Fiscal deficit for 2012-13 estimated at 5.2%: Chidambaram

Proposes to bring it down to 4.8% by 2013-14 and 3% by 2016-17

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

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

Further, the revenue deficit has been contained at 3.9% in the current fiscal and would be brought down to 3.3% in 2013-14.

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

"We must redeem our promise and bring down the fiscal deficit to 3% and revenue deficit to 1.9% by 2016-17," Chidambaram said.