Finance Minister P Chidambaram today unveiled a five-year roadmap for fiscal consolidation while accepting Kelkar Committee's recommendations on the same. Expecting the fiscal deficit to remain at 5.3 per cent of GDP in 2012-13, Chidambaram said that a high fiscal deficit is unacceptable. He said the government will continue efforts to restrict fiscal deficit in the current financial year to 5.3 per cent of the Gross Domestic Product (GDP) and reduce it to 3 per cent by 2016-17. The Minister pointed out that some difficult but crucial steps have been taken recently to promote investments, contain inflation and take India to high growth trajectory.

However, Mr. Chidambaram clarified that the programmes for the upliftment of the poor and the marginalised sections of the society would not be allowed to suffer for lack of funds due to fiscal consolidation.

The Finance Minister also said that the government is reviewing Direct Tax Code Bill and it will be introduced in Parliament after taking into account the recommendations of Parliamentary Standing Committee. He said, while amending the bill, he will take into account the recommendations of the parliamentry standing committee as well as current economic situation.