Fiscal deficit, divestment targets for 2015-16 met: Government

The government has achieved both the fiscal deficit and divestment targets for the just concluded financial year 2015-16, an official statement said on Friday.

"Government has achieved fiscal deficit targets for FY 2015-16. The disinvestment target of Rs. 25,000 crore for 2015-16 has also been achieved," said the finance ministry statement, adding that the government remains committed to the path of fiscal consolidation.

As per initial estimates, the fiscal deficit for 2015-16 is expected to be within 3.9 percent, it said.

In the budget for the current fiscal presented in February, the government had estimated the fiscal deficit for 2015-16 at Rs.5.35 lakh crore, or 3.9 percent of GDP.

The finance ministry statement said the revenue expenditure target for fiscal 2015-16 is also expected to be fully met.

"Receipts of tax revenues are also on track and the 2015-16 revenue expenditure targets are expected to be fully met when the bank scrolls are fully accounted for," it said.

The ministry also said the Plan expenditure for 2015-16 is expected to be around Rs.4,70,000 crore.

"This (plan expenditure) is higher than the plan budget estimates (BE) of 2015-16 and also higher than the actual Plan expenditure in 2014-15," it said.

According to data released by the Controller General of Accounts on Thursday, the fiscal deficit for financial year 2015-16 has already crossed 107.1 percent of the estimates in the first 11 months of the year at Rs.5.73 lakh crore.