Union Home Minister, P Chidambaram said that there is no need to worry about the fiscal deficit. The government is more concerned about the stability of the economy and had taken various measures to mitigate the impact of the slowdown on Indian economy.

He said, while addressing members of parliament, "If fiscal deficit crosses 3 per cent of GDP, it is not a cause for concern. We had brought down the fiscal deficit to 2.5 per cent from 4.5 per cent."

Mr. Chidambaram performed two roles in the parliament and gave answers on security as well as finance issues. PM Dr. Manmohan Singh, who is also holding the finance portfolio, has already sought permission of the Lok Saba Speaker to get Chidambaram's help for finance matters.

The government said that economic stability is the main priority of the government and the recently announced economic booster package would help to mitigate the impact to some extent.

Meanwhile, CPI(M) member, Rupchand Pal demanded an amendment in the fiscal responsibility law to combat the economic slowdown. However, Chidambaram opposed the idea and said, "If we breach the FRBM targets, we will report to Parliament. I don't think the act needs amendments. It is not a wise suggestion to amend FRBM law.