New Delhi: Fiscal and monetary policy interventions are needed to boost demand in India and private sector borrowing was contracting affecting investment, a top finance ministry official said on Friday.
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Arvind Virmani, chief economic adviser in the finance ministry, also said the federal fiscal deficit may reach 6.5-7.0 per cent of gross domestic product in the fiscal year 2009/10.
He said India also needs to move faster on market reforms.
