Centre to stick to fiscal target of 3.3% as tax revenues on the rise: FM

Finance ministry tells PM fiscal deficit target will be met, capex expenditure won't be cut and GDP growth will surpass 7.5%

Finance ministry officials on Saturday apprised Prime Minister Narendra Modi of the “comfortable” revenue position, which they said would help contain the fiscal deficit at the targeted 3.3 per cent of gross domestic product (GDP) in 2018-19, without resorting to any squeeze on the capital expenditure.

On the second day of his review of the economy against the backdrop of a falling rupee and surging oil prices, the prime minister took stock of tax collections and macroeconomic indicators. He was told that the economic growth would surpass 7.5 per cent in the current financial year, after the economy expanded at a