Governance Now Masterminds

India may be able to reduce fiscal deficit by 2019-20: Official

Manufacturing PMI also remains strongly in positive territory at 52.4%, said top official

GN Bureau | February 5, 2018


#Fiscal Deficit   #Subhash Chandra Garg   #Economy   #GDP   #Narendra Modi   #Arun Jaitley  

India might actually be able to reduce its fiscal deficit to 3 percent by 2019-2020, said a top official.

“Fiscal Deficit at 3.3% for 2018-19, backed with statutory commitment to bring it down to 3% by 20-21 (might actually be achieved in 19-20) and further supported with a commitment to bring down debt to GDP ratio to 40% by 2024-25 is truly strong fiscal consolidation plan,” tweeted Subhash Chandra Garg, secretary, department of economic affairs, ministry of finance.

The union budget revised fiscal deficit target to 3.3 percent of the GDP for 2019 from the earlier 3 percent.

Garg also tweeted: “Services PMI rose to 51.7% in January marking impressive improvement in orders across services. Manufacturing PMI also remains strongly in positive territory at 52.4%. Points to good growth pick up.”

 

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