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But to achieve that without savage cuts in public spending will take solid GDP growth.
Export and current account figures, released on Tuesday, had painted a brighter picture, raising expectations of a solid GDP reading for the quarter.
After solid GDP growth in 2004-07, theconomymy slowed in 2008, and contracted in 2009, before returning to positive growth in 2010-13.
Solid GDP growth, rollout of rural services and competitive pricing all contribute to a continued environment of explosive growth in India, which has seen mobile subscribers increase 44% since June to 130 million.
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Despite the latest slowdown in quarterly growth, economists forecast a solid pace of GDP expansion for the year as a whole.
"That said, the solid performance of UK GDP doesn't seem to convince Bank of England monetary policy committee members that the country needs a less accommodative policy stance.
"The sector looks unlikely to make much of a contribution to the solid gain in broader GDP growth expected for the third quarter," said Rob Dobson, senior economist at survey compilers Markit.
This compares with a solid surplus of 3.6% of GDP in 2008.Data released for the first quarter of 2009, however, already show a general government deficit of Dkr9.1bn (or 2.2% of quarterly GDP), approximately 40% of the finance ministry's projection for the deficit for the entire year.
Business, technology and wealth news: U.S. GDP Grows At Solid 3.4% Rate In Q2.
Solid fundamentals, he says, include GDP growth that looks sustainable, manageable debt, and a current account deficit well below 7%.
Official data last week showed the manufacturing sector contracted in the second quarter while overall GDP growth was a solid 0.7%.
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