Finance Minister Arun Jaitley said that the BJP-led NDA will continue with fiscal prudence and lower tax rates if elected back to power. He added that the GST Council has cut tax rates on consumption items to 12 or 18 per cent and lowering rate on cement is next on agenda. He stated that India’s growth has stabilised between 7-7.5 per cent and irrespective of global trends, domestic consumption is going to increase.
The Reserve Bank of India cut its GDP growth forecast for the current fiscal by 20 basis points (bps) to 7.2 per cent. For current fiscal, which began on April 1, the fiscal deficit target has been set at 3.4 per cent by the government.
