Budget 2019: Fiscal deficit number reassuring, says Soumya Kanti Ghosh

Regulatory control of NBFCs will shift to the RBI, and this will create a level playing field in the market

The FY20 Budget was a pleasant surprise to markets because of its 3.3 per cent fiscal deficit. Borrowings numbers were retained at Rs 7.1 trillion with a deliberate focus on overseas borrowings (sovereign dollar bond). This will provide a dollar yield curve for Indian borrowers and will lead to substantive savings in borrowing costs, and a decline in domestic G-Sec yields. 

Soumya Kanti Ghosh, Group Chief Economic Advisor, SBI

It may be noted that for India, only 4 per cent debt is external (Japan is at 5