India confident of meeting fiscal deficit target - Chidambaram

NEW DELHI Fri Nov 16, 2012 3:04pm IST

Finance Minister P. Chidambaram attends an interview with Reuters at a hotel during his visit for the G20 meeting in Mexico City November 4, 2012. REUTERS/Edgard Garrido/Files

Finance Minister P. Chidambaram attends an interview with Reuters at a hotel during his visit for the G20 meeting in Mexico City November 4, 2012.

Credit: Reuters/Edgard Garrido/Files

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NEW DELHI (Reuters) - India is confident that it can still meet its fiscal deficit target of 5.3 percent of gross domestic product for the current financial year, the finance minister said after an auction of mobile phone licences did not fetch as much as the government had expected.

It was too early to say that the fiscal deficit target would not be met, P. Chidambaram told reporters on Friday.

Last month subdued tax revenue and higher spending on subsidies forced the government to revise its fiscal deficit target to 5.3 percent for the current financial year from 5.1 percent. (Reporting by Rajesh Kumar Singh; Editing by Subhranshu Sahu)

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