Govt determined to contain fiscal deficit: Rangarajan

June 29, 2012 16:48

The Centre is determined to contain fiscal deficit to spur economic growth and will take action in this regard, the chairman of the Prime Minister's Economic Advisory Council, C Rangarajan, today said.

"There is a debate between austerity and growth and we have made up our mind to contain fiscal deficit," Rangarajan told reporters on the sidelines of a function on Statistics Day at the Indian Statistical Institute here. He said the government would not go in for providing stimulus across the board and that only specific sectors would be considered for the measure.

"A fresh stimulus package is difficult like in 2009 due to high fiscal deficit, but only selected sector-specific stimulus could be considered," he said. Rangarajan said there is need and scope for cutting subsidies on LPG, fertiliser and diesel to contain fiscal deficit which is targeted at 5.1 per cent of the GDP for this fiscal from 5.7 per cent in 2011-12.

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