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Govt monitoring economic conditions to ensure fiscal deficit remains within target: FinMin

Govt monitoring economic conditions to ensure fiscal deficit remains within target: FinMin

New Delhi, Dec 31 (PTI) The finance ministry Monday said the government is closely monitoring the macroeconomic conditions to ensure that the fiscal deficit remains within the target of 3.3 per cent of the GDP for 2018-19. It has directed ministries and departments to meet their additional requirements of funds from savings and keep their expenditure within the amount earmarked in the Budget for 2018-19, according to the statement on half-yearly review of the trends in receipts and expenditure. The ministry further said the efforts were being made to achieve the target for non-debt receipts as well as tax receipts. "...the macro-economic condition in the country is being closely monitored by the government to keep fiscal indicators within the budgeted targets," said the statement regarding directives issued under the Fiscal Responsibility and Budget Management Act, 2003. Referring to the deviations, it said: "Non-debt receipts have marginally deviated from their mid-year benchmark of 40 per cent of Budget Estimates (BE). Total expenditure in first half 2018-19 is 53.4 per cent of BE which is 0.1 per cent lower than corresponding period and 2.7 per cent higher than five years' moving average." Net tax revenue in first half of 2018-19 is 39.4 per cent of BE but in comparison to past trend, it is 4.8 per cent below corresponding period and 0.4 per cent above five years' moving average, it said. PTI DP CS HRS