Acting finance minister Piyush Goyal, while announcing the interim Budget 2019 on Friday, said that the government has revised fiscal deficit target for 2018-19 to 3.4 percent from the earlier 3.3 percent.
Sharing his views on the announcement, Sanjeev Sanyal, Principal Economic Advisor, finance ministry, said "we have made a lot of progress".
â€œIt is true that the fiscal deficit is somewhat higher than the budgeted number. On the other hand take a wider look, the fact to the matter is till not very long ago we used to debate between 4.50 or 5.50 percent (fiscal deficit) of gross domestic product (GDP) and nowadays we get panicked about 3-3.4 or 3.5. So I think we have made a lot of progress. Moreover, the most interesting point, which nobody seems to be discussing is that the primary deficit is actually being kept well in control. So, if you look at the primary deficit - in fact it has done better than what had been budgeted," said Sanyal.