Govt committed to fiscal consolidation without compromising on expenditure, FM tells LS

New Delhi: Union Finance Minister Nirmala Sitharaman on Wednesday said the government is committed to follow the path of fiscal consolidation without compromising on public expenditure.

Replying to the general discussion on Budget 2019-20 in the Lok Sabha, the minister also said the government has set the fiscal deficit target at 3.3% of the Gross Domestic Product (GDP) for 2019-20. “We will move GST Council to reduce the GST rate on e- vehicles from 12% to 5%,” she said.

The minister said the government’s intention is to push infrastructure development and invest over Rs 100 lakh crore in the next five years. She said the government has increased Minimum Support Price (MSP) for all 22 commodities.

Sitharaman further said the government has been taking several steps to achieve USD 5 trillion economy by 2024-25.