Budget highlights: Fiscal deficit target for 2017-18 at 3.2%

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Here are the highlights of Jaitley’s Budget for the 2017/18 fiscal year that begins on April 1.

 

FISCAL DEFICIT

 

* The 2017/18 budget seeks to pursue prudent fiscal management to preserve financial stability.

*Fiscal deficit at 3.4%

*Revenue deficit stands reduced to 2.1% in Fy18

 

GROWTH

 

* Jaitley says India seen as an engine of global growth

 

DEMONETISATION

 

* Demonetisation “a bold and decisive measure”, will make GDP bigger and lead to higher tax revenues – finance minister
* Hit to economy from government decision to outlaw high-denomination notes will be “transient”, effects of demonetisation not expected to spill over to next year
* Pace of remonetisation has picked up and will soon reach comfortable levels
* Surplus money in the banking system will lower borrowing costs, increase credit flow
INFLATION
*Consumer price index inflation is expected to remain within the central bank’s mandated range of 2 to 6%  Click here
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