Officials concede new deficit target doubt
Agencies: New Delhi, Nov 16 2012, 16:47 IST
trillion rupees, or 5.6 percent of GDP, by February. Every 0.1 percentage point increase in the deficit is estimated to result in an additional market borrowing of at least 100 billion rupees.
The response to the 2G auction was in sharp contrast with the 2010 sale of faster, third-generation licences, which fetched the government more than $12 billion and helped contain the deficit that year at 4.7 percent.
We were over-optimistic, a senior economic adviser at the ministry conceded.
Chidambaram pledged last month to nearly halve the fiscal deficit by March 2017. But the plan he presented was short on specifics and was panned by economists.
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