The government today said it will continue to focus on fiscal consolidation and would stick to the deficit target for the current fiscal, despite the uncertainty over global crude oil prices. “We are on the fiscal consolidation path. We don’t want to occupy more space in the public borrowing, and we will stick to our fiscal deficit target and our revenue deficit target,” Finance Secretary Sushma Nath said at a CII conference here.
Crude oil prices, especially Brent, is ruling above USD 120 per barrel amid the ongoing crisis in the Middle East.
Finance Minister Pranab Mukherjee in his Budget speech has projected fiscal deficit of 4.6 per cent of GDP during the current fiscal of 2011-2012.
“For the year 2011-12 I have kept it (fiscal deficit) at 4.