FM Arun Jaitley says 4.1 per cent fiscal deficit target likely to be met

Finance Minister Arun Jaitley on Tuesday said the government's fiscal deficit targets for he current 2014-15 financial year are likely to be met and manufacturing sector is showing signs of a turnaround.

"Even though the revenues have been challenging due to slow manufacturing industry, now, it is turning around and it looks like we will be able to meet our fiscal targets," Jaitley said in the national capital.

The government has pegged fiscal deficit target at 4.1 per cent of the GDP for FY15.

"Our currency is one of those two global currencies that withstood the might of the US dollar. Most of the global currencies are under pressure," the Finance Minister said.

Stating that the past one week had been a great learning experience for him, Jaitley said, "The sense I got in last few days is that ordinarily everything is going well with India. From depressing slowdown in last last two three years, suddenly our growth rates are likely to look up."

The Finance Minister added that competing economies globally have not been so good. Brazil faces a challenge, South Africa faces challenge. Europe is still struggling to come out of slowdown.

China which has maintained a growth rate of over 9 per cent over 3 decades is looking at new normal, he said.