Former Union Finance Minister P Chidambaram on Friday said the Union Budget had been drafted in anticipation of early general elections and the fiscal deficit would move up to 6.2 to 6.3 per cent as against the 5.9 per cent projected in the Budget.
Though the budget proposals had succeeded in pleasing and satisfying all sections, particularly middle class, there was nothing to spur economic growth above five per cent, he told reporters in Coimbatore.
Though the Budget spoke of investment, it was silent on the source of investment and on bringing down the fiscal deficit, he said.
Coming down heavily for not spending the allotted funds in the agriculture sector, Chidambaram said that the increase in the price of fertilisers was not advisable and acceptable at this juncture, when the country was facing severe drought conditions.
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