In a big relief for investors, Finance Minister Arun Jaitley on Monday fixed next year's fiscal deficit target at 3.5 per cent of GDP. Domestic stock markets and the rupee had come under a huge selloff ahead of Budget on concerns that Mr Jaitley will relax fiscal deficit target for the second straight year.
However, the finance minister stuck to the stated fiscal deficit target despite substantially raising spending to address rural distress. Mr Jaitley also said that he will fully provide for the 7th Pay Commission salary hikes for central government employees and pensioners.
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