"So, the path leads to 3 per cent by 2020-21.The adjustment required is 0.3 or 0.4 per cent.I think we can credibly do it in 2020-21.I think we have no plans to revise it (Fiscal Responsibility and Budget Management Act)," he said.
As per the interim Budget tabled in Parliament on Friday, the government has projected a fiscal deficit target of 3.4 for the next financial year 2019-20.
The government Friday came out with a roadmap to reduce the fiscal deficit, the gap between total expenditure and revenue, to 3 per cent of the GDP by 2020-21, and eliminate primary deficit.
Primary deficit refers to the deficit left after subtracting interest payments from the fiscal deficit.
ALSO READ:Farm schemes to push state fiscal deficits to 3.2% of GDP in FY'20:Ind-RaIn Budget Estimate (BE) 2018-19, the primary deficit was calculated at Rs 48,481 crore which is 0.3 per cent of GDP.Primary deficit in Revised Estimate (RE) 2018-19 is expected to be Rs 46,828 crore which works out to be 0.2 per cent of the GDP.
The document projects nil primary deficit for 2020-21 and 2021-22 financial years.
The reduction of the primary deficit is a positive sign as it shows reduced usage of borrowed funds to pay for existing liabilities, the document said.
ALSO READ:States' fiscal deficit to breach target, may go up to 3.2% in FY20:ReportIt also said there has been a slight decrease in gross tax revenue estimates for 2018-19 to the tune of about Rs 23,067 crore mainly on account of lesser than the anticipated collection of GST.
The government further said the gross tax revenue as a per cent of GDP is expected to increase to 12.1 per cent of GDP in 2019-20 and stabilise at that level in 2020-21 before climbing up to a level of 12.2 per cent of GDP.
-
注册4年未拿下牌照，特斯拉保险经纪公司拟注销，或买壳入局
2024-03-28 01:19:24
-
芭薇股份将于3月29日北交所上市，发行价为5.77元/股
2024-03-28 01:19:10
-
碧桂园服务2023年收入426亿元97%来自第三方 上市以来累计分红约42.5亿港元
2024-03-28 01:18:55
-
江苏东飒领投,图酷品牌完成数100元A轮融资并签订承诺融资协议！
2024-03-28 01:18:40
-
3月来132家上市公司收到处罚或监管
2024-03-28 01:18:24