Fiscal situation of country to improve in 2019: Finance Minister Arun Jaitley
11 February, 2018, 05:09 | Author: Terri Saunders
Jaitley said that he sees the next year to be "comfortable" on the revenue front, although it would be hard to say at this stage if there would be any fiscal slippage in the next year as well.
Jaitley dismissed concerns that any sharp increase in global oil prices could make it hard for the government to attain its deficit target for the next fiscal year, which starts in April, Indian daily The Economic Times reported. This is a "statistical slippage of the fiscal deficit".
"... As far as fiscal situation is concerned, I see next year to be more comfortable as far as revenues are concerned". "I can not see at this stage that there would be any slippages".
In a post meeting media address FM Jaitley, Sebi Chairman Ajay Tyagi, and RBI Governor Urjit Patel shared their views on multiple subjects.
"This year we were to reach 3.2 percent but we remained at 3.5 percent because of apparent reason" that GST revenue in current fiscal will be short by one month, he said.
In contrast, the fiscal deficit under BJP rule came down to 4.1 percent in the first year, 3.9 percent in second and 3.5 percent in the third.
Amid concerns of a possible adverse impact on inflation due to the government's move to increase the minimum support price for agricultural products, Jaitley said the issue was raised during the meeting but described it as an "academic discussion".
"How to implement this and what impact it can have on farmers, commodity prices and export competitiveness, all these issues were discussed". Besides Jaitley, the Sebi board meeting was attended by Minister of State for Finance Pon Radhakrishnan, Finance Secretary Hasmukh Adhia, Chief Economic Adviser Arvind Subramanian, Corporate Affairs Secretary Injeti Srinivas, Sebi's board members G Mahalingam, Arun P Sathe and Madhabi Puri Buch and other senior officials of the regulator. On the banks' lending rates, Patel said one of the banks reduced its two days ago. In terms of transmission, if you measure since the easing cycle started and you compare the MCLR, there has been a very good transmission. "Actually what happened was that transmission came late and I must admit that some of the transmission came after demonetisation because we had a financial intermediation taking place in the system", the governor said.
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