India plans to halve the amount of equity investment to $1.8 billion for 2023/24 to help fund three state oil refiners’ green energy projects, four government and industry sources said, as the federal government seeks to curb its fiscal deficit.
Asia’s third largest economy, facing an over 40per cent shortfall in collecting revenues from stake sales in state-run companies, is prioritising spending to try to limit its fiscal deficit to 5.9per cent of GDP for this fiscal year to the end of March.
