New Delhi - Finance Minister Pranab Mukherjee on Tuesday said that the government continues to stick to the fiscal deficit target of 4.6 percent of GDP despite the sacrifice of the 2011-12 revenue due to condition the duty cuts on petroleum products. "I do not think so because we keep trying to target," said Mukherjee told reporters, whether the lost revenue has to do with cutting excise and customs duties on petroleum products will affect the fiscal deficit target.
Nevertheless, the finance minister said the fiscal deficit would remain dependent on the final analysis based on the receipt of revenue and expenditure. "But now we do not need to rush to any conclusion," he said. In June, the government raised the price of diesel, kerosene and cooking gas. In addition, the government has cut duties. Pruning will have an impact on a sacrifice from annual49, 000 crores by the central treasurer.
Central government fiscal deficit has increased about 30 percent in the first two months of current fiscal to1.30 lakh crores because of lower total revenues. Significant increase in the deficit on account of 28 percent impact on tax revenues decline. In addition, non-tax revenue also decreased by more than half within the first two months, to5 613 crores, from12, 761 crores in the same period the previous year.