India met its fiscal deficit target of 3.9% of gross domestic production for the last financial year, the government said on Tuesday. “Fiscal deficit is 3.9% of GDP or Rs.5.32 lakh crore in 2015-16,“ the Controller General of Accounts (CGA) said in a news release, stating the provisional accounts for the last financial year. This is a significant improvement over that of 4.1% in 2014-15 and 4.7% in 2013-14, the finance ministry said. “With growth of 7.6% in GDP in the whole of 2015-16, India continues to remain a bright spot in world economy with robust macroeconomic and fiscal parameters,“ it said.
Revenue deficit for the year ended March 31 was 2.5% of GDP. Fiscal deficit is the gap between expenditure and revenue. Revenue deficit refers to the shortfall in total government revenue realisation from the targeted figure.
For this fiscal year, the government has a fiscal deficit target of 3.5% of GDP, or Rs.5.33 lakh crore.
The government has set up a committee under former revenue secretary NK Singh to look at fiscal consolidation and prudence and the changes required in the context of the uncertainty and volatility in the global economy.
Revenue deficit for the year ended March 31 was 2.5% of GDP. Fiscal deficit is the gap between expenditure and revenue. Revenue deficit refers to the shortfall in total government revenue realisation from the targeted figure.
For this fiscal year, the government has a fiscal deficit target of 3.5% of GDP, or Rs.5.33 lakh crore.
The government has set up a committee under former revenue secretary NK Singh to look at fiscal consolidation and prudence and the changes required in the context of the uncertainty and volatility in the global economy.
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