The government has pegged the fiscal deficit for the current financial year at Rs 7.03 lakh crore, aiming to restrict the deficit at 3.3 percent of the gross domestic product (GDP).
The government may discontinue spending on 200-odd schemes in order to stick to its fiscal deficit target of 3.3 percent, according to a CNBC-TV18 report.
The report noted that these schemes would be having a non-prirotity status, and that government was carrying out a token spend on these schemes. The report also noted that the impact of discontinuing these schemes would likely be reflected in the budget for FY21.
State governments are likely to have been notified of the step as they ultimately implement the schemes that receive the funding from the Centre, the report noted.
India's fiscal deficit reached nearly 93 percent of the budget estimate at Rs 6.52 lakh crore at the end of September in the current financial year, government data showed on Thursday. In absolute terms, the fiscal deficit or the gap between expenditure and revenue was Rs 6,51,554 crore as on September 30, according to the data released by the Controller General of Accounts (CGA).
The deficit stood at 95.3 percent of the 2018-19 budget estimate (BE) in the corresponding month a year ago.
The government has pegged the fiscal deficit for the current financial year at Rs 7.03 lakh crore, aiming to restrict the deficit at 3.3 percent of the gross domestic product (GDP).(With inputs from PTI.)LIVE NOW... Video series on How to Double Your Monthly Income... where Rahul Shah, Ex-Swiss Investment Banker and one of India's leading experts on wealth building, reveals his secret strategies for the first time ever. Register here to watch it for FREE.