Govt to meet 3.5% fiscal deficit target for FY17: CGA
The government is confident of achieving the fiscal deficit target of 3.5 percent for 2016- 17, the newly appointed Controller General of Accounts (CGA), Anthony Lianzuala, said on Monday.
New Delhi: The government is confident of achieving the fiscal deficit target of 3.5 percent for 2016- 17, the newly appointed Controller General of Accounts (CGA), Anthony Lianzuala, said on Monday.
After taking charge today, Lianzuala - a 1982 batch civil accounts service officer - said his office has given timely input to the government on expenditure and receipt front to assess is fiscal road-map.
"We have done our best (in giving data input) and I think the government will be able to achieve its target of fiscal deficit of 3.5 percent (for 2016-17)," he told PTI.
Further, he explained that his office sends input to the government on a daily basis to assess its fiscal position.
"For example, in the last 15 days of March, we have given all our inputs on expenditure and receipt collection on a day-to-day basis. This helps the government in seeing how much fiscal deficit it is on a particular date," said the official.
India's fiscal deficit at the end of February 2016-17 was Rs 6.05 lakh crore, which was 113.4 percent of the full-year target, on account of lower realisation on non-tax revenues.
The fiscal deficit, which is a gap between government's total receipts and expenditure, at the end of February was higher when compared with 107.4 percent in the similar period of the previous fiscal.
Finance Minister Arun Jaitley in the Budget had set the fiscal deficit target at 3.5 percent for FY 2016-17, after achieving the preceding year's target of 3.9 percent.
Lianzuala said a timely input from the CGA helps the government to assess whether or not it is in a position by the end of March to achieve the Fiscal Responsibility and Budget Management FRBM) target.