New Delhi: Finance Minister Pranab Mukherjee on Thursday told lawmakers it would be difficult to achieve fiscal deficit target of 4.6 percent of the GDP in the current fiscal year that ends in March 2012.
In his Budget speech, Finance Minister Pranab Mukherjee had announced targets of 4.6 per cent fiscal deficit and a revenue deficit of 3.1 per cent and government borrowing at Rs 3.4 trillion for the current fiscal.
The Indian government aims to keep a tight leash on expenditure to meet its fiscal deficit target for the current financial year, Mukherjee said.
The government will try to spend as much possible in the initial months of this fiscal year so that it doesn't need parliament's approval for additional spending later, which may sway it from tight fiscal discipline, Mukherjee said in the upper house of parliament.
India aims to cut its fiscal deficit to 4.6% of gross domestic product in the financial year that started April 1, from 5.1% last year.
First Published: Thursday, August 11, 2011, 19:40