Finance minister: India's fiscal deficit estimated at 4.6% of GDP for FY 2013-2014

Indian Finance Minister P Chidambaram Monday said the country's fiscal deficit was estimated at 4.6 percent of GDP for FY 2013-14 during the parliament session, local media reported. Chidambaram said the fiscal deficit for 2013-14 will be contained at 4.6 percent. "Our objectives were fiscal consolidation, reviving growth cycle and enhancing manufacturing," said the minister. Chidambaram noted that his government has been successfully able to avoid a downgrade of India's credit ratings. "India is not facing a ratings downgrade from agencies. Our objectives were fiscal consolidation, price stability. Rating agencies have acknowledged our efforts," he said. Chidambaram added that the economic growth for the current financial year is seen at 4.9 percent. The minister said that GDP growth in Q3 and Q4 will be 5.2 percent