The Reserve Bank of India's Central Board on Friday decided on a payout of Rs. 1.76 lakh crore to the government, after an expert committee chaired by former Governor Bimal Jalan made its recommendations to the central bank. The record transfer, including a surplus of Rs. 1.23 lakh crore for 2018-19, will boost the government's finances at a time it strives to tackle a nearly five-year low economic growth with lakhs of estimated job cuts across sectors, and defend its ambitious target of containing fiscal deficit at 3.3 per cent of the GDP. Economists say the payout will likely help the government meet its tax revenue shortfall and fund a higher expenditure.
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