Finance Minister P Chidambaram has unveiled a five-year road map for fiscal consolidation to promote investments, contain inflation and take India to high growth trajectory.

Addressing a press conference in New Delhi today, the Minister said, 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 fiscal deficit was 5.8 per cent in 2011-12. The finance minister said, the government has accepted the recommendations of Kelkar Committee on fiscal consolidation.

Referring to fiscal consolidation in 2012-13, Chidambaram expressed the confidence that government would be able to raise 30,000 crore rupees from disinvestments and 40,000 crore rupees from sale of spectrum.

As regards the revenue targets, he said, every effort will also be made to realise the revenue budgeted under tax receipts. He said, while funds will be made available for essential expenditure, especially capital expenditure, every effort will be made to avoid parking or idling of funds.

The Finance Minister also said, the Centre's flagship schemes will be protected under the fiscal consolidation measures to provide relief to the poor and weaker sections of the society.