While admitting that the fiscal deficit remains a major challenge, finance minister Arun Jaitley today told a gathering of chartered accountants that the legacy that he had inherited was a huge challenge.
The fiscal deficit in the first two months of this fiscal has already touched a whopping Rs 2.4 lakh crore constituting as much as 45.6 per cent of the estimate provided by his predecessor P. Chidambaram for the entire 12- month period.
Jaitley has to walk the tightrope between limiting the fiscal deficit and at the same time ensuring that sufficient funds are allocated for social welfare schemes and big- ticket infrastructure projects in the highways and ports and power sectors.
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