Indian FM:Fiscal deficit seen at 4.6% of GDP in 2013-2014

Indian Finance Minister P Chidambaram Monday said fiscal deficit was estimated to be 4.6 pct of GDP for fiscal year (FY) 2013-14 during the parliament session, local media reported Monday. Chidambaram said the fiscal deficit for 2013-14 will be contained at 4.6 deficit Monday. "Our objectives were fiscal consolidation, reviving growth cycle and enhancing manufacturing," said the minister. Chidambaram said that his government has been successfully able to avoid a downgrade of India's credit ratings. "India is not facing a ratings downgrade from agencies. Our objectives were fiscal consolidation, price stability. Rating agencies have acknowledged our efforts," he said. He also said that the economic growth for the current financial year is seen at 4.9 percent, adding the GDP growth in the third and fourth quarter will be 5.2 percent. Chidambaram began his speech by saying, "I shall give you an account of how we navigated the turbulent waters of the Indian economy." India's economy was able to "outperform other emerging markets, " he said. Analysts did not expect the minister to unveil many populist measures, given the fiscal constraints the government is under.