Chidambaram accuses Eco Affairs Secretary of ‘fudging figures;’ says FY14 fiscal deficit was 4.4%, not 5.1%

By: | Published: November 10, 2018 10:30 AM

Accusing Economic Affairs Secretary Subhash Chandra Garg of ‘fudging figures’, former Finance Minister P Chidambaram on Saturday said the fiscal deficit in FY14 was 4.4 percent and not 5.1 percent as quoted by the Finance Ministry official.

On Friday, Subhash Chandra Garg had said in a tweet that the government’s “fiscal math is completely on track” and “there is no proposal to ask RBI for Rs 3.6 lakh crore.” (PTI)

Accusing Economic Affairs Secretary Subhash Chandra Garg of ‘fudging figures’, former Finance Minister P Chidambaram on Saturday said the fiscal deficit in FY14 was 4.4 percent and not 5.1 percent as quoted by the Finance Ministry official. “How did EcoAffairs Secretary say that fiscal deficit in 2013-14 was 5.1 per cent? Official data says it was 4.4 per cent,” Chidambaram tweeted today. He also said, “Fudging figures in a debate is neither good governance nor good manners!”

On Friday, Subhash Chandra Garg had said in a tweet that the government’s “fiscal math is completely on track” and “there is no proposal to ask RBI for Rs 3.6 lakh crore.” He had also said, “Government’s FD (fiscal deficit) in FY 2013-14 was 5.1%. From 2014-15 onwards, Government has succeeded in bringing it down substantially. We will end the FY 2018-19 with FD of 3.3%. Government has actually foregone 70,000 crore of budgeted market borrowing this year,” Subhash Chandra Garg also said.

Also read: RBI surplus debate: Why central bank transfers surplus profit to government, how it works; key things to know

He had also said that the only proposal under discussion is to put in place appropriate economic capital framework of RBI. Keeping confidence in the government’s fiscal math, Subhash Chandra Garg had said, it will stick to the fiscal deficit target of 3.3 percent for the current financial year ending March 31, 2019.

Meanwhile, on Friday too, Chidambaram had warned the NDA government against laying its hands on RBI reserves, saying it will have “catastrophic” economic consequences for the country.

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