Fiscal deficit would be 5.2 percent of GDP: Chidambaram

Finance Minister P.Chidambaram Thursday said the fiscal deficit for 2012-13 is estimated to be 5.2 percent of the gross domestic product (GDP).

According to the finance minister, the targeted fiscal deficit is pegged at 4.8 percent for the upcoming fiscal.

He further said that revenue deficit for the current fiscal is estimated to be 3.9 percent while that of the upcoming financial year would be 3.3 percent.

"We must redeem our promise by reducing fiscal deficit by 3 percent by 2016-17," Chidambaram said, presenting the union budget 2013-14 to the lower house of parliament.