Current Affairs-Indian Government's Union Budget 2013-14: Fiscal Deficit for the Year 2013-14 Estimated at 4.8 Per Cent, to be Brought Down to 3 Per Cent by 2016-17

Fiscal Deficit for the Year 2013-14 Estimated at 4.8 Per Cent, to be Brought Down to 3 Per Cent by 2016-17

The fiscal deficit for the current year has been contained at 5.2 per cent and the fiscal deficit for the year 2013-14 is estimated at 4.8 per cent. 

Presenting the Budget 2013-14 in Parliament today, the Finance Minister Sh. P. Chidambaram said that the revenue deficit for the current year will be 3.9 per cent and the revenue deficit for the year 2013-14 is estimated at 3.3. per cent. Announcing that the red lines drawn by him with regard to budgetary estimates has not been crossed, the Minister redeemed his promise to bring down the fiscal deficit to 3 per cent, the revenue deficit to 1.5 per cent and the effective revenue deficit to zero by 2016-17. The Minister announced that the estimate of Plan Expenditure is placed at Rs. 5,55,323 crore which as a proportion of total expenditure will be 33.3 per cent. The Minister said that the non-plan expenditure is estimated at Rs. 11,09,975 crore.