India, Feb. 1 -- To offset a drop in income tax revenues because of the cuts announced in the Union Budget, the Central government expects the Reserve Bank of India (RBI) and public-owned financial institutions to increase their output by 9 per cent in the coming fiscal year.

According to the budget documents, tabled by Nirmala Sitharaman in the parliament on Saturday, transfers from the Reserve Bank of India and government-owned banks are estimated to increase to $29.6 billion ( Rs.2.56 trillion) in the fiscal year that starts in April, reported Bloomberg.

The amount in the budget document is more than the revised estimate of 2.34 trillion rupees for the current fiscal year. The RBI board will approve the payout for this year at its me...