New Delhi: India "might actually" be able to reduce the fiscal deficit to 3 percent of the GDP by 2019-20, a finance ministry official said on Monday, a year ahead of a stated goal of the government announced last week in the Union Budget.
"Fiscal Deficit at 3.3 percent for 2018-19, backed with statutory commitment to bring it down to 3 percent by 20-21 (might actually be achieved in 19-20) ..." Subhash Chandra Garg, the economic affairs secretary in the finance ministry, said in a Tweet.
While unveiling the government's annual Budget on Thursday, Finance Minister Arun Jaitley had said that the country set its fiscal deficit target for the year starting in April at 3.3 percent of the gross domestic product.
Most analysts had expected the 2018/19 to be set at 3.2 percent of GDP. The deficit target for the year ending in March 2018 was also revised to 3.5 percent of GDP.
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