The fiscal deficit for the current financial year has been contained at 5.2 per cent of GDP,lower than 5.3 per cent as was targeted,Finance Minister P Chidambaram said today.
“The fiscal deficit for 2012-13 has been contained at 5.2 per cent. I propose to bring it down to 4.8 per cent by 2013-14,” Chidambaram said while unveiling Budget 2013-14 proposals in the Lok Sabha.
Further,the Revenue Deficit has been contained at 3.9 per cent in the current fiscal and would be brought down to 3.3 per cent in 2013-14.
As per the fiscal consolidation roadmap,the government plans to reduce fiscal deficit to 3 per cent by 2016-17.
“We must redeem our promise and bring down the fiscal deficit to 3 per cent and revenue deficit to 1.9 per cent by 2016-17,” Chidambaram said.