India hopeful of 4.6 percent fiscal deficit target
September 6th, 2011 - 4:03 pm ICT by IANS
New Delhi, Sep 6 (IANS) India is hopeful of meeting the 4.6 percent fiscal deficit target for 2011-12 as revenue and expenditure are in line with the estimates of April-June, the quarter review of the economy showed Tuesday.
“Trends in tax revenue, inclusive of refund, does not show any sign of slippage from the targeted level, and expenditure is in line with budget estimates. Therefore, as per quarter 1 trends, there may not be any slippage in fiscal deficit during 2011-12,” the finance ministry said in the quarterly review.
According to the report, fiscal deficit in April-June was Rs.162,653 crore, which is 39.4 percent of the budgeted deficit for the fiscal 2011-12.
In the budget for the current fiscal, Finance Minister Pranab Mukherjee had pegged the fiscal deficit at 4.6 percent of GDP.
However, analysts and industry bodies had doubts over the target.
According to a recent report of the Federation of Indian Chambers of Commerce and Industry (FICCI), fiscal deficit was likely to remain between 5.05 and 5.12 percent.
The government targets to reduce the fiscal deficit to 3.5 percent of GDP by 2013-14. Fiscal deficit was 5.1 percent in 2010-11 against the budget estimate of 5.5 percent.
- India unlikely to meet fiscal deficit target: FICCI - Aug 31, 2011
- Growth will be below 7.5 percent, says Pranab - Jan 18, 2012
- Government says fiscal deficit target may be breached - Dec 09, 2011
- No need for extra stimulus to boost growth: Montek - Dec 02, 2011
- Pranab confident of reducing fiscal deficit to 4.6 percent - Mar 02, 2011
- Growth to fall below 8 percent: Pranab (Lead) - Oct 19, 2011
- RBI wants government to deregulate diesel price - Jan 24, 2012
- Indian economy may grow at 8 percent in 2012-13: Rangarajan (Lead) - Feb 22, 2012
- Mukherjee pegs fiscal deficit at 4.6 percent for next fiscal - Feb 28, 2011
- Policymakers concerned over slowdown - Nov 30, 2011
- Highlights of economic review by prime minister's council - Feb 21, 2011
- Growth should be given priority in budget: CII - Jan 22, 2012
- Tax collections, notably in services, encouraging: Mukherjee - Jul 27, 2011
- India may slow down to 8.4 percent in 2011: World Bank - Jan 13, 2011
- Union budget: Growth, fiscal consolidation top challenges - Mar 15, 2012
Tags: budget estimate, chambers of commerce, chambers of commerce and industry, crore, deficit target, doubts, economy, estimates, finance minister, finance ministry, fiscal deficit, gdp, hopeful, India, indian chambers of commerce, industry bodies, New Delhi, pranab mukherjee, revenue and expenditure, slippage