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Confident of much lower fiscal deficit next FY: K V Subramanian


NEW DELHI: The government is confident of achieving a much lower level of fiscal deficit in the next fiscal compared to what has been stated in the Budget owing to improved tax buoyancy, chief economic adviser K V Subramanian said at the CII post-Budget interaction on Wednesday.

“It’s a far-sighted Budget, which has laid the background for ushering in higher growth in the years to come. The government is assured on under-promising and over-delivering on the key challenges facing the country,” Subramanian said during the interaction attended by more than 200 top CEOs from across the country.

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He added that the government has laid stress on implementing structural reforms to overcome the current crisis so that the supply potential of the economy can be expanded, which would keep inflation under control when the uptick in demand materialises.

The 137% increase in healthcare spending takes care of both the preventive and curative sides and is indeed an accurate representation, he said.

“The unveiling of the blueprint of a new privatisation policy in the Budget is akin to the landmark reforms carried out in 1991… the policy has also opened a host of opportunities for the private players, who now partake in India’s growth story by buying the brownfield assets of the PSEs at an attractive valuation,” Tuhin Kanta Pandey, secretary of department of investment and public asset management (DIPAM), said at the event.

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