While Finance Minister P Chidambaram is confident of being able to meet the FRBM targets (these have been scaled back in the case of the tax-to-GDP collections), credit rating firm CRISIL is not so sure these can be met. Crisil has simulated the fiscal scenario for 2006-07 to 2008-09 based on the manner in which various sectors are growing, and comes to the conclusion there will be considerable slippages. As compared to the revenue deficit-to-GDP target for 2008-09 of zero, Crisil says the ratio's more likely to be 1.6 per cent of GDP, the 3 per cent fiscal deficit target will in all likelihood be breached and is projected to be around 3.4 per cent in 2008-09, while the tax-to-GDP ratio will be around 11.6 per cent as compared to the FRBM target of 11.8 per cent "" it should be mentioned that the target for 2007-08 which was set in Budget 2005-06 was a much higher 12.6 per cent.
