Finance ministry tells PM fiscal deficit target will be met, capex expenditure won't be cut and GDP growth will surpass 7.5%.
Data released earlier by CAG shows capital expenditure by the Centre had contracted 9.2 per cent in Q2
Falling for the second day, the rupee on Friday weakened by 12 paise against dollar to end at 62.68 weighed down by demand for the American currency from importers and data showing fiscal deficit crossed 95 per cent of the annual target during April-December.
Pensioners, India Inc may get tax breaks in Budget
The Centre has to bear the maximum burden of borrowing NSSF loans to the tune of Rs 1 lakh crore.
The budgeted indirect tax collection target is Rs 9.26 trillion, and the Centre has collected around Rs 5 trillion in the first 8 months. So it needs another Rs 4.2 trn in the last four months
Capex for next year expected to be up 25% to Rs 3 lakh crore
The Economic Survey states that the rationalisation and reprioritisation of subsidies through better targeting would play a vital role in fiscal consolidation and in targeting expenditure more towards inclusive development.
The announcement of a deferral is expected to be part of Finance Minister Arun Jaitley's Budget speech on February 29.
Lower revenue collection puts upward pressure on government borrowing, ensuring that it deviates from the glided path of debt reduction
The Bank suggested reforms in infrastructure sector.
If receipts from disinvestment, tax buoyancy and black money scheme offset shortfall in spectrum sale, higher expenditure due to pay commission's recommendations and capital expenditure, then the government would be able to meet the target of controlling fiscal deficit at 3.5 per cent of GDP this financial year.
Last week, the government had introduced a fresh round of austerity measures, including bans on first class travel, creation of new posts and holding meetings in five-star facilities.
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