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Posted on Dec 07, 03:21PM | UNI
Union Finance Minister P Chidambaram today sought the nod of Parliament for a net additional Rs 308.4 billion in the current fiscal year that ends in March 2013, which would further bloat the fiscal deficit.
The demand comes on top of the budgeted target of around 275 billion dollars, mainly to meet the rising cost of subsidies such as in oil, documents presented by Mr Chidambaram in Lok Sabha showed.
The deficit during the April-October period rose to Rs 3.68 trillion, or 71.6 per cent of the budgeted fiscal year 2012-13 target.
Mr Chidambaram recently revised the fiscal target to 5.3 per cent from an earlier estimate of 5.1 per cent of GDP, but most economists expect the government to overshoot this and hit around 5.5-5.6 per cent.