Indian finance minister has no remorse on Rs 1.50 lakh crore fiscal deficit of a developing country like India
Media Release
Sep. 14, 2008

Finance minister P Chidambaram on Sunday said that there was no point in expressing regret over the Rs 1.50 lakh crore fiscal deficit of a developing country like India under the present circumstances and claimed that the deficit could be wiped out by 2009-2010.

"Under the present circumstances and with the fast developing nature of India, there is no point in expressing regret to present a deficit budget of over Rs 1.5 lakh crore. "This fiscal deficit can be wiped out in 2009-10 and can be brought to below three per cent," he said.

Chidambaram was speaking after unveiling a portrait of the country's first finance minister, K Shanugham Chetty at the local chapter of the Indian Chamber of Commerce and Industry. He recalled that the late Chetty had expressed regret over presenting his first budget with Rs 6.50 crore deficit.

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