to rise to 3.2% of GDP: RBI
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First Published: Mon, Feb 22 2010. 11 15 PM IST
Updated: Mon, Feb 22 2010. 11 15 PM IST
Mumbai: A study by the Reserve Bank of India (RBI) on state finances for 2009-10 has indicated that the gross fiscal deficit is expected to increase to 3.2% of gross domestic product (GDP) in 2009-10 compared with 2.6% of GDP in 2008-09. Revenue account of the state governments turned from a surplus of 0.2% in 2008-09 to a deficit of 0.5% of GDP in 2009-10, the study said indicating that the process of fiscal correction and consolidation experienced a slippage in 2008-09 on account of macroeconomic slowdown.
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First Published: Mon, Feb 22 2010. 11 15 PM IST