Tuesday, June 15, 2010

Budget deficit may drop to 4.5% by march 2011

INDIAN ECONOMY
Budget deficit may drop to 4.5% by march 2011
India might be able to reduce its fiscal deficit to 4.5 per cent of gross domestic product (GDP) by March 2011 on account of revenues from 3G auctions and robust economic growth, Finance Secretary Ashok Chawla said on Monday. The sale of 3G mobile phone licences and broadband access are bringing in some $23 billion into state coffers, and a narrower deficit should help the government reduce its record Rs 4.57 lakh crore ($97.75 billion) in borrowing that had been expected in the financial year to next March. "This seems a reasonably accurate projection, particularly in the light of the increased non-tax revenue from the telecom auction and the robust growth the economy is showing," Chawla said in an interview in the Dealing Room, a Reuters Messaging chat room. Chawla said the 3G auctions by themselves had the potential to cut the deficit by about100 basis points by March 2011

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