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Government to stick to expenditure, fiscal deficit targets
New Delhi, Sep 15 (IANS) Virtually ruling out any immediate cut in fuel prices, Finance Minister Arun Jaitley said after a review meeting with Prime Minister Narendra Modi that the government would stick to its capital expenditure targets for achieving a higher trajectory of growth while maintaining the budgeted 3.3 per cent fiscal deficit target in the current year.
“The government is confident and committed to strictly maintaining the 3.3 per cent fiscal deficit target. As far as capital expenditure is concerned for maintaining the high trajectory growth, we will end the year without any cuts and will maintain 100 per cent capital expenditure, necessary for high trajectory growth,” he told reporters after a three-hour meeting at the Prime Minister’s official residence.
The Finance Minister parried reporters’ questions whether the issue of petroleum prices, which have hit the roof, and whether the possibility of a cut in prices were discussed, saying it was essentially an internal discussion relating to the departments of the Finance Ministry.
The government has been maintaining that it was difficult to cut the excise duty on imported crude because it has to maintain expenditure on various social welfare schemes announced in the budget.
Saturday’s meeting came a day after the Prime Minister discussed with Jaitley and Finance Ministry officials the current economic situation after which the Finance Minister announced five measures to curb the widening current account deficit besides a policy to limit non-essential imports and to encourage exports.
Jaitley said the primary focus of the Friday meeting was the current account deficit and how to narrow it down.
“Today, the Economic Affair Department, Revenue Department, Expenditure Department and Department of Investment and Public Asset Management made detailed presentations before the Prime Minister. After the presentations, the Prime Minister expressed satisfaction with respect to broad parameters in relation to the economy and macroeconomic data so far emerging this year.
“We are confident of achieving higher growth rate than was projected in the budget. Inflation is broadly under control and in direct tax collections, we are moving ahead of schedule. Despite the stiff target, we are now seeing the impact of anti-black money measures we have taken: demonetisation and GST. There is a phenomenal increase in the base of the number of people filing tax returns,” he said.
The Finance Minister said the CBDT is clear that it would be able to collect in excess of the budgeted tax.
“In regard to GST and indirect taxes, the GST is settling down and with the pickup in consumption, it will show on the GST collections in future months. Between the indirect and direct taxes, we will comfortably meet the target, if not surpass it. As far as non-tax revenue is concerned, the entire programme of divestment and strategic sales for this year, just as we exceeded the target last year, we are confident of not only meeting the disinvestment target, but exceeding it.
“On the basis of all these analyses, we are optimistic of our growth and tax collections. As far as the fiscal deficit is concerned, we will be able to stick to 3.3 per cent,” Jaitley said.
–IANS
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Dr. Abhishek Verma Dedicates a Shelter in Memory of His Mother, Veena Verma, at KGMU; Inaugurated by Daughter Nicolle Verma
World-renowned business tycoon Dr. Abhishek Verma has supported Foodman Vishal Singh’s Hunger-Free World mission. In memory of his mother, Late Veena Verma, who was a 3 term Rajya Sabha MP.
Dr. Verma dedicated a state-of-the-art free permanent shelter for the attendants of patients at KGMU Medical University, Lucknow, under the aegis of Vijay Shree Foundation. His daughter, Nicolle Verma, inaugurated the shelter.
During the event, Foodman Vishal Singh honored Nicolle Verma by presenting her with a memento. Mrs. Nidhi Sharma and Avantika Yadav, associated with the organization, welcomed her with garlands. Following this, Nicolle Verma distributed essential items to the attendants and also handed out fruits. She became emotional remembering her grandmother on her birth anniversary.
On this occasion, she also inaugurated the “Veena Verma Sevalaya” in memory of her grandmother, Veena Verma, to serve the attendants. She expressed, “I feel proud that my family is engaged in nation-building as well as social service. Today, in collaboration with Vijay Shree Foundation founder Foodman Vishal Singh Ji, I feel immensely proud to dedicate this shelter for the poor, helpless, and needy attendants of patients battling serious illnesses like cancer. I am honored to be associated with the Hunger-Free World Mission for humanity.”
Inspired by the continuous humanitarian service provided by Vijay Shree Foundation over the past 17 years, Nicolle Verma donated 10 lakh rupees to support the cause. The purpose of this donation is to ensure that services continue for the needy attendants of patients suffering from severe illnesses in hospitals, as facilitated by Foodman Vishal Singh.
It is noteworthy that Dr. Abhishek Verma’s family has a legacy of public and philanthropic service. They are helping millions to carry forward the values and service work of their parents. On the occasion of his mother’s birth anniversary, Dr. Abhishek Verma dedicated this state-of-the-art permanent shelter at Lucknow Medical College to serve the attendants of patients through the Vijay Shree Foundation.
Supporting Foodman Vishal Singh’s Hunger-Free World mission, Dr. Abhishek Verma assured that he would continually support keeping this flame of humanity alive. He also promised to assist in providing medicines to the helpless patients.
Continuing her grandmother’s legacy of service, Nicolle Verma personally served food to the needy patients and attendants. She said, “It is our good fortune to have received the joy of doing this noble work today through Foodman Vishal Singh. I have taken another step forward in carrying my family’s values and cooperation by joining hands with the Vijay Shree Foundation. My father taught me to serve and help the needy, and I feel happy when I bring a smile to someone’s face.”
On the birth anniversary of the late Veena Verma, the event organizer, Vijay Shree Foundation founder Foodman Vishal Singh, said, “We feel proud and happy that Dr. Abhishek Verma, a globally renowned business tycoon, has extended his support to uplift our country from the hunger index. Today, on his mother’s birth anniversary, he inaugurated a state-of-the-art permanent shelter at Lucknow Medical College, which will always be helpful for the needy attendants of patients. It is a pleasure for me and the organization to receive the affection of Mr. Verma.”
The event was attended by General Manager Verma Family Office Hemant Garg, Sonu Rajput, and the organization’s volunteers, including Sandeep Singh, Parmeshwar Ji, Prashant Rao Gautam, Balram Singh, Ramesh Chaudhary, Suman, Jeetu, Anil, Suraj, Vinay, Manish Bhadauria, Manas Mehrotra, Vivek, Apurv, Happy, and others.
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