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With just over
forty days left for Finance Minister Arun Jaitley to present the Union Budget
2016-17, budget makers are said to be veering towards sticking to the current
medium-term fiscal consolidation roadmap and Read
More set a fiscal deficit target for the next year at 3.5% of gross
domestic product.
However, in case
there remain multiple views on the matter late into the budget preparations,
Prime Minister Narendra Modi may take the final decision on whether to
re-assess the roadmap or stick to the current one, Business Standard has
learnt.
The Modi
government faces a substantial spending burden in fiscal year India
Budget 2016-17, primarily due to implementation of recommendations of the
Seventh Pay Commission, One Rank One Pension, maintaining capital spending
levels as well as providing boost to revive a slowing rural economy.
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