TOP STORIES

Indian economy on a strong wicket;fundamentals sound: Jaitley

| | New Delhi
Indian economy on a strong wicket;fundamentals sound: Jaitley
Finance Minister Arun Jaitley today said the Indian economy is on a strong wicket with sound macro-economic fundamentals.
 
At a press briefing to detail state of the economy, he said India has been the fastest growing major economy for the last three years and the attempt is to maintain high growth rate in coming years.
 
In a presentation made at the briefing, Economic Affairs Secretary S C Garg said inflation has consistently come down since 2014 and will not cross 4 per cent this fiscal.
 
Detailing macro-economic fundamentals, he said that current account deficit will be less than 2 per cent this year and foreign exchange reserves have crossed USD 400 billion.
 
On fiscal deficit, he said the government is committed to sticking to the target of 3.2 per cent of GDP for the current fiscal but a review would be done in December.
 
Stating that the GDP growth slowdown has bottomed out and the economy is turning around, he said the International Monetary Fund (IMF) had recently projected that the country would achieve a 8 per cent growth rate soon.
 
Garg further said that the government is confident of surpassing the disinvestment target of Rs 72,500 crore for this fiscal.
 
Finance Secretary Ashok Lavasa said that total government expenditure so far this fiscal has been Rs 11.47 lakh crore out of Rs 21.46 lakh crore budgeted for this financial year.
 
Out of capital expenditure target of Rs 3.09 lakh crore, Rs 1.46 lakh crore has already been spent. Central public sector units have spent an additional Rs 1.37 lakh crore out of their target of Rs 3.85 lakh crore.
 
Lavasa said 83,677 km of road will be built in the next five years.
 
Banking sector non-performing assets (NPAs) rose from Rs 2.75 lakh crore in March 2015 to Rs 7.33 lakh crore as on June 2017, Department of Financial Services Secretary Rajiv Kumar said. Of that Rs 1.75 lakh crore relates to just 12 cases which have been referred to NCLT.
 
 
 
 
 

TOP STORIES

Sunday Edition

View All

Zuma’s downfall gives ANC a final chance

18 Feb 2018 | Gwynne Dyer

Now that Jacob Zuma has finally exited, the African National Congress, which has fallen a long way from its glory days, has one last chance to rebuild its reputation before next year’s election. Whether the ANC is the best bet for South Africans is a different question altogether As a passer-by in the upscale Johannesburg suburb of Saxonwold observed, the South African Police would never have raided the enormous, high-walled compound...

Read More

STATE EDITIONS

View All

Inbrief

21 Feb 2018 | PNS

‘Paper Bag making’ workshop organised Jabalpur:To increase awareness of environment conservation ‘Paper Bag making’ workshop was organised by Hindustan Petroleum Corporation Limited and Xavier Institute of Development Action and Studies (Xidas) Jabalpur at Government Higher Secondary School Tilhari. The workshop was inaugurated by Regional Director HPCL PK Tomar and administrator of XIDAS Fr...

Read More

Page generated in 0.4842 seconds.