Jaitley to control fiscal deficit through expansion of
economy
08/07/2014 14:27
Ahead of his maiden Budget, Finance Minister Arun Jaitley today said he favours controlling fiscal deficit through expansion of economy and tax buoyancy rather than contracting expenditure, reported PTI. Replying to supplementaries during Question Hour in Rajya Sabha, he said fiscal prudence is required to put the country's economy back on track, as per the media reports. If fiscal deficit goes out of control that would mean the nation is borrowing more to finance its current expenditure and will leave behind a legacy of debt, he said. "Fiscal deficit has to be maintained at acceptable levels," he said, but refused to give target for 2014-15 saying his Budget on Thursday will spell out those numbers. According to media reports, fiscal deficit in 2013-14 was 4.5 per cent of the GDP, down from 4.9 per cent in the previous year and 5.8 per cent in 2011-12, he said, adding the fiscal deficit was showing declining trend during past three years. To reduce fiscal deficit below desirable level and to improve macro-economic environment, the government has taken various measures for rationalisation of expenditure and optimisation of available resources, as per the media reports.
08/07/2014 14:27
Ahead of his maiden Budget, Finance Minister Arun Jaitley today said he favours controlling fiscal deficit through expansion of economy and tax buoyancy rather than contracting expenditure, reported PTI. Replying to supplementaries during Question Hour in Rajya Sabha, he said fiscal prudence is required to put the country's economy back on track, as per the media reports. If fiscal deficit goes out of control that would mean the nation is borrowing more to finance its current expenditure and will leave behind a legacy of debt, he said. "Fiscal deficit has to be maintained at acceptable levels," he said, but refused to give target for 2014-15 saying his Budget on Thursday will spell out those numbers. According to media reports, fiscal deficit in 2013-14 was 4.5 per cent of the GDP, down from 4.9 per cent in the previous year and 5.8 per cent in 2011-12, he said, adding the fiscal deficit was showing declining trend during past three years. To reduce fiscal deficit below desirable level and to improve macro-economic environment, the government has taken various measures for rationalisation of expenditure and optimisation of available resources, as per the media reports.
