In fact, the recent announcement of the Central Government’s borrowing calendar for the second half of 2012–13, which sticks to the budgeted borrowing figures reflect Government’s resolve for containing the Gross Fiscal Deficit (GFD). It is, however, imperative that further strong measures forfiscal corrections are implemented in the rest of the year broadly in line with the Kelkar Committee recommendations.
Recent appreciation of the Rupee has, besides mitigating the risk of imported inflation, would also  6  BIS central bankers’ speeches  greatly aid in containment of GFD by way of reduction in subsidy burden of the Government arising out of high Rupee cost of imported oil.