When Finance Minister Pranab Mukherjee
presents the Union Budget 2012 on March 16, experts will be keenly hearing
his comments on fiscal deficit. India's fiscal deficit is a cause for worry
now. It is expected to exceed the targeted 4.6% of GDP.
Former finance
secretary S Narayan says, fiscal deficit in percentage terms will be optically
low due to inflation. "Projected fiscal deficit for the next year is
unlikely to be below 5%," he adds.
According to him, one
needs to look at borrowing figures closely in the Budget.
Narayan says, Oil and
Natural Gas Corp 's
(ONGC) auction was mismanaged. ONGC share auction was affected by a
system glitch due to large last minute orders.
He further says, the
auction needed better co-ordination. "The auction was mispriced and didn't
factor in the market condition,"
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