Union Finance Minister Arun Jaitley on Saturday said that the government was confident of surpassing 7.5% GDP growth rate projected in the Budget for 2018-19, and would strictly maintain the 3.3 per cent fiscal deficit target. The country's GDP was estimated to grow at 7-7.5% during the fiscal in the Economic Survey. "The government is confident of maintaining 3.3% fiscal deficit target. As far as capital expenditure is concerned, we have already spent 44% of the budgeted expenditure by August 31. We will end the year without any cuts."
For the second consecutive day on Saturday, Prime Minister Narendra Modi took stock of the state of economy and expressed satisfaction over its board parameters. The PM took a review meeting of the various departments of the Ministry of Finance. "The PM expressed his satisfaction with regard to the broad parameters in relation to the economy and the macro economic data which has so far emerged for this year," Jaitley told reporters after the meeting.
Furthermore, the FM said the government was confident of meeting the tax collection targets. "As far as direct tax collections are concerned," he said, "we will be able to collect in excess of what was the budgeted target this year. GST is settling down. The pick-up in consumption will have an impact on the GST collections in the future months."
He added that the government was quite confident that between the direct and the indirect tax collections, it will comfortably meet the target, if not surpass it.
On the non-tax revenues front, Jaitley said that the entire programme of disinvestment and strategic sales for this year was also considered during the meeting. The ministry is confident of meeting the target. Last year, it had exceeded the target.
The Department of Economic Affairs (DEA), Revenue Department, Expenditure Department and Department of Investment and Public Asset Management (DIPAM) gave detailed presentations before the PM.
On Friday, the PM had held a meeting with Jaitley and Reserve Bank of India Governor Urjit Patel to review the prevailing economic issues, including the falling rupee and rising fuel prices. After the meeting, five-pronged measures were announced by the government to increase dollar inflow to narrow down the Current Account Deficit (CAD). The measures included curbing on non-essential imports and increase in exports.
Non-Tax Revenue
On the non-tax revenues front, Jaitley said that the entire programme of disinvestment and strategic sales for this year was also considered during the meeting. The ministry is confident of meeting the target
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