May 11, 2011 6:19 PM

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Crude oil prices, monsoon key factors in determining fiscal deficit<br/>

Economic Affairs Secretary R. Gopalan on Wednesday said that international oil prices and the behaviour of monsoon rains will be the key factors in determining the fiscal deficit. Talking to reporters on the sidelines of a FICCI event in New Delhi, he said the government will, however, strive to stick to the fiscal deficit target set in the budget. The fiscal deficit for the current financial year has been pegged at 4.6 per cent of GDP.Earlier this month, Finance Minister Pranab Mukherjee had also expressed concern over high crude oil prices, saying any further rise in prices may pull down India&apos;s economic growth to 8 per cent in 2011-12, from a projected 9 per cent.

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