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Mumbai, Jul 13 (PTI) The Government is working towards reducing the fiscal deficit, which had zoomed to 6.8 per cent of the GDP last fiscal due to the stimulus packages rolled-out in the wake of the global financial crisis, Finance Minister Pranab Mukherjee today said. "I do believe that it is not possible to sustain that level of fiscal deficit for a long period of time . I shall have to come back to the path of fiscal consolidation sooner than later," Mukherhee said speaking at an UTI-organised function here. The fiscal deficit in 2009-10 was estimated to be 6.8 per cent of GDP but the Government is optimistic about bringing it down to 5.5 per cent in the current fiscal and 4.5 per cent in the year after, Mukherjee said. The Government, which is currently progressing with its record borrowing programme of Rs 4.57 lakh crore, is expected to get some relief on account of a more-than-expected revenue from the 3G and broadband auctions. The Government''s aim is to quickly return to the 9 per cent growth path and later to double-digit levels, he said, adding that high growth needs to be sustained for a long period for the overall development of the country. "Our objective is to ensure that we can come back to higher growth not for one or two year but on a sustainable basis for 7-10 years, till we come out of poverty and backwardness," Mukherjee said. .
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