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Our Bureau

New Delhi , Aug. 2

THE Government on Tuesday said that despite several odds, it was going ahead with efforts towards fiscal consolidation on the back of strength demonstrated by the economy.

"No fiscal correction has been contemplated in the Budget for 2005-06 for various reasons. Yet, encouraged by the actual fiscal performance in 2004-05 in the face of various odds, Government intends to continue with its efforts to reduce the revenue deficit and effect a change in the quality of public expenditure," the Finance Ministry has said in its quarterly review report tabled in Parliament.

The Finance Minister, Mr P. Chidambaram, placed the report in both houses. The report is mandated under the FRBM Act.

"While concerns arising out of high and volatile level of international crude prices remain, the economy demonstrates considerable resilience and the government's efforts at fiscal consolidation through improved tax administration and expenditure control are continuing," the report has said.

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