India to unveil "credible, feasible" fiscal plan: Finance minister
Published on Oct 8, 2012 3:46 PM
NEW DELHI (REUTERS) - India will unveil a "credible and feasible" fiscal consolidation path for the next five years, Finance Minister P. Chidambaram said on Monday, days after a government panel said the economy was on the edge of a fiscal precipice.
A slowing economy has hurt tax returns while subsidies on fuel, food and fertiliser have further strained government finances and endangered India's investment-grade credit rating.
"No one will have confidence in the Indian economy if there is uncertainty about the fiscal stability of the country," Mr Chidambaram told a news conference.
"It is our intention to announce a credible and feasible path of fiscal correction beginning this year and ending in the fifth year of the 12th plan", which ends in March 2017.
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