FM Arun Jaitley says FY15 fiscal deficit target 'daunting'

Finance Minister Arun Jaitley has said India's fiscal deficit target for the current fiscal year is "daunting".

The minister was addressing members of Parliament during the ongoing Budget session on Friday.

Jaitley has promised to narrow the deficit to 4.1 per cent of gross domestic product (GDP) in the year to March 2015 from 4.5 per cent a year earlier.

However, many private economists have dubbed the deficit target rather optimistic, citing weak tax receipts in a sluggish economy and high government expenditure commitments.

(Reuters)