Govt aims to cut fiscal deficit to 3 % of GDP by 2017: Chidambaram

A day ahead of the Reserve Bank of India's review of its credit policy, Union Finance Minister, P. Chidambaram today said that the government will attempt to cut its fiscal deficit to 3 percent of GDP by 2017, from 5.8 percent in the 2011-2012 fiscal year. He has said that the fiscal consolidation will help in decreasing the inflation and increasing growth. He further added that India's fiscal deficit widened to 5.8 percent of GDP last year from 3.5 percent in 2007/08, and could hit 6.1 percent this fiscal year that ends in March, according to a government panel report last month.