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India "might actually" be able to reduce the fiscal deficit to 3 per cent of the GDP by 2019-20, a finance ministry official said on Monday, a year ahead of a stated goal of the government announced last week in the Union Budget.
"Fiscal Deficit at 3.3 per cent for 2018-19, backed with statutory commitment to bring it down to 3 per cent by 20-21 (might actually be achieved in 19-20) ..." Subhash Chandra Garg, the economic affairs secretary in the finance ministry, said in a Tweet.
Fiscal Deficit at 3.3% for 2018-19, backed with statutory commitment to bring it down to 3% by 20-21 (might actually be achieved in 19-20) and further supported with a commitment to bring down debt to GDP ratio to 40% by 2024-25 is truly strong fiscal consolidation plan.— Subhash Chandra Garg (@SecretaryDEA) 5 February 2018
Services PMI rose to 51.7% in January marking impressive improvement in orders across services. Manufacturing PMI also remains strongly in positive territory at 52.4%. Points to good growth pick up— Subhash Chandra Garg (@SecretaryDEA) 5 February 2018
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