Union Budget 2015: FM Arun Jaitley hints at more cuts in spending
Ahead of the Budget 2015-16 to be unveiled later this month,
Jaitley hinted at a stable tax regime, saying that 'no unfair effort' will be
made by states and the Centre to mop up revenues.
Having already crossed the fiscal deficit
target in November, Finance Minister Arun Jaitley today hinted at more cuts in
spending so as to contain it within limits for the current fiscal, saying
he does not believe in living on borrowed money.
"We're trying to rationalise expenditure
as far as the government is concerned because we do not want the
government to live on borrowed money indefinitely," he told a
gathering of industrialists and planners here via video conferencing.
"The whole concept of spending beyond
your means and leaving the next generation in debt to repay what we
are overspending today is never prudent fiscal policy," he said. The
additionally hinted spending cuts would be over and above 10 percent that
the government has already announced to meet the budgeted 4.1 percent
fiscal deficit target which was crossed in November itself -- four months
ahead of the end of the financial year on March 31.
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