Parliamentary panel pulls up govt for slippage in FY13 fiscal deficit target

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SummaryA parliamentary panel has come down heavily on the government for the slippage in the fiscal deficit target for 2012-13 to 5.3% of the gross domestic product from the Budget estimate of 5.1%.

A parliamentary panel has come down heavily on the government for the slippage in the fiscal deficit target for 2012-13 to 5.3% of the gross domestic product from the Budget estimate of 5.1%.

Expressing dissatisfaction with the government’s reply on containing fiscal deficit, the panel, chaired by senior BJP leader and former finance minister Yashwant Sinha, said the government’s reply was “elusive on specific details of the sectors/schemes identified in curtailing growth in non-developmental expenditure during the fiscal and the progress made so far”.

The panel said keeping in view the gloomy economic situation, estimated slowdown of gross domestic product growth rate to around 5.5% in 2012-13, widening current account deficit and the impact of lesser GDP growth on revenue mobilisation, it “cannot but deplore the lackadaisical approach of the government towards achieving the fiscal deficit target”.

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