14 September, New Delhi
Economic Affairs Secretary Shaktikanta Das has said the government will achieve overall Budget target for tax collection. Speaking at a function in New Delhi today, Das said revenues are buoyant and the fiscal deficit will be within the budgeted level of 3.9 per cent.
He said the low commodity prices pose a challenge but there are positives for India and it is time to capitalise on them.
Das said the decline in crude prices has helped lower inflation as well as subsidy expenditure. Raising concern on China’s currency volatility, he said India is insulated from them as the country is not a part of China manufacturing value chain.
He said given the global crisis, India is now focusing on governance reform, so that it can seize the opportunity thrown up by the current global situation. He also said that government and RBI are prepared for all eventualities in case of a possible rate hike by US Federal Reserve.