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Centre Commits To Maintain Fiscal Deficit At 3.3%, Confident Of Higher Growth Rate

JAVED SAIFI | 0
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| September 16 , 2018 , 13:19 IST

Finance Minister Arun Jaitley on Saturday assured that the government is committed to maintaining a 3.3 per cent fiscal deficit target without cuts in development expenditure.

"The govt is confident that we will have a growth rate higher than what he had projected earlier this year in the budget. The inflation is broadly under control," Jaitley added after a meeting with Prime Minister Narendra Modi where he reviewed the country's economic situation. 

"As far as capital expenditure is concerned, already we have spent about 44 per cent of the budgeted expenditure till 31 August and we'll end the year without any cuts and will maintain the 100 per cent capital expenditure," the Finance minister said.

Also Read: India's Fiscal Deficit Improves At 68.7% For Q1 Of FY19

At Saturday's meeting, the second day of a two-day meeting, the Prime Minister reviewed the economic situation. On Friday in the meeting, the government decided to cut down the non-essential imports, increase exports, removed withholding of tax on Masala bonds and relaxation for Foreign Portfolio Investments (FPIs) over the issue of mounting Current Account Deficit (CAD).

Jaitley said on Friday that the aim of these five immediate decisions is to attract more foreign currency to India as Centre tries to control the current account deficit.