Finance Minister P Chidambaram has sought the support of all political parties to government's efforts to contain fiscal deficit and current account deficit. Addressing the 4th meeting of the Consultative Committee attached to his ministry in New Delhi, Mr Chidambaram said the target of containing fiscal deficit at 5.3 per cent during the current financial year is doable though it is challenging. He said the strategy to achieve the target would be to maximise revenue collections and control expenditure.

The Finance minister underlined the need to bridge the gap in the current account deficit. Mr Chidambaram said capital inflows through foreign direct investment, FDI, and foreign institutional investors are important to contain the current account deficit. He said FDI is not an option but an imperative failing which the country will have to depend on borrowings to meet the current account deficit.