Difficult to meet 4.6 percent fiscal deficit target: PranabJanuary 11th, 2012 - 9:05 pm ICT by IANS
New Delhi, Jan 11 (IANS) India is unlikely to meet the 4.6 percent fiscal deficit target for the financial year ending March 31, Finance Minister Pranab Mukherjee said Wednesday.
“It will be difficult to achieve the target of fiscal deficit of 4.6 percent for the current financial year though we will make our best efforts to reach as near as possible,” Mukherjee said in pre-budget consultation with the representatives of agriculture sector here.
The finance minister said the financial year 2011-12 was a challenging one for both domestic and global economy.
The economic growth is estimated to fall to around 7 percent from the budgetary estimate of around 9 percent.
Other major budgetary targets including that of inflation, deficit and growth are unlikely to be met because of the turbulence in the global economy.
Mukherjee said inflation especially the food inflation remained very high during the major part of the year.
“It is only after tightening monetary policy over the year to contain demand side inflationary pressures and removal of supply side constraints that we were able to contain the food inflation.”
In his first pre-budget consultation for 2012-13, Mukherjee said monsoon was normal in the last two years and Kharif production was expected to be around 124 million tonnes in the current financial year.
He invited suggestions from the representatives of the agriculture sector to enhance farm productivity, ensure balanced pricing and on measures required to meet food security needs and dealing with malnutrition and issues relating to procurement, marketing, cold chains and maintenance of buffer stocks.
- Inflation will come down to 6-7 percent by March: Mukherjee - Feb 01, 2012
- Growth will be below 7.5 percent, says Pranab - Jan 18, 2012
- Downturn temporary, India will clock high growth soon: Pranab - Dec 27, 2011
- India unlikely to meet fiscal deficit target: FICCI - Aug 31, 2011
- Banks pitch for tax free infra bonds - Jan 19, 2012
- Government has ability to control price rise: Pranab - Jan 13, 2011
- Pranab confident of reducing fiscal deficit to 4.6 percent - Mar 02, 2011
- Union budget: Growth, fiscal consolidation top challenges - Mar 15, 2012
- Indian economy may grow at 8 percent in 2012-13: Rangarajan (Lead) - Feb 22, 2012
- Growth should be given priority in budget: CII - Jan 22, 2012
- Growth to fall below 8 percent: Pranab (Lead) - Oct 19, 2011
- Finance minister says losing sleep over rising subsidy bills - Feb 08, 2012
- Fiscal deficit management need of the hour: Pranab - Jan 14, 2012
- Pranab to present 2012-13 budget on March 16 (Second Lead) - Feb 07, 2012
- Indian economy hit by high inflation, slowing growth (2011 in Retrospect) - Dec 28, 2011
Tags: agriculture sector, best efforts, budget consultation, cold chains, deficit target, farm productivity, finance minister, fiscal deficit, food security, global economy, inflation, inflationary pressures, malnutrition, monetary policy, monsoon, pranab mukherjee, procurement marketing, side constraints, turbulence, year ending march