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Govt monitoring economic conditions to keep fiscal deficit within budgeted target

Expressing optimism over fiscal position of India, the Finance Ministry has said in order to ensure that the fiscal deficit remains within the target of 3.3% of the Gross Domestic Product (GDP) for 2018-19, the government is closely monitoring the macroeconomic conditions.

The Ministry 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. It further said the efforts were being made to achieve the target for non-debt receipts as well as tax receipts.

Referring to the deviations, it said non-debt receipts have marginally deviated from their mid-year benchmark of 40% of Budget Estimates (BE). Total expenditure in first half 2018-19 (H1FY19) is 53.4% of BE which is 0.1% lower than corresponding period and 2.7% higher than five years' moving average. Net tax revenue in H1FY19 is 39.4% of BE but in comparison to past trend, it is 4.8% below corresponding period and 0.4% above five years' moving average.

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