Finance Minister Arun Jaitley on Tuesday said fiscal deficit targets for current year are likely to be met and manufacturing sector is showing turnaround signs.
“Even though the revenues have been challenging due to slow manufacturing industry, now, it is turning around and it looks like we will be able to meet our fiscal targets,” Jaitley said in New Delhi on Tuesday.
The government has pegged fiscal deficit target at 4.1 percent of the GDP for the current year.
“Our currency is one of those two global currencies that withstood the might of the US dollar. Most of the global currencies are under pressure,” he said.
Stating that last one week had been a great learning for him, the Finance Minister said, “The sense I got in last few days is that ordinarily everything is going well with India.
“From depressing slowdown in last last two three years, suddenly our growth rates are likely to look up.”
On the other hand, competing economies globally have not been so good.
“Brazil faces a challenge, South Africa faces challenge. Europe is still struggling to come out of slowdown. China which has maintained a growth rate of over 9 percent over 3 decades is looking at new normal,” he said.