Finance Minister P Chidambaram on Monday
unveiled a roadmap for fiscal consolidation
while accepting Kelkar Committee's
recommendations on the same. Expecting the
fiscal deficit to remain at 5.7 per cent of GDP
in the financial year 2012-13, Chidambaram
said A high fiscal deficit is unacceptable and
that some difficult but crucial steps have been
taken in recent times. He added that he is
satisfied that people have understood the need
for such difficult decisions.
Admitting that the 2011-12 budget targets
were not achieved, Chidambaram said that
fiscal consolidation will help in moving to a
regime of low inflation and high growth. The
government is also aiming to raise Rs 30,000
crore through disinvestment in public sector
units. The Finance Minister also said that
spectrum auction is expected to yield Rs 40,000 crore.
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