Finance Secretary D Subbarao today said the government is on track to reduce fiscal deficit to 3%, and eliminate revenue deficit by the end of financial year 2008-09."We are on track to reduce the fiscal deficit to 3% next year, and hopefully eliminate the revenue deficit," Subbarao said. The FRBM Act mandates the central government to wipe out revenue deficit and bring down fiscal deficit to 3% by 2008-09.He also said that the economy has a lot of potential for growth. "We can achieve 9% GDP growth rate as the 11th Plan document states that the challenge is to step up agriculture growth, expand employment opportunities, bridge infrastructure deficit, improve public services delivery and manage globalisation and its effects."
