Govt to stick to 3.3% fiscal deficit target: Arun Jaitley
Govt to stick to 3.3% fiscal deficit target: Arun Jaitley
The Finance Minister also said that capital expenditure targets would also be met
16 September, 2018, 14:15
However, the FM did not say if today's meeting discussed the recent spike in fuel prices. The government had in the budget projected direct tax collection of Rs 11.5 lakh crore for 2018-19 fiscal. The Government went into huddle on Friday and announced five measures to support falling rupee.
"The govt is confident and will strictly maintain 3.3% fiscal deficit target", he said. He also said the government will maintain the 100% capital expenditure for the year without any cut. He also assured that inflation would be broadly under control.
The Minister said that black money measures such as demonetisation and GST have had their effect on direct tax collections. "The Central Board of Direct Taxes (CBDT) is very clear that this year we will be able to collect in excess of the budgeted target", said Jaitley. Though it is less than 92.4 per cent of the last fiscal, but problem is that revenue from Goods and Services Tax (GST) is below expectations and being the election year, expectation that there will be more expenditure.
Over 895,000 without power as Florence batters Carolinas
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While various commentaries have observed that the government might have to resort to capital expenditure cuts to contain the fiscal deficit, Jaitley said, "We have already spent about 44 per cent of the Budget Estimates till August 31 and we will end the year without any cut".
The Centre's fiscal deficit has touched 86.5 per cent of the Budget Estimates in the first four months of the current financial year itself. The PM is reviewing the state of the economy against the backdrop of the rupee being battered over the past few weeks as well as growing unease over rising petrol and diesel prices. On top of this, states levy Value Added Tax (VAT). However, "there are some issues on which immediate action is needed", the minister said while announcing steps to increase inflow of foreign funds and check current account deficit.
Finance minister Arun Jaitley. "Removal of exposure limit of 20% of FPI's corporate bond portfolio to a single corporate group, company and related entities, and 50% issue of any corporate bonds will be reviewed and 2 decisions in relation to masala bonds were also taken". On Saturday, the meeting reviewed revenue and expenditure positions. Jaitley said the PM expressed satisfaction with the health of the economy and the macroeconomic data which had emerged so far.
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"There is a phenomenal increase in the quantum of advance tax which has been paid". "We are also optimistic of growth rate and tax collections".
On GST, he said the new indirect tax regime is settling down and "with the kind of pick up in consumption which has taken place, obviously will have an impact on GST collections in the future months".
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