<h1>Economic Survey 2015-16: Achieving 3.9% Fiscal Deficit Target Possible with Higher Indirect Taxes, Lower Subsidies, Despite GDP Challenges.</h1> The Economic Survey 2015-16 indicates that achieving the fiscal deficit target of 3.9% for the year is feasible, despite challenges from lower nominal GDP growth. Key factors include increased revenue from indirect taxes, reduced subsidies, and enhanced state transfers. Indirect taxes grew by 34.8%, with excise duties rising by 68%. The subsidy bill is expected to be below 2% of GDP, aided by a significant reduction in petroleum subsidies. The survey highlights fiscal consolidation and discipline, but notes potential challenges in 2016-17 due to global economic conditions and increased expenditure from policy implementations. Improving tax compliance and expenditure quality is crucial for fiscal stability.