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Arun Jaitley sparks confusion on fiscal deficit target

India's benchmark 10-year bonds gave up some of their gains on Thursday over confusion about the government's fiscal deficit target for the current fiscal year.

india Updated: Jul 10, 2014 15:03 IST
Reuters

India's benchmark 10-year bonds gave up some of their gains on Thursday over confusion about the government's fiscal deficit target for the current fiscal year.

Finance minister Arun Jaitley had earlier announced the country would stick to the previous government's fiscal deficit target of 4.1% of gross domestic product for the year ending in March 2015, but later in the speech said the target stood at 4.5% in a passing reference.

Traders said the contradiction had created confusion, although they said Jaitley may have misspoken.

The benchmark 10-year bond yield was trading at 8.67 basis points, off a session low of 8.64% but still down from its 8.73% close on Wednesday.

First Published: Jul 10, 2014 13:33 IST