Nothwithstanding The Slow Down In Economic Growth - 30 Aug 08

Nothwithstanding the slow down in economic growth and high inflation, Finance Minister P Chidambaram on Friday said that the Fiscal Responsibility and Budget Management (FRBM) target of reducing fiscal deficit by 0.3 per cent will be met this fiscal. In Budget 2008-09, the Finance Minister has targeted to bring down the fiscal deficit to 2.5 per cent of GDP. Asked about the slowdown in GDP growth in the first quarter of this fiscal to 7.9 per cent, he said, last year, we expected 9 per cent GDP growth and got 9.1 per cent. This year, we expect it close to 8 per cent, the Finance Minister said at a programme.Chidambaram said that there were high degree of savings as well as high level of investment.