Flagging its concerns over fiscal slippage and slowing economic growth, the Federation of Indian Chambers of Commerce and Industry (Ficci) expects fiscal deficit or the gap between government expenditure and spending to touch 5.4% of GDP for the current financial year, much higher than the budgeted 4.6%. In a monthly economic watch report released on Tuesday, the industry chamber said the key reason for its assumption is the slump in growth due to worsening global economic environment and slowing demand, resulting in a growth forecast of 7.5% as against the government?s estimate of 8.5%.
Fiscal deficit to touch 5.4% of GDP: Ficci
Flagging its concerns over fiscal slippage and slowing economic growth, the Federation of Indian Chambers of Commerce and Industry expects fiscal deficit or the gap between government expenditure and spending to touch 5.4% of GDP for the current financial year, much higher than the budgeted 4.6%.
