Govt will meet all fiscal targets, Arun Jaitley says after review
Govt will meet all fiscal targets, Arun Jaitley says after review
Finance minister Arun Jaitley speaks to reporters in New Delhi
16 September, 2018, 06:53
Talking to media personnel after the meeting, Finance Minister Arun Jaitley said that external factors like policies adopted by the United States, trade tensions and skyrocketing crude oil prices are impacting economies like India, despite "strong fundamentals".
Jaitley's commitment to maintaining the budget targets in a pre-election year also in a way rules out any cut in excise duty on petroleum products which have been rising keeping in pace with global crude oil prices.
"The government is confident that we will have a growth rate higher than what we had projected this year in the Budget", Mr. Jaitley added after a meeting with Prime Minister Narendra Modi where he reviewed the country's economic situation. "Government is confident of meeting the 3.3% fiscal deficit target".
He also said that GST was settling down, and the pick-up in consumption was bound to have an impact on the collections."We are quite confident that in between direct and the indirect tax collections, the government will comfortably meet the target, if not surpass it".
"The worsening of the CAD has been evident for several months; yet the government did nothing".
Jaitley expressed confidence of meeting both direct tax, indirect tax and non-tax revenue targets for 2018-19. "There is phenomenal increase in the assessee base.in the quantum of advance tax which has been paid", he said.
On revenue collections, he said the impact of anti-black money measures, demonetisation and GST are now visible with "phenomenal" increase in tax base. He said that the government will achieve higher growth rate more than what was projected in the previous budget meeting.
A 71% increase in income tax return filers before the 31 August deadline this year of 5.42 crore compared to the number of filers in the same time a year ago hints at improved direct tax compliance.
The government has collected Rs 92.19 billion from disinvestment receipt against the target of Rs 800 billion for FY19. However, till now finance ministry has resisted pressure to cut taxes on fuel. "The CBDT is very clear that this year they will be able to collect in excess of budgeted target", he said.
He also said that the government was confident of not only maintaining the disinvestment target this year but also probably surpassing it, as was done last year.
Reserve Bank of India (RBI) Governor Urjit Patel had made a presentation to the PM on Friday about the state of the economy after which the government unveiled a five-point plan to shore up the rupee and trim the current account deficit. Mandatory hedging conditions for infrastructure loans through the external commercial borrowing (ECB) route will be reviewed and a 20% exposure limit on investments by foreign portfolio investors (FPIs) in debt to a single corporate group will be removed. It was made a decision to permit manufacturing sector entities, avail external commercial borrowing upto $ 50 million with minimum maturity of one year, against the earlier norm of three years. "In relation to Masala bonds there will be exemption from withholding tax for issuance done in this year (March 31, 2019)", he said.
This time, the 35-year-old rapper and singer is opening up about her strained relationship with fellow rapper, Cardi B . In other news, Nicki Minaj is now gearing up for her upcoming "NickiHndrxx" concert tour with American rapper Future.
Trump also stated that he would drop the letter "C" if Canada doesn't agree to the changes he is seeking, according to sources. He says, "Canada does not want to agree with the United States on the administrative panels for settling trade disputes ".
Yet less than a minute later, the Storm had the lead back to 15 points, completely shutting the Mystics down. Voting for the All-WNBA First and Second Teams was conducted at the conclusion of the regular season.
Khan al-Ahmar's demolition had already been approved by the court in May, which the judges noted in their decision last week. However, evictions from Khan el-Ahmar - authorized in a definitive manner by the Israeli Supreme Court - has not yet begun.
With a dominant defensive effort, Washington crushed the Arizona Cardinals , 24-6, to win its first season opener since 2012. JOHNSON'S DEAL: David Johnson was in no mood to talk about his new contract after what he considered a poor performance.
She said she visited Puerto Rico herself a few months ago and people were dying all around from the lack of resources. Trump maintained as recently as Tuesday that his response to the storm was an "incredible unsung success ".
Waffle House test doesn't just tell us how quickly a business might rebound - it also tells us how the larger community is faring. The chain, whose restaurants are open 24 hours a day, 365 days a year, is famous for staying open during many natural disasters.
He is also one of few coaches to ever take multiple teams to a Super Bowl (the other two being Dick Vermeil and Bill Parcells). The modern-era nominees will be reduced to 25 semifinalists in November and, from there, to 15 finalists in January.
Whale meet nations in flare up over Brazil project
Australia's commissioner Nick Gales rejected "the narrative of underlying dysfunction and intolerance" suggested by Japan. Now a three-fourths majority of IWC members is needed to set a catch quota or establish a sanctuary.
Browns announce plan to release Josh Gordon
Cleveland Browns wide receiver Josh Gordon looks on at a drill during the final day of training camp in Berea Tuesday. A Browns official told ESPN's Chris Mortensen that the team's decision was inclusive of present and past issues.
Browns' Gordon to miss Saints game with hamstring injury
He's the same guy who caught 87 passes for 1,646 yards and nine touchdowns in 2013 and earned first-team All-Pro honors. Week 2 takes them to Louisiana, where they will play against the New Orleans Saints , who now own a 0-1 record.
The biggest announcements from Apple's iPhone Xs event
While pre-ordering an iPhone XS - 64GB variant, trade in an eligible phone and sign-up with Sprint Flex Lease for an 18 months. Xiaomi is an invincible brand in terms of sales and one of the most successful consumer electronic companies of China.
US approves sale of six Boeing patrol aircraft to South Korea
As part of the sale, South Korea would also receive tactical radio, navigation and early missile warning sensors for the aircraft. The Defense Security Cooperation Agency delivered the required certification notifying Congress of this possible sale today.