To deal with the contagion of the global crisis and to avoid a sharp moderation in domestic growth, it became imperative to use adequate fiscal stimulus, which involved deliberate temporary deviation from the path of fiscal consolidation. Reflecting that combined gross fiscal deficit jumped to 8.5 percent in 2008–09 and further to 9.3 percent in 2009–10.
However, the outlook among large firms remains largely unchanged over the same projection period. This implies that the rising trend in the outlook appears to largely reflect the outlook among small firms. Large firms also appear to make more conservative, lower projections on sales prices than small firms. 2.