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Journalism of Courage
Ahead of the budget,finance minister P Chidambaram on Tuesday held consultations with Reserve Bank of India Governor Duvvuri Subbarao here.
The minister held a meeting with RBI Governor, a source said,without disclosing the details of the deliberations.
Chidambaram is scheduled to unveil the Budget for 2013-14 in the Lok Sabha on February 28,preceded by Economic Survey that is to be tabled in the Lok Sabha on Wednesday.
The meeting assumes significance as Chidambaram had earlier assured to bring down the fiscal deficit to 4.8 per cent of gross domestic product GDP in 2013-14,from 5.3 per cent estimated in the current fiscal.
Fiscal deficit is a measure of government borrowings,which is conducted by the Reserve Bank on behalf of the Centre. Besides other things,Chidambaram is also expected to announce steps to contain current account deficit CAD,which has been widening mainly on account of a surge in imports of gold. An RBI Committee had recently suggested fiscal and non fiscal steps to check import of the yellow metal.
