New Delhi: The fiscal deficit for the current financial year has been contained at 5.2 percent of GDP, lower than 5.3 percent as was targeted, Finance Minister P Chidambaram said Thursday.
"The fiscal deficit for 2012-13 has been contained at 5.2 percent. I propose to bring it down to 4.8 percent 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 percent in the current fiscal and would be brought down to 3.3 percent in 2013-14.
As per the fiscal consolidation roadmap, the government plans to reduce fiscal deficit to 3 percent by 2016-17.
"We must redeem our promise and bring down the fiscal deficit to 3 percent and revenue deficit to 1.9 percent by 2016-17," Chidambaram said.
First Published: Thursday, February 28, 2013, 12:47