Government betters targets on fiscal, revenue deficits

The government said on Sunday it has managed to improve on its target for containing the fiscal and revenue deficits in the 2014-15 fiscal.

"As a result of prudent policies and commitment to fiscal consolidation, fiscal deficit as a percentage of GDP is 4.0 percent as against the RE (revised estimate) of 4.1 percent (4.4 percent for the previous 2013-14)," the finance ministry said in a statement here.

"The fiscal deficit at the end of 2014-15, stands at Rs.5,01,880 crore which is 98 percent of the projected figure in RE 2014-15," it added.

The revenue target was 2.8 percent, compared with the aim of 2.9 percent.

Regarding receipts, the government said gross tax collections at Rs.12,45,037 crore for the last fiscal had shown a growth of 9 percent (Rs.1,06,303 crore) as compared to fiscal 2013-14.

The gross tax collections is 9.8 percent of GDP, it added.