News and Events

FY12 fiscal deficit to cross 4pct of GDP target

Fiscal deficit in the current financial year will exceed 4.6% of the gross domestic product target, though the final figures would depend on the actual expenditure,

Planning Commission deputy chairman Mr Montek Singh Ahluwalia told a news channel that "It's going to be more than, I am pretty sure, the budget amount in the current year adding that it may not be as much as a 1 percentage point deterioration."

On Sunday, Mr Ahluwalia had told another news channel that economic growth for the current fiscal would likely be about 7-7.5%, while it was not impossible that the fiscal deficit could swell to 5.5%, against the government's target of 4.6% for the year.