September 17, 2012 / 12:51 PM / 5 years ago

India would be lucky to hit deficit target: Chidambaram

Palaniappan Chidambaram in Islamabad June 26, 2010. REUTERS/Faisal Mahmood/Files

NEW DELHI (Reuters) - India would be lucky to meet a target to keep the country’s fiscal deficit at 5.1 percent of the gross domestic product (GDP), Finance Minister P. Chidambaram said on Monday.

The government last week raised diesel prices, a politically controversal move aimed at reining in a widening fiscal deficit and reviving investor sentiment.

The government projects a fiscal deficit of 5.1 percent of gross domestic product in India’s nearly $1.8 trillion economy in the current fiscal year ending in March, while many private economists predict it to reach 6 percent or more.

Reporting by Manoj Kumar and Arup Roychoudhury, editing by Ross Colvin

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