NEW DELHI: The executive will meet the fiscal deficit goal for the current fiscal even if there could be some slippages within the current account deficit (CAD) on account of prime crude oil prices, a best finance ministry reliable said on Tuesday.
The at ease forex reserve constructed up over the past three years will lend a hand the government handle the volatility in oil prices within the global market, the reliable said.
He said then again that price fluctuation has come down considerably and reached to manageable stage.
"CAD will not be as good as the last year but it will not be as bad as some of the estimates because oil prices have not gone to the level people at some point of time projected. It will be pretty much in the range that we have estimated. It could be 10 basis points here or there," the reliable said, asking for anonymity.
The reliable didn't reveal the CAD estimate for the current fiscal, 2018-19.
As in line with estimates, India's CAD may widen to two.5 in line with cent of the GDP due to upper oil prices, a situation which has been accentuated by way of rupee depreciation.
CAD, the adaptation between the influx and outflow of foreign currency, jumped to $48.7 billion, or 1.9 in line with cent of GDP in 2017-18. This was upper than $14.four billion, or 0.6 in line with cent, in 2016-17.
On the rupee's downward movement towards the United States dollar, the reliable said that there was zero depreciation within the ultimate four years.
The rupee is kind of at 2013 stage, he said, adding that there's no proposal to boost dollar thru FCNR (B).
With regard to fiscal deficit, the reliable said the government is committed to meeting the objective of 3.3 in line with cent.
In the Union Budget 2018-19 presented in February, the government had revised the fiscal deficit goal for 2017-18 to three.5 in line with cent from the sooner estimate of 3.2 in line with cent. In absolute phrases, the fiscal deficit was Rs 5.91 lakh crore, or 99.5 in line with cent, of the Budget estimates.
On the earnings entrance, the reliable said that source of revenue tax collection has been powerful, with E-way and GST collection stabilising.
Revenue collection beneath Goods and Services Tax (GST) is easily not off course and may just exceed the objective.
He also said that the velocity cut effected lately could have minor have an effect on at the earnings collection however that may be compensated by way of increased compliance and E-way Bill.
On disinvestment, he said, the government will meet the objective of Rs 80,000 crore projected for the current fiscal.
As far as inter-creditor agreement (ICA) is anxious, the reliable said as many as 31 banks and fiscal institutions have signed this.
The at ease forex reserve constructed up over the past three years will lend a hand the government handle the volatility in oil prices within the global market, the reliable said.
He said then again that price fluctuation has come down considerably and reached to manageable stage.
"CAD will not be as good as the last year but it will not be as bad as some of the estimates because oil prices have not gone to the level people at some point of time projected. It will be pretty much in the range that we have estimated. It could be 10 basis points here or there," the reliable said, asking for anonymity.
The reliable didn't reveal the CAD estimate for the current fiscal, 2018-19.
As in line with estimates, India's CAD may widen to two.5 in line with cent of the GDP due to upper oil prices, a situation which has been accentuated by way of rupee depreciation.
CAD, the adaptation between the influx and outflow of foreign currency, jumped to $48.7 billion, or 1.9 in line with cent of GDP in 2017-18. This was upper than $14.four billion, or 0.6 in line with cent, in 2016-17.
On the rupee's downward movement towards the United States dollar, the reliable said that there was zero depreciation within the ultimate four years.
The rupee is kind of at 2013 stage, he said, adding that there's no proposal to boost dollar thru FCNR (B).
With regard to fiscal deficit, the reliable said the government is committed to meeting the objective of 3.3 in line with cent.
In the Union Budget 2018-19 presented in February, the government had revised the fiscal deficit goal for 2017-18 to three.5 in line with cent from the sooner estimate of 3.2 in line with cent. In absolute phrases, the fiscal deficit was Rs 5.91 lakh crore, or 99.5 in line with cent, of the Budget estimates.
On the earnings entrance, the reliable said that source of revenue tax collection has been powerful, with E-way and GST collection stabilising.
Revenue collection beneath Goods and Services Tax (GST) is easily not off course and may just exceed the objective.
He also said that the velocity cut effected lately could have minor have an effect on at the earnings collection however that may be compensated by way of increased compliance and E-way Bill.
On disinvestment, he said, the government will meet the objective of Rs 80,000 crore projected for the current fiscal.
As far as inter-creditor agreement (ICA) is anxious, the reliable said as many as 31 banks and fiscal institutions have signed this.
Fiscal deficit target to be met, minor slippage in CAD likely: Finmin official
![Fiscal deficit target to be met, minor slippage in CAD likely: Finmin official]()
Reviewed by Kailash
on
August 21, 2018
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