P Chidambaram
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India's FM defends spending plan

India's Finance Minister, P Chidambaram, says his country is meeting the necessary targets to bring down the fiscal deficit.

The Indian government has announced its last major spending plan before nationwide elections take place next year.

Expectations were high that finance minister P Chidambaram would be tough and many hoped he would deliver measures to help raise revenues and cut expenditure.

However, he announced very few bold moves.

Mr Chidambaram told Yogita Limaye he was confident targets to bring down the fiscal deficit would be met.