Averting a fiscal wreck

Like in 2012-13 when the Centre’s fiscal deficit was kept below 5 per cent of GDP, it is a reduction in plan expenditure that has helped Finance Minister P Chidambaram achieve his fiscal target this year. Containing the deficit to 4.6 per cent in 2013-14 is a result of the combination of cuts and savings from the low utilisation of allocated funds.

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