NE NEWS SERVICE
NEW DELHI, FEB 11
Taking a dig at Congress leader P. Chidambaram, the Finance Minister Nirmala Seetharaman said that the fiscal deficit was at a record high during the UPA regime when the economy was handled by competent doctors on Tuesday.
She was referring to remarks of former Finance Minister Chidambaram on Monday that the “economy was perilously close to collapse and was being attended by incompetent doctors.”
Replying to the opposition charge of government overshooting fiscal deficit target prescribed in Fiscal Responsibility and Budget Management (FRBM) Act, she said the Narendra Modi government has always respected the FRBM and kept the discipline of FRBM Act.
The primary deficit under the Congress-led UPA government never came below one per cent of the GDP while during the Prime Minister Narendra Modi-led government “we have managed to keep it below one per cent,” she said.
“Some hard truth you will have to be hear. 2008-09 fiscal deficit was 6.1 per cent, 2009-10 6.6 per cent, 2010-11 4.9 per cent, 2011-12 5.9 per cent, 2012-13, 4.9 per cent, 2013-14 4.5 per cent. So when we are talking about fiscal deficit, let us please concentrate and understand when economies are managed by very competent doctors,” she said.
Compared to this, she said, the government under Narendra Modi has been consistently bringing down fiscal deficit. Reeling out numbers, the finance minister said during 2014-15, the fiscal deficit came down to 4.1 per cent of GDP, 2015-16 3.9 per cent of GDP, 2016-17 3.5 per cent of GDP, 2017-18 3.4 per cent of GDP and 2018-19 3.4 per cent of GDP.
For the current financial year, she said, the budget pegged the fiscal deficit at 3.3 while in revised estimate it was raised to 3.8 per cent of GDP and for 2020-21 the target is 3.5 per cent of GDP.
She emphasised this government is fully conscious and taking all necessary and adequate steps to ensure all sectors are given importance.
