All efforts on to keep fiscal deficit at 5.3% of GDP, says Rangarajan
20 Nov 2012 12:06 AM GMT
The government will make all efforts to restrict fiscal deficit to 5.3 per cent of GDP for the current financial year, Prime Minister’s Economic Advisory Council (PMEAC) chairman C Rangarajan said on Monday.
‘I think our attempt will be to see that we remain as close as possible to revised fiscal deficit that has been indicated by the finance ministry. All efforts will be made to get to that number,’ Rangarajan told reporters on the sidelines of an event organised by Export-Import bank of India.
Although the government had pegged fiscal deficit for the current financial year at 5.1 per cent of the GDP in the budget, it has revised the target to 5.3 per cent in view of subdued revenue collection and rising fuel and food subsidy bills. ‘I think still there are about 4-5 months more for the end of the year. There are many actions that are possible,’ he said.
‘I think our attempt will be to see that we remain as close as possible to revised fiscal deficit that has been indicated by the finance ministry. All efforts will be made to get to that number,’ Rangarajan told reporters on the sidelines of an event organised by Export-Import bank of India.
Although the government had pegged fiscal deficit for the current financial year at 5.1 per cent of the GDP in the budget, it has revised the target to 5.3 per cent in view of subdued revenue collection and rising fuel and food subsidy bills. ‘I think still there are about 4-5 months more for the end of the year. There are many actions that are possible,’ he said.
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