Govt estimates fiscal deficit at 5.5% of GDP in 2009-2010

16 Feb 2009 | 14:16 Govt estimates fiscal deficit at 5.5% of GDP in 2009-2010

The government spending will rise 6% to 9.53 trillion rupees in the year starting 1 April 2009, acting Finance Minister Pranab Mukherjee said at the time of unveiling an interim general budget for 2009-2010 today, 16 February 2009. That will result in a budget gap of 5.5% of gross domestic product by 31 March 2010, compared with a 3% target. The interim budget estimates include initiatives for the first four months of the fiscal year 2009-2010, as well as spending and revenue estimates for the full year. These figures will be revised when the new government announces its budget after assuming office in May 2009.