Highlights: Chidambaram adresses media

New Delhi: Finance Minister P. Chidambaram on Monday said the economy was going to end the year with high deficit.

He also added that recommendations of the Kelkar panel on subsidies were wholesome and had been accepted by the government.

Here are the highlights:

• Kelkar panel recommendation wholesome and have been accepted by the government
• Disinvestment department has initiated measures to push divestment
• Govt to economise on expenditure
• Govt to increasingly rely on direct transfer of merited subsidies
• Goods and services tax, administrative measures to improve tax collection, new model for disinvestment, monitoring for expenditure, have been accepted by the government
• Department of revenue recommended action, effort on tax receipts, economize on expenditure, funds for capital expenditure, government will eliminate duplication
• Current account deficit will be financed in the form foreign direct investment