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NEW DELHI: Bettering its own financial targets, the government has contained the fiscal deficit at 4 per cent of GDP for 2014-15 at Rs 5,01,880 crore.
The revenue deficit has also been confined to 2.8 per cent, beating the budget target of 2.9 per cent for the last fiscal, the Finance Ministry said in a statement today.
The gross tax collection registered a growth of 9 per cent in 2014-15 and stood at Rs 12,45,037 crore.
The fiscal deficit target was set at 4.1 per cent by the the UPA government, but Finance Minister Arun Jaitley had said he was taking it as a "challenge" to meet this ambitious and "daunting target" set up by his predecessor P Chidambaram.
Fiscal deficit, the gap between the government's expenditure and revenue, is lower than the downwardly revised estimate of 4.1 per cent provided by the Modi government's first full Budget announced in February.
As per the fiscal consolidation road map outlined in the Budget 2015-16, fiscal deficit is to be brought down to 3.9 per cent of GDP in the current fiscal, then to 3.5 per cent in 2016-17 and further to 3 per cent by 2017-18.
Government contains fiscal deficit at 4%; beats its own target - The Economic Times
The revenue deficit has also been confined to 2.8 per cent, beating the budget target of 2.9 per cent for the last fiscal, the Finance Ministry said in a statement today.
The gross tax collection registered a growth of 9 per cent in 2014-15 and stood at Rs 12,45,037 crore.
The fiscal deficit target was set at 4.1 per cent by the the UPA government, but Finance Minister Arun Jaitley had said he was taking it as a "challenge" to meet this ambitious and "daunting target" set up by his predecessor P Chidambaram.
Fiscal deficit, the gap between the government's expenditure and revenue, is lower than the downwardly revised estimate of 4.1 per cent provided by the Modi government's first full Budget announced in February.
As per the fiscal consolidation road map outlined in the Budget 2015-16, fiscal deficit is to be brought down to 3.9 per cent of GDP in the current fiscal, then to 3.5 per cent in 2016-17 and further to 3 per cent by 2017-18.
Government contains fiscal deficit at 4%; beats its own target - The Economic Times
