Govt set to meet 3.5% fiscal deficit target for FY17: CGA

The government is confident of achieving the fiscal deficit target of 3.5 % for 2016- 17, the newly appointed Controller General of Accounts (CGA), Anthony Lianzuala, said on Monday.

After taking charge on Monday, Lianzuala - a 1982 batch civil accounts service officer - said his office has given timely input to the government on expenditure and receipt front to assess is fiscal road-map.

"We have done our best (in giving data input) and I think the government will be able to achieve its target of fiscal deficit of 3.5 % (for 2016-17)," he sid. Further, he explained that his office sends input to the government on a daily basis to assess its fiscal position.

"For example, in the last 15 days of March, we have given all our inputs on expenditure and receipt collection on a day-to-day basis. This helps the government in seeing how much fiscal deficit it is on a particular date," said the official.

India's fiscal deficit at the end of February 2016-17 was Rs 6.05 lakh crore, which was 113.4 % of the full-year target, on account of lower realisation on non-tax revenues.

The fiscal deficit, which is a gap between government's total receipts and expenditure, at the end of February was higher when compared with 107.4 % in the similar period of the previous fiscal.

Finance Minister Arun Jaitley in the Budget had set the fiscal deficit target at 3.5 % for FY 2016-17, after achieving the preceding year's target of 3.9 %.

Lianzuala said a timely input from the CGA helps the government to assess whether or not it is in a position by the end of March to achieve the Fiscal Responsibility and Budget Management

target.