India Can’t Sustain High Fiscal Deficit In Long Run- Finance Minister

(RTTNews) - India will not be able to sustain high rates of fiscal deficit for long, report media, quoting Finance Minister Pranab Mukherjee. He, however, did not specify any time-frame for the withdrawal of the stimulus measures that led to high deficit.

Briefing reporters at St. Andrews, Scotland, he said that he had informed parliament that the country could not afford to have high deficit for long. Due to the stimulus measures introduced last year, India’s fiscal deficit was estimated at 6.8% of the GDP this fiscal. He added that measures were taken to reduce fiscal deficit to 4% of the GDP and revenue deficit to 1.5% by 2012.

He echoed the view of Prime Minister Manmohan Singh that the country would witness a growth above 7% in the next fiscal. He added that this year the GDP was estimated at 6.5%.

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