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India may overshoot budget deficit targets: FM

Source: PTI
October 22, 2008 12:06 IST
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India may surpass the budget targets for fiscal and revenue deficit this financial year as the global economic crisis continues to exert pressure.

"The global financial crisis is exerting pressure on all economies. It is likely that we may overshoot the budget targets," Finance Minister P Chidambaram said at a USAID function.

He, however said, the government will do its best to remain as close to the targets as possible. If we do not achieve the target this fiscal, we will surely do it by the end of next fiscal."

He said fiscal deficit is estimated to come below three per cent and revenue deficit to 1 or 1.1 per cent. The FM said the centre is not doing as good as states in terms of reducing fiscal and revenue deficits.

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