No Intention To Revise Fiscal Deficit Target, Says Government
The Finance Ministry in the North Block of the Central Secretariat building in New Delhi, India. (Photographer: Prashanth Vishwanathan/Bloomberg)

No Intention To Revise Fiscal Deficit Target, Says Government

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The government categorically stated that it does not intend to revise its fiscal deficit target of 3.3 percent of gross domestic product for the current financial year notwithstanding slowdown in economic activities.

"No sir," Minister of State for Finance Anurag Thakur said in a written reply in the Rajya Sabha to a query if the government intends to revise fiscal deficit in view of the economic slowdown

The minister further said expenditure of various ministries and departments of the government is as per the estimates approved by Parliament. In the first half of the financial year, 53.4 percent of Budget Estimates was spent by various ministries and departments.

Thakur also listed out the steps taken by the government to boost economic activities. The real GDP growth slowed to an over six-year low of 5 percent in the first quarter of the current financial year.

Replying to another question, Singh said non-performing assets of banks, after reaching a peak of Rs 10,36,187 crore as on March 31, 2018, have declined Rs 97,996 crore to Rs 9,38,191 crore as on June 30, 2019.

Banks have also "effected record recovery" of Rs 4,27,115 crore over the last four financial years and the first quarter of the current financial year, including recovery of Rs 1,56,702 crore during the financial year 2018-19.

Also read: Transfer Of Surplus From RBI In Future To Depend On Income, Expert Panel Suggestions, Says Finance Minister

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