A file photo of deputy chairman of the Planning Commission Montek Singh Ahluwalia.

“It’s going to be more than, I am pretty sure, the budget amount in the current year," Montek Singh Ahluwalia said, adding, “it may not be as much as a 1 percentage point deterioration."

On Sunday, Ahluwalia had told news channel CNN-IBN that economic growth for the current fiscal year would likely be about 7-7.5%, while it was “not impossible" that the fiscal deficit could swell to 5.5%, against the government’s target of 4.6% for the year.