Minister of State for Finance Jayant Sinha today said the Budget that aims to limit fiscal deficit to 3.5 per cent of GDP in 2016-17 has offered room for monetary policy easing. He was speaking at an event of the Indian Private Equity and Venture Capital Association (IVCA) in New Delhi. He said Macroeconomic stability is fundamental to ensuring that monetary policy has space. With regard to the proposed goods and services tax (GST), Sinha said it is stuck in the Upper House but may get passed. On banking sector reforms, Sinha said the government has announced its intent for consolidation in the sector in the Budget.