The fiscal deficit for the current financial year has been contained at 5.2 per cent of GDP, lower than 5.3 per cent as was targeted, Finance Minister P. Chidambaram said on Thursday.

“The fiscal deficit for 2012-13 has been contained at 5.2 per cent. I propose to bring it down to 4.8 per cent by 2013-14,” Mr. Chidambaram said while unveiling Budget 2013-14 proposals in the Lok Sabha.

Further, the Revenue Deficit has been contained at 3.9 per cent in the current fiscal and would be brought down to 3.3 per cent in 2013-14.

As per the fiscal consolidation roadmap, the government plans to reduce fiscal deficit to 3 per cent by 2016-17.

“We must redeem our promise and bring down the fiscal deficit to 3 per cent and revenue deficit to 1.9 per cent by 2016-17,” Mr. Chidambaram said.

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