Modi nearly out of time to meet deficit goals

New Delhi

INDIA'S Prime Minister Narendra Modi has a long list of pro-growth measures to implement over the next four months, but time may have already run out to breathe enough life into the economy to meet the tough 2014/15 fiscal deficit target.

Mr Modi's election victory in May unleashed a rush of money from foreign portfolios betting that the reformist prime minister would drive a quick recovery. That has yet to materialise.

Parliament convenes on Monday for a month-long session in which the government is confident of passing legislation to allow more foreign investment in the insurance industry, despite hostile opposition parties. Other…