Fiscal deficit narrows to 4.5% of GDP

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The economy expanded 4.7 per cent in 2013-14, a below-5 per cent growth for the second consecutive year and perhaps the worst performance in two decades. The GDP growth was below the advance estimates of 4.9 per cent due to poor 4.6 per cent growth in the March quarter, CSO data showed. It was 4.5 per cent in 2012-13.

The fiscal deficit for 2013-14 was better at 4.5 per cent of GDP compared with the revised estimate of 4.6 per cent.

A good fiscal deficit outcome can help attract foreign savings, which can turn the investment cycle at a time when sluggish demand is hampering domestic investment. A comfortable fiscal deficit will also help contain inflation, industry body CII said.

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