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Govt betters targets on fiscal, revenue deficits
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SME Times News Bureau | 17 May, 2015
The government said on Sunday it has managed to improve on its target for containing the fiscal and revenue deficits in the 2014-15 fiscal.
"As a result of prudent policies and commitment to fiscal consolidation, fiscal deficit as a percentage of GDP is 4.0 percent as against the RE (revised estimate) of 4.1 percent (4.4 percent for the previous 2013-14)," the finance ministry said in a statement in New Delhi.
"The fiscal deficit at the end of 2014-15, stands at Rs.5,01,880 crore which is 98 percent of the projected figure in RE 2014-15," it added.
The revenue target was 2.8 percent, compared with the aim of 2.9 percent.
Regarding receipts, the government said gross tax collections at Rs.12,45,037 crore for the last fiscal had shown a growth of 9 percent (Rs.1,06,303 crore) as compared to fiscal 2013-14.
The gross tax collections is 9.8 percent of GDP, it added.
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