FM optimistic on fiscal front

Government is taking steps to revive growth and will be able to meet the fiscal deficit target despite lukewarm response to telecom spectrum auction, finance minister P Chidambaram said on Friday. ‘There is still time and I don’t think we should spread pessimism or cynicism. Disinvestment process will start and the spectrum (auction) process will also continue,’ he said.Chidambaram’s comments come in the backdrop of lukewarm response to the 2G spectrum auction which could fetch the government only Rs 9,407 crore as against the target of Rs 40,000 crore. He said that the government would carry forward Rs 30,000-crore disinvestment programme and achieve the revised fiscal deficit target of 5.3 per cent of the gross domestic product (GDP) in 2012-13.