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Yahoo! My Yahoo! Mail More Yahoo! Services Account Options New User? Sign Up Sign In Help Yahoo! Search web search Home Singapore Asia Pacific World Business Entertainment Sports Technology Singapore Asia Pacific World India tackles deficit in budget AFP - Saturday, February 27 Send IM Story Print India tackles deficit in budget Slideshow: Full Photo Coverage: Business & Economy NEW DELHI (AFP) - – India vowed Friday to rein in its gaping public deficit with a new budget that counts on higher tax revenue and sales of stakes in state firms to sustain the government's flagship social spending. Finance Minister Pranab Mukherjee promised to cut the budget deficit, currently at a 16-year high of 6.9 percent, to 5.5 percent in the next fiscal year to March 2011. "On the path of fiscal consolidation, I have given the correct signal," Mukherjee said in a speech that also announced the reversal of some stimulus measures put in place during the global downturn to kickstart the economy. Reducing the deficit was seen as a priority for the left-leaning government, which has promised to ensure that India's rapid expansion benefits the country's hundreds of millions of desperately poor. Mukherjee has said he will cut the deficit while increasing spending for education, jobs, agriculture, health and other sectors while cutting tax for consumers. He is counting on a higher income from taxes generated by accelerating economic growth in Asia's third-biggest economy, the fastest growing in the world after China. Further revenues would be generated from an aggressive drive to sell stakes in state-owned companies and auctions of bandwidth for high-speed 3G mobile phone networks. The economy, forecast to expand 7.2 percent this fiscal year, should "revert soon to its high GDP growth path of nine percent" and hit 10 percent "in the not too distant future", Mukherjee said. Mukherjee promised that the growth would be used to help fund the government's huge social programmes and infrastructure spending, seen as cornerstones of economic development. "Growth is only as important as what it enables us to do," Mukherjee said, adding the government wanted to "harness the recent economic gains to make economic growth more inclusive". "Inclusive growth" is the watchword of the Congress party-led coalition, which relies on the votes of the nation's poor. Also Friday, Mukherjee hiked excise duties on non-petroleum products, crude and petroleum and on large cars and multi-utility vehicles -- the first steps aimed at rolling back the giant government stimulus measures. But he also put more money into consumer pockets, raising personal tax exemption limits. "It is a growth-promoting budget, the stimulus withdrawal will not hurt growth stimulus and the tax concession will boost private consumption. He also has begun the process of fiscal consolidation," D.K. Joshi, principal economist at leading ratings agency Crisil, told AFP. Investors cheered the budget, driving up the benchmark Sensex share index by 312.18 points or 1.92 percent to 16,566.38 by early afternoon. Mukherjee also announced a long-awaited plan to introduce a nationwide goods and services tax aimed at simplifying India's revenue collection system by April 1, 2011. However, some doubted the increase in tax revenue forecast by the finance minister would materialise. The deficit would fall to 5.5 percent of gross domestic product in the next year, 4.8 percent in the following 12 months and 4.1 percent by 2012-2013, Mukherjee said. But Abhizer Diwanji, head of financial services at consultancy KPMG, said: "I am not too convinced about the fiscal deficit targets being met. The government's revenue collection figures do not stack up. "The finance minister is betting on economic growth picking up substantially." Data released Friday showed India's economic growth slowed sharply in the final quarter of 2009 to 6.0 percent year on year, hit by lower farm output after the weakest monsoon in 37 years. The figure for the October-December period, the third quarter of India's fiscal year, compared with expansion of 7.9 percent in the previous quarter and 6.2 percent in the same period last year. 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