Budget: Fiscal deficit to be contained at 3.2% in 2017-18 fiscal year, says Jaitley | union-budget | Hindustan Times
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Budget: Fiscal deficit to be contained at 3.2% in 2017-18 fiscal year, says Jaitley

Adhering to the fiscal consolidation roadmap, finance minister Arun Jaitley said on Wednesday that the government will target to bring down the fiscal deficit to 3.2% of the GDP in the fiscal 2017-18.

union budget Updated: Feb 01, 2017 15:48 IST
Revenue deficit will be reduced to 2.1% for 2017-18 from 2.3% in the ongoing fiscal, he said.
Revenue deficit will be reduced to 2.1% for 2017-18 from 2.3% in the ongoing fiscal, he said.(PTI)

Adhering to the fiscal consolidation roadmap, finance minister Arun Jaitley said on Wednesday that the government will target to bring down the fiscal deficit to 3.2% of the GDP in the fiscal 2017-18.

“...I have pegged the fiscal deficit at 3.2% in 2017-18 and remain committed to achieve 3 per cent in the following year. With this gradual approach, I have ensured adherence to fiscal consolidation without compromising requirements of public expenditure,” he said in his Budget speech for 2017-18.

Revenue deficit will be reduced to 2.1% for 2017-18 from 2.3% in the ongoing fiscal, he said.

Net market borrowing would be Rs 3.48 lakh crore in 2017-18 from Rs 4.1 lakh crore (rpt) Rs 4.1 lakh crore in the current fiscal, he said.

FRBM Review Panel headed by former revenue secretary N K Singh had recommended debt to GDP ratio of 60 per cent by 2023 and fiscal deficit at 3% for next 3 years.