News by Darshana Jamindar
Today, Arun Jaitley Finance minister said that he was confident on achieving a target to narrow fiscal deficit to 4.1% of gross domestic product (GDP) during March 2015.
Economists consider deficit target optimistic, citing weak tax receipts in a sluggish economy and high federal expenditure commitments.
FM while speaking to media said that the economy expanded at its fastest pace in two-and-a-half years in the quarter ending June on the back of a turnaround in manufacturing as sentiment was boosted with Narendra Modi led government’s measures to help recover from the longest slump in a quarter of a century.
Asia’s third-largest economy expanded by less than 5% for two straight years, because of policy logjams, project delays and a string of corruption scandals. But the government said the economy had turned the corner.
“Containing inflation, restarting growth and investment cycles and keeping fiscal deficit at acceptable level priorities for the government,” FM said.
Jaitley further added with BJP government coming to centre and quick decisions build investor’s confidence into Indian market.
