Finance Minister Arun Jaitley has exuded confidence that fiscal deficit targets for current year are likely to be met and manufacturing sector is showing turnaround signs. He further stated that “even though the revenues have been challenging due to slow manufacturing industry, now, it is turning around and it looks like we will be able to meet our fiscal targets. The Finance Minister also stated that our currency is one of those two global currencies that withstood the might of the US dollar and most of the global currencies are still under pressure.
As per the data released by Controller General of Accounts yesterday, India's fiscal deficit during the April- November period was 98.9 per cent of the 2014-15 estimate, primarily on account of subdued revenue realisation.
The government has pegged fiscal deficit target at 4.1 per cent of the GDP for the current year. Earlier, the industry body, the Associated Chambers of Commerce of India (Assocham) had strongly urged Finance Minister not to slash Plan spending to meet the fiscal deficit target for FY15. The government had put in place a fiscal consolidation roadmap as per which the fiscal deficit has to be brought down to 3 per cent of the GDP by 2016-17.
As per the data released by Controller General of Accounts yesterday, India's fiscal deficit during the April- November period was 98.9 per cent of the 2014-15 estimate, primarily on account of subdued revenue realisation.
The government has pegged fiscal deficit target at 4.1 per cent of the GDP for the current year. Earlier, the industry body, the Associated Chambers of Commerce of India (Assocham) had strongly urged Finance Minister not to slash Plan spending to meet the fiscal deficit target for FY15. The government had put in place a fiscal consolidation roadmap as per which the fiscal deficit has to be brought down to 3 per cent of the GDP by 2016-17.