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

India would be lucky to hit deficit target: Chidambaram

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.

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

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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