HDFC boss welcomes government's subsidy cuts

The decision by the Indian government to cut a number of subsidies in the country has been welcomed by one of India's leading business figures.

Deepak Parekh, chairman of Housing Development Finance Corporation (HDFC), one of the country's biggest housing finance firms, told the BBC that the decision was "better late than never".

The Indian government is reducing subsidies as it aims to trim back its budget deficit.

Mr Parekh said the efforts would likely please the global rating agencies.