Next year will be challenging because of implementation of the 7th Pay Commission and OROP:Jayant Sinha

Minister of State for Finance Jayant Sinha

On fiscal deficit, Minister of State for Finance Jayant Sinha said the government will meet the target for current as well as for the next fiscal.

"We will achieve 3.9 per cent fiscal deficit target for the current fiscal and 3.5 per cent for the next fiscal," he said, adding that next year will be challenging because of implementation of the 7th Pay Commission and One Rank One Pension (OROP).

"It's going to be a challenging year because we have the headwinds of two major factors that are slowing us down... agriculture and exports slowdown. Those two factors are dragging us down," he said. 

In addition to that, the government has to deal with OROP and 7th Pay Commission liability which is going to be Rs 1 lakh crore.

With regard to key legislations, Sinha said "on our side we are ready and prepared to introduce the bankruptcy legislation. If indeed we are able to bring in the bankruptcy legislation, it will be the second best relative to getting GST." 

The government has three working days to introduce the Bill as the winter session of Parliament ends on Wednesday.

"We have said all along that our two top priorities are GST and the bankruptcy legislation. We are continuing to discuss GST legislation for which we have not got support from our colleagues, from principal opposition party," he said. 

PTI