Fiscal deficit likely to be below 3.9%

Fiscal deficit likely to be below 3.9%
Highlights

Finance Ministry said Friday fiscal deficit for 2015-16 is likely to remain below 3.9 per cent of the GDP on the back of tax receipts and realisation from disinvestment. 

New Delhi : Finance Ministry said Friday fiscal deficit for 2015-16 is likely to remain below 3.9 per cent of the GDP on the back of tax receipts and realisation from disinvestment.

Stressing that the government remains committed to the path of fiscal consolidation, the Ministry said as per initial estimates, the fiscal deficit for 2015-16 is expected to be within 3.9 per cent. As per the fiscal consolidation roadmap, the fiscal deficit for the current fiscal has been pegged at 3.5 per cent of the GDP.

Receipts of tax revenues are also on track and the 2015-16 revised targets are expected to be fully met when the bank scrolls are fully accounted for, a statement from the Finance Ministry said. According to revised estimate, Rs 7.52 lakh crore was estimated to come from direct taxes (corporate, and income tax) and another Rs 7.03 lakh crore from indirect taxes (customs, excise and service tax) in 2015-16.

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