Government may better fiscal deficit aim, FDI review coming: Mayaram

Economic Affairs Secretary Dr Arvind Mayaram has told NDTV the government is likely to better its fiscal deficit aim of 4.8 per cent for the current financial year. Dr Mayaram said, “My target for this year is 4.8 per cent. So why shoud I now not continue with that target and perhaps surprise you next year in April with a better number.” He also said government is sticking to its borrowing target for this financial year. The government plans to borrow a record Rs 5.79 lakh crore from the market. The Economic Affairs Secretary has also ruled out any possibility of dipping into foreign exchange reserves to fund the current account deficit. In order to attract long term foreign capital into India, the government is seriously working to further liberalise its foreign direct investment regime, which it will announce shortly. “We want to deepen the FDI regime to be able to get more flows. We are looking at it very seriously,” the Economic Affairs Secretary asserts.