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As Prime Minister Manmohan Singh shared with industry leaders in New Delhi on Sunday, his government's intent to wind down stimulus measures next year, Mukherjee told reporters in St.Andrews, Scotland, that he had already told Parliament high fiscal deficit was not sustainable in the long run.
India's fiscal deficit is projected to be 6.8 per cent of GDP this fiscal, consequent to duty sops given last year to the industry to insulate it from the effects of the global economic crisis.
Mukherjee said efforts would be made to reduce fiscal deficit to four per cent of the GDP and revenue deficit to 1.5 per cent by 2012.
Echoing the sentiments expressed by the Prime Minister, he said that the economy would grow by more than seven per cent next fiscal. "In the next year, we will have growth projection of more than seven per cent," he told reporters yesterday evening after a G-20 Finance Ministers meeting.
With regard to the current fiscal, he said the country was likely to register an economic expansion of 6.5 per cent, less than the 6.7 per cent recorded in 2008-09.
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Mr Finance minister which world you are living in. You know for sure that the growth of economy is benefited by very few. An Indian intellegencia and politicians. The poor are deprived as ever. Take owth to curb corruption. No party is willing to do this. Forget fiscal deficit till then.
Fiscal Deficit - What is the Actual Amount in INR and What is the Actual Population all communities put together. If these real figures are published then may be you get the answers to deficits turning surpluses within no time I think so.