Home / Knowledge / News / Textiles / India's fiscal deficit at 4% in FY15
India's fiscal deficit at 4% in FY15
18
May '15
The Government of India has bettered its own financial targets during 2014-15, and the country’s fiscal deficit during the year stands at 4 per cent as against the target of 4.1 per cent, an official statement said.
 
The revenue deficit for financial year 2014-15 that ended on March 31 stands at 2.8 per cent as against the target of 2.9 per cent, according to the provisional accounts released by the Ministry of Finance.
 
“As a result of prudent policies and commitment to fiscal consolidation, the fiscal deficit at the end of 2014-15, stands at Rs 5,01,880 crore which is 98 per cent of the projected figure in revised estimate (RE) 2014-15,” the statement said.
 
Affirming that the government is firmly committed to path of fiscal consolidation, the ministry said that fiscal deficit as a percentage of GDP is 4 per cent in 2014-15, as against the RE of 4.1 per cent. India’s fiscal deficit was 4.4 per cent for 2013-14.
 
Indian government’s revenue deficit at the end of 2014-15 is Rs 3,58,306 crore which is 99 per cent of the projected figure in the RE 2014-15 and is 2.8 per cent of the GDP as against the RE of 2.9 per cent. For FY14, revenue deficit was 3.2 per cent of the GDP.
 
In 2014-15, gross tax collections increased by 9 per cent to Rs 12,45,037 crore as compared to Rs 1,06,303 crore in the previous year. The gross tax collections amount to 9.8 per cent of GDP.
 
At the end of 2014-15, Plan expenditure stands at Rs 4,35,621 crore while non-Plan expenditure is Rs 11,91,140 crore, the ministry said.
 
The provisional figures have been compiled on the basis of March data and anticipated adjustments received from various ministries. However, these figures may undergo certain changes during the final compilation of accounts after audit. (RKS)
 

Fibre2fashion News Desk - India

Must ReadView All

Textiles | On 9th Dec 2016

ACIMIT signs MoU with Pakistan textile bodies

In a bid to strengthen the trading in garments and textiles between...

Textiles | On 9th Dec 2016

‘Less demand may make it hard to achieve export target’

The $48 billion target for textiles and garment exports for 2016-17...

Textiles | On 9th Dec 2016

GST Council may decrease tax rates in future: CBEC

The goods and services tax (GST) Council might reduce the proposed...

Interviews View All

Dinaz Madhukar
DLF Emporio and DLF Promenade

‘Each event and promotion is planned out keeping in mind the business of...

Smith Vaghasia
Sanado India

Online remains the best destination for shopping

Sunil Rathore
Lacoste India

‘New vendor is welcome if he offers cost, quality and timely delivery’

Eamonn Tighe
Nature Works LLC

Eamonn Tighe, Fibres and Nonwovens - Business Development Manager of...

Kerem Durdag
Biovation II LLC

Kerem Durdag, CEO, Biovation II LLC, provides an insight into future...

Mark Paterson
Technical Absorbents Ltd

Mark Paterson, R&D manager of Technical Absorbents Ltd talks about Super...

Silvia Venturini Fendi
Fendi s.r.l

"Yes, my confidence and positive attitude are my strengths and should be...

Pranav Mishra
Huemn

Designers Pranav Mishra and Shyma Shetty’s Huemn is known for its...

Rupa Sood and Sharan Apparao
Nayaab

Nayaab, an exhibition meant to celebrate Indian weaves, is in its second...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


editorial@fibre2fashion.com

Letter To Editor






(Max. 8000 char.)

Search Companies





SEARCH
December 2016

December 2016

Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.

SUBSCRIBE


Browse Our Archives

GO


Advanced Search