Report: India’s top political leaders to meet on Tuesday in New Delhi
An Indian newspaper reported that Prime Minister Narendra Modi, Finance Minister Arun Jaitley and Union Finance Minister M. Venkaiah Naidu will meet on Monday in New York to discuss the countrys fiscal situation and fiscal outlook.
The New York Times reported on Sunday that Modi and Jaitleys meeting would be the first time in India’s history.
The Times also quoted a person close to the government as saying that Jaitkins meetings with the prime ministers of China, the United States, Russia, Brazil and Canada are likely to take place at the end of the month.
In an exclusive interview with The Times, the person said the government had decided to delay the scheduled meeting to address the fiscal deficit in fiscal year 2017-18.
The person also said the meeting would take place before the Indian financial markets reopen in October.
The Indian financial market reopened on October 8.
On October 9, Prime Minister Jaithes cabinet approved a proposal to spend $5.4 billion to fund the budget deficit in FY17, but the government has yet to provide any details of what this will be.
The fiscal deficit has grown from a low of 9.8 percent in FY14 to over 12 percent in the current fiscal year.
In September, the government announced that it will not reduce subsidies for the poor in FY18-19.
In October, the Budget Ministry said the deficit in the last fiscal year will be Rs 8,924 crore.