"I am glad we have achieved the 4.1 percent fiscal deficit target of last year. The journey to 3 per cent has various challenges," he cited replying to a question in the Lok Sabha.

Among the challenges to achieving the fiscal deficit target was the report of the Pay Commission which, he added was expected soon, as well as the additional ten per cent fund
devolution to states recommended by the Finance Commission report, as this would lead to fund outgo from the Centre.

Besides, he urged that public investment has to go in to infrastructure as private sector was usually reluctant to put in funds there.

Another challenge, Jaitley added, was to "prime up the economy and push growth" for which he has targeted Rs 70,000 crore investment in infrastructure in the current fiscal.

"Besides the area of infrastructure, any additional resource that I would have I tend to concentrate on irrigation," Jaitley explained when asked by Trinamool Congress member Sugata Bose whether the government would continue to invest in infrastructure for the next three years at the same rate prevailing now.

As per the fiscal consolidation roadmap outlined in 2015-16 Budget, fiscal deficit is to be brought down to 3.9 percent of GDP in current fiscal, then to 3.5 percent in 2016-17 and further to 3 percent by 2017-18.

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