Addressing a press conference this morning, finance minister P Chidambaram said that the government will attempt to cut its fiscal deficit to 3 per cent of GDP by 2017 from 5.8 percent in the 2011-12.  

Standard & Poor's Ratings Services has said India could witness a lower credit rating because of political, economic, fiscal or external factors.  

He further said that cutting down fiscal deficit will help in containing inflation and move towards high growth.  

The Finance Minister said that the Government has accepted recommendations of the Kelkar Committee on fiscal consolidation, adding that fiscal deficit will be 5.3% in 2012-13.  

We are confident of raising Rs 30,000 crore from disinvestment in current fiscal, he said. "Government is expecting current account deficit of $70.3 billion or 3.7 per cent of GDP in 2012-13,' Chidambaram said. "As fiscal consolidation and investors' confidence increases it is expected that the economy will return to the path of high investment, higher growth, lower inflation and long-term sustainability,' he said on Monday.