Finance Minister Pranab Mukherjee on Friday said economic growth during the current fiscal could exceed 7.2 percent projected by the Central Statistical Organisation (CSO).
Unveiling the budget for 2010-11 in Lok Sabha, he said, “final figures may turn out to be higher” as the economy has done well in the second quarter ending September 2009 recording a growth rate of 7.9 percent.
The economic growth figures, released by the CSO earlier in the day, said economy grew by 6 percent in the third quarter ending December 2009.
Following the global crisis, India’s growth rate slipped to 6.7 percent during 2008-09 from over nine percent during the three preceding years.
Fiscal deficit pegged at 5.5% of GDP
The Finance Minister pegged the fiscal deficit for 2010-11 at 5.5 percent of the Gross Domestic Product (GDP).
The fiscal deficit, which is the difference between total expenditure and revenue, as percentage of GDP will come down from 6.9 percent in the revised estimates for the current fiscal, he said unveiling the 2010-11 budget in the Lok Sabha.
The market borrowings for the next fiscal has been pegged at Rs 3.45 lakh crore, he said, adding the schedule of borrowing will be decided in consultation with the Reserve Bank of India.