Finance Minister P.Chidambaram in his Budget 2013 speech said the fiscal deficit for the year 2012-13 is likely to be at 5.2 per cent of the gross domestic product (GDP).
"We must redeem our promise by reducing fiscal deficit by 3 percent by 2016-17," Chidambaram said, presenting the Union Budget 2013-14.
The finance minister had earlier given a guidance of 5.3 per cent for the fiscal deficit of the current year.
Chidambaram has pegged the fiscal deficit at 4.8 per cent for the next fiscal.
He said that revenue deficit for the current fiscal is estimated to be 3.9 per cent while that of the next financial year would be 3.3 per cent.