IANS/New Delhi
India’s Finance Minister P Chidambaram yesterday claimed that the economy is well on the path to recovery due to steps initiated by him during his term.
Chidambaram said the fiscal deficit had been suitably contained.
"Tax revenues have been more or less on the expected lines. Around Rs55,000mn were collected in direct taxes which was more than the revised estimate. There was a shortfall of Rs170,000mn in revenues collected from indirect taxes. After discounting the share of states and taking into account non-tax based sources of revenue, the fiscal deficit is down by Rs84,000mn," he said.
He added that the current account deficit stands at $32bn for the financial year that ended March 31, 2014, as compared to $88bn for the fiscal year ended in 2012.
He further claimed that the Cabinet Committee on Investment has done a great job through the Project Monitoring group in improving the investment climate in the country.
"Out of 169 stalled projects monitored, outstanding issues have been resolved in 108 projects, and fresh loans worth Rs12,920mn have been disbursed post the resolutions of the issues," he said.
