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Fiscal deficit in line with past trends, says FinMin

Even as the fiscal deficit has touched 66 per cent of Budget estimates for the entire financial year 2011-12 in just five months, the Union finance ministry on Wednesday asserted this was in line with the average trend of the past five years. It reasserted the target of reining in the deficit at 4.6 per cent of gross domestic product this financial year would be met. However, many other economists do not believe that target could be met, even if India’s gross domestic product (GDP) expands. Finance ministry officials also admit the target is difficult to achieve, but say they’re ...