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  3. FM affirms possibility to trim fiscal deficit to 5.3% in current fiscal

FM affirms possibility to trim fiscal deficit to 5.3% in current fiscal

01 Nov 2012 Evaluate

Kelkar Committee's opinion that fiscal deficit will reach 6.1% for the current financial year amid slowing economic conditions, the Finance Minister P Chidambaram however, exuded confidence to contain fiscal deficit to the envisaged figure 5.3%, even though he admitted that it is a challenging task. He also sought support from the political parties to deal with the economic and financial problems faced by the nation, while confirming that the centre will do its best to maximize revenue collection and to cut down expenditure for restricting fiscal deficit.

In the financial budget, the government had proposed to trim down the fiscal deficit in 2012-13 to 5.1% from 5.8% in the last financial year; it is expected to shoot up on account of various global and domestic factors. However, the consultative committee comprising MPs has reminded the minister to ensure that the measures to contain the deficit should not harm the common man. Reasoning that to curtail deficit of the country, the centre had earlier raised diesel prices by Rs 5 a litre and capped subsidized LPG cylinders at 6 a family in a year. Meanwhile, the members also expressed their support on adoption of any efficient mechanism to plug the leakage of the capital.

The ministry has further promised that aggressive measures would be taken to bridge the Current Account Deficit (CAD) estimated at $70.3 billion by encouraging flow of Foreign Direct Investments (FDI) and Foreign Institutional Investments (FII). Chidambaram had come up with a five-year roadmap for fiscal consolidation, two days before, where he scaled up fiscal deficit to 5.3% of GDP as compared to estimated 5.1% in the budget (BE).  While, fiscal deficit targets for the next four financial years are projected at 4.8% of GDP by 2013-14, 4.2% by 2014-15, 3.6% by 2015-16 and 3% by 2016-17.

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