New Delhi: Congress leader P Chidambaram today said Finance Minister Arun Jaitley had failed the fiscal consolidation test in Budget 2018-19 and this would have serious consequences.

The former finance minister said the fiscal deficit limit of 3.2 per cent in 2017-18 had been breached and was estimated at 3.5 per cent.

"The finance minister fails the fiscal consolidation test and this failure will have serious consequences," Chidambaram told a news agency soon after the finance minister completed his budget speech.