Government has failed fiscal consolidation test: Chidambaram

New Delhi, Feb 1: Congress leader P. Chidambaram on Thursday said Finance Minister Arun Jaitley had failed the fiscal consolidation test that will have "serious consequences" on the economic growth rate.

Chidambaram tweeted that the fiscal deficit limit of 3.2 per cent in 2017-18 had been breached and was now estimated at 3.5 per cent.

"For 2018-19 also against 3.0 per cent, he (Jaitley) has fixed fiscal deficit at 3.3 per cent," Chidambaram said. "This failure will have serious consequences."