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FY12 fiscal deficit seen at 5.6% of GDP: Adviser

  • India's fiscal deficit is likely to be about one percentage point higher than the budgeted 4.6 percent of gross domestic product in the current fiscal year that ends in March, M Govinda Rao, an economic adviser to the prime minister, said on Wednesday.
  • The fiscal deficit during April to December reached 92.3 percent of the full-year target, government data showed on Tuesday.
  • Rao's forecast matches with the view held by many private economists who had warned that the deficit for the year would overshoot the budgeted target by a full percentage point on slowing growth and weak federal finances.

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