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Arun Jaitley pegs fiscal deficit at 3.2% of GDP for 2017-18

FM Arun Jaitley marginally deviated from his earlier fiscal consolidation roadmap by pegging fiscal deficit at 3.2% of gross domestic product (GDP) for 2017-18 from the earlier target of 3% of GDP. However, he now targets to achieve revenue deficit of 1.9% of GDP in 2017-18 from the earlier target of 2% of GDP. Presenting his fourth budget, Jaitley said the expert panel headed by former revenue secretary N.K. Singh to set a new fiscal framework has recommended to maintain a sustainable path of debt-to-GDP ratio of 60% by 2023 and fiscal deficit of 3% of GDP for the next three fiscal years.

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