14.4 C
New Delhi
Tuesday 28 January 2020

Govt misses fiscal deficit target

New Delhi: The fiscal deficit will overshoot to 3.5% from the earlier estimate of 3.2% in the current fiscal, ending 31 March, Finance Minister Arun Jaitley said today.

The target has been fixed at 3.3% for 2018-19 as against the Fiscal Responsibility and Budget Management Act target of 3%.

Expressing the government’s commitment to bring down the fiscal deficit, Jaitley said in his Budget speech that he has endeavoured to bring down the fiscal deficit from 4.1% in 2014-15 to 3.9% in the following year and further to 3.5% in 2016-17.

The fiscal deficit has a bearing on sovereign rating of the country as well as the debt market.

FRBM Review Panel headed by former Revenue Secretary NK Singh had recommended debt to GDP ratio of 60% by 2023 and fiscal deficit at 3% for next 3 years.

Meanwhile, 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% in 2017-18 had been breached and was estimated at 3.5%.

“The finance minister fails the fiscal consolidation test and this failure will have serious consequences,” Chidambaram said soon after the finance minister completed his budget speech.


Stay on top - Get daily news in your email inbox

Sirf Views

Soros Loves To Play Messiah To The Miserable

The opportunity to throw breadcrumbs massages the ego of NGOs supremacists run; the megalomaniac Soros is a personification of that ego

Pandits: 30 Years Since Being Ripped Apart

Pandits say, and rightly so, that their return to Kashmir cannot be pushed without ensuring a homeland for the Islam-ravaged community for conservation of their culture

Fear-Mongering In The Times Of CAA

No one lived in this country with so much fear before,” asserted a friend while dealing with India's newly amended citizenship...

CAA: Never Let A Good Crisis Go To Waste

So said Winston Churchill, a lesson for sure for Prime Miniter Narendra Modi who will use the opposition's calumny over CAA to his advantage

Archbishop Of Bangalore Spreading Canards About CAA

The letter of Archbishop Peter Machado to Prime Minister Narendra Modi, published in The Indian Express, is ridden with factual inaccuracies

Related Stories

Leave a Reply

For fearless journalism

%d bloggers like this: