AMN /
Government of India is confident of exceeding 7.5 per cent GDP growth this year and achieving the fiscal deficit target of 3.9 per cent. Addressing a press conference in New Delhi, Finance Secretary Ratan Watal said government has adhered to path of fiscal consolidation in spite of difficulties. He said government is working hard to create atmosphere for sustained economic growth with low stable inflation.
Mr Watal said capital expenditure has improved significantly, which will have a multiplier effect on the economy. The Secretary said government will continue to work on rationalizing central sector schemes and programmes in run up to next year’s Budget.
Revenue Secretary Hasmukh Adhia said tax collection targets are ambitious but it may fall short by 5 to 7 per cent. He said tax collection will be about 14 lakh crore rupees this fiscal as against the target of 14.45 lakh crore rupees. Mr Adhia added that some shortfall is likely in direct tax collection, which will be made good by indirect tax, due to additional resource mobilization measures.
He said growth in tax collection figures can be taken as a positive index of growth in demand in the economy. Revealing latest figures, he said, growth in direct taxes up to September is 12 percent while indirect tax growth rates up to August is 12.2 percent. He added that revenue collection growth target for 2016 fiscal is 16.5 percent. Mr Adhia informed that total amount declared during the 90-day black money compliance window stands revised higher at 4,147 crore rupees.
The Revenue Secretary said 132 prosecution in 43 cases from the HSBC Swiss list have been filed. He said the US is already sharing bank account details with India. Speaking on the occasion, Secretary, Department of Economic Affairs, Shaktikant Das, said low inflation and low international commodity prices have given a policy opportunity to government to continue with economic reforms.