Rs 14,131.6 cr recovered from sale of Vijay Mallya’s assets: Sitharaman
The Finance Minister informed the Lok Sabha that the Enforcement Directorate (ED) has been successful in recovering assets from several high-profile economic offenders.
The fiscal deficit for the current fiscal will be 3.8%, up from the earlier estimated 3.3%, Finance Minister Nirmala Sitharaman said on Saturday.
” We estimate fiscal deficit at 3.8 per cent of GDP in FY20 and 3.5 per cent for Budget estimate FY21″, she said in her Budget speech.
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The revised estimates of expenditure for the FY20 is at Rs 26.99 lakh crore, and the revised receipts for FY21 is at Rs 19.32 lakh crore, the minister said.
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The FM said the procedure adopted is compliant with Fiscal Responsibility and Budget Management Act, 2003 (FRBM) Act. The Act roadmap was to reduce the fiscal deficit – the gap between total expenditure and revenue -to 3 per cent of the GDP by 2020-21.
As per the medium-term fiscal policy-cum-fiscal policy strategy, the government was to contain the fiscal deficit at 3.4 per cent in the current as well as next fiscal, and then bring it down to 3 per cent in 2020-21. But that is now set to change.
(With input from agencies)
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