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Jaitley confident of meeting fiscal deficit target of 3.3%


New Delhi, Sep 15: Amid grim economic situation due to fall in Rupee value and rising fuel prices, Finance Minister Arun Jaitley on Saturday exuded confidence that the government would meet its 3.3% fiscal deficit target.

He further said inflation is broadly under control and that the government is confident that the growth rate would be higher than what was projected earlier this year in the budget.

Finance Minister Arun Jaitley

"As far as capital expenditure is concerned, already we have spent about 44% of the budgeted expenditure till 31 August and we will end the year without any cuts and will maintain the 100% capital expenditure," Jaitley said after an internal meeting with the Finance Ministry officials during which DEA gave a detailed presentation.

The Prime Minister also took a review of the various departments of ministry of finance, he said.

"The government is confident and will strictly maintain 3.3% fiscal deficit target," Jaitley said.

"With regard to GST and other indirect taxes, GST is settling down and with the kind of pickup in consumption which has taken place, it will have an impact on GST collection in future months and we are confident that between direct and indirect tax collections, the government would comfortably meet target," he added.

[Falling Rupee value: Govt to cut down non-essential imports]

In the wake of falling value of Rupee against Dollar, the Central Government on Friday announced a series of steps it would take shield the Indian Economy from external factors.

"Prime Minister held a meeting today in which RBI's Governor and deputy governor, officials of the finance ministry and PMO officials were present. In the meeting RBI Governor gave a detailed presentation about the condition of world's economy and external factors which can affect Indian economy," Jaitley told the media yesterday.


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