'Govt determined to contain fiscal deficit at 3.3%; no excise cut on fuel'
The government is determined to keep fiscal deficit within the budgeted level of 3.3 per cent of GDP as the country cannot afford to have a twin deficit problem, PTI reported quoting a top official. The official told the news agency a depreciating rupee and high crude import bill would definitely put pressure on the country's current account deficit (CAD), and a fiscal slippage at this juncture would lead to a twin deficit. Ruling out any excise duty cut on petrol and diesel, the official said the dependence on oil as a source of tax revenue has to be brought down and this can only happen when the share of non-oil tax to GDP goes up. (PTI)