An interim budget delivered by the Indian government yesterday ahead of parliamentary elections sparked fears that the country may return to an era of big budget deficits as it tries to protect itself from the global financial crisis.
Pranab Mukherjee, the acting finance minister, said India had temporarily set aside its tight public spending targets, recognising that a high fiscal deficit was “inevitable” to weather the challenges posed by recession in big economies.
“Conditions in the year ahead are not likely to be normal and, therefore, the high fiscal deficit is inevitable. We will return to the [tighter fiscal] targets once the economy is restored to its recent trend growth path,” Mr Mukherjee told parliament.
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