Govt will maintain 3.3% fiscal deficit target: Jaitley

Modi govt takes steps to check current account deficit and rein in rupee

Modi govt takes steps to check current account deficit and rein in rupee

Jaitley's comments came after a review meeting of various departments of the finance ministry in New Delhi which was chaired by Prime Minister Narendra Modi.

"The government is confident and will strictly maintain the 3.3 percent fiscal deficit target", said Jaitley, adding Modi expressed satisfaction on the macro-economic data that has so far emerged for this year.

In a message clearly aimed at allaying market concerns that a confluence of factors could derail the Indian economy, Arun Jaitley said on Saturday the government is sure of meeting the fiscal deficit target given robust tax collections.

The finance minister said the GST was settling down and a pick-up in consumption would obviously have an impact on the collections in the coming months.

Review of mandatory hedging condition for infrastructure loans as already touched 86.5 per cent of the full year's target of Rs 6.24 lakh crore.

"The CBDT is very clear that this year they will be able to collect in excess of budgeted target", he said.

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"We are confident that between direct and indirect tax collection, the government will comfortably meet the target, if not surpass it", Jaitley said. He also assured that inflation would be broadly under control. "I think it should have an impact of $8-10 billion", he was quoted as saying by PTI. The Government went into huddle on Friday and announced five measures to support falling rupee.

Nearly half of the retail selling price of petrol and diesel is made up of central and state taxes. However, "there are some issues on which immediate action is needed", the minister said while announcing steps to increase inflow of foreign funds and check current account deficit. The fuel hike has led petrol touching a record high of Rs 81.63 per litre and diesel to Rs 73.54 a litre. "Removal of exposure limit of 20% of FPI's corporate bond portfolio to a single corporate group, company and related entities, and 50% issue of any corporate bonds will be reviewed and 2 decisions in relation to masala bonds were also taken".

At Saturday's meeting detailed presentations were made by Departments of Economic Affairs, Revenue, Expenditure and Disinvestment. "I am reasonably confident of the government meeting the total tax receipts target, combining direct and indirect taxes, as any slippage on indirect tax collection may be compensated by growth in direct taxes". There is a phenomenal increase in the number of people filing tax returns and the quantum of advance tax being paid.

"As far as non-tax revenues are concerned the entire programme of divestment and strategic sale for this was also considered".

Experts said that the optimism on meeting tax target was well placed.

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