fiscal deficit target: Government committed to 6.4 pc fiscal deficit target for 2022-23: Sources
The government is taking steps to deal with the spiralling crude oil prices in the international market, the sources said.
India is 85 per cent dependent on imports to meet its crude oil needs and a weaker rupee makes imports costlier.
Commodity prices, including of crude oil, are ruling high due to the ongoing Russia-Ukraine war and has led to inflationary pressures across countries, including India.
The government is committed to stick to 6.4 per cent fiscal deficit target, the sources said, adding that steps are being taken to address situation arising out of rising crude oil prices.
While acknowledging that there are strong global headwinds, the sources said the country’s macroeconomic fundamentals are strong enough to deal with challenges.