Will meet revised FY16 fiscal targets: Govt

The government is set to meet its fiscal deficit target of 3.9 per cent of gross domestic product for 2015-16 (it ended on Thursday), the finance ministry stated on Friday, with the revised estimates in disinvestment and tax receipts.

This “demonstrates prudent fiscal management”, Economic Affairs Secretary Shaktikanta Das tweeted after the statement was issued.

The ministry said tax revenues were on track and the 2015-16 revised targets were expected to be fully met. By the revised estimates, Rs 7.52 lakh crore was to come from direct taxes (corporate and income tax) and another Rs 7.03 lakh crore from indirect taxes (customs, excise and service tax).

The revised estimates announced in Budget 2016-17 pegged disinvestment receipts from minority stake sale in public sector units at Rs 25,312 crore, as against the target of Rs 41,000 crore. The earlier total target, including strategic sales, was Rs 69,500 crore. There were no strategic sales last year.

Plan expenditure for 2015-16 is expected to be Rs 4,70,000 crore, achieving the revised estimate. The statement said this was higher than the budget estimate of 2015-16 and the actual plan expenditure in 2014-15, of Rs 4,65,277 crore and Rs 4,62,644 crore, respectively.