PM hints at 'mission-mode' reforms in multiple sectors

FROM THE FRONT PAGE

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MANY OFTHE economists who attended the session are learnt to have expressed concern over the low household financial savings and called for measures to boost these resources, which are critical for capital creation and asset formation in the economy.

Finance Minister Nirmala Sitharaman said in the last Budget speech and thereafter that the anchor of fiscal consolidation over the medium term will be debt reduction, with an emphasis on the keeping the debt-GDP ratio on a declining trajectory. Some quarters, however, feel that reversion to the previous fiscal responsibility and budget management (FRBM) framework where a sliding path of fiscal deficit was outlined, may be necessary. This, these analysts reckon, will be necessary for providing a clearer view to the market participants about the quantum of government borrowings to be expected over the next few years.