No intention to revise fiscal deficit target: Govt
The government on Tuesday categorically stated that it does not intend to revise its fiscal deficit target of 3.3 per cent of gross domestic product (GDP) 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 per cent 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 per cent 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.Get access to India’s fastest growing financial subscriptions service Moneycontrol Pro for as little as Rs 599 for first year. Use the code “GETPRO”. Moneycontrol Pro offers you all the information you need for wealth creation including actionable investment ideas, independent research and insights & analysis For more information, check out the Moneycontrol website or mobile app.