India's Economic Survey for 2007-08 has been tabled today in Parliament by the honorable finance minister Mr. P Chidambaram. Considering the expected trend of slowdown in the US economy, the Indian's Economic Survey report has caused a substantial hue and cry amongst the members of the parliament.
The survey report assures that the 3% target of fiscal deficit would be fulfilled. The Economic Survey has also set the targeted revenue deficit to be zero for the next financial year. However, the survey report also clarifies the point that it would not be easy to achieve the targeted revenue deficit by the end of March 2009, as the target has been set assuming the fact that the economy would continue to grow in a sustained manner.
The Economic Survey report also says that the UPA Government is confident about attaining the 3% fiscal deficit target based on the record amount of collected tax revenue.
Another interesting point that has come up from the survey report is that for the financial year 2007-08, the performance of the states have surpassed the performance of the Center.