Page 14 - Latest Updates on Fiscal Deficit
Why Centre is left with little fiscal cushion to deal with Covid pandemic
When emerging from this crisis, the govt must consider a fresh approach to reviving growth, revisiting the Centre-state fiscal balance, and devising a re-imagined GST 2.0, writes T N Ninan
IMF asks Pak to freeze govt employees' pay, stick to fiscal consolidation
The Pakistan government is resisting the demand due to high inflation that has eroded people's real income
 "IMF asks Pak to freeze govt employees' pay, stick to fiscal consolidation")
Financial stability needed even if fiscal deficit rises: CII chief Kotak
The CII president is not in favour of waiver of interest by banks during the moratorium period
 "Financial stability needed even if fiscal deficit rises: CII chief Kotak")
India must shed its protectionist attitude: Ex-CEA Arvind Subramanian
If we turn protectionist, I don't know how can we be an exporting power. Self-sufficient exporting powerhouse is an oxymoron," he said.
 "India must shed its protectionist attitude: Ex-CEA Arvind Subramanian")
Back to February 28
Variation between revised and final Budget numbers has grown
 "Back to February 28")
Why Moody's downgrade is not a bolt from the blue but still not justified
While this downgrade will not affect the sovereign as it does not borrow overseas, it will however affect Indian companies borrowing from abroad
 "Why Moody's downgrade is not a bolt from the blue but still not justified")
At 4.6% of GDP, last year's fiscal deficit breached FRBM Act escape clause
The total revenue for FY20 was Rs 17.5 trillion, or 90.6 per cent of revised estimates of Rs 19.32 trillion, compared with 91.4 per cent for the same period last year.
 "At 4.6% of GDP, last year's fiscal deficit breached FRBM Act escape clause")
GDP data: Yet another huge knock for Modi govt's economic growth story
India's economic growth falls for a third successive year, fiscal deficit widens to 4.6%; agriculture and govt spending prevent further decline
 "GDP data: Yet another huge knock for Modi govt's economic growth story")
Fiscal deficit widens to 4.6% of GDP in FY20 on poor revenue realisation
The deficit, which signifies the gap between government revenue and expenditure, is higher than the revised estimate of 3.8 per cent for the fiscal
 "Fiscal deficit widens to 4.6% of GDP in FY20 on poor revenue realisation")
Govt unlikely to press for hike in GST rates for non-essentials next month
However it will have to find ways in which essential and non-essential items can be segregated
 "Govt unlikely to press for hike in GST rates for non-essentials next month")
RBI issues cash management bills worth Rs 80,000 cr after good response
The RBI received bids of Rs 3.45 trillion, or more than four times the amount on offer.
 "RBI issues cash management bills worth Rs 80,000 cr after good response")
India's (im)possible road ahead
Better implementation of policy measures and reaching out to those left behind are needed next
States' fiscal deficit to rise to 4.5% of GSDP in FY21: Ind-Ra
The 20 states considered in the analysis constituted nearly 86 per cent of the budgeted aggregate revenue receipts for FY20.
 "States' fiscal deficit to rise to 4.5% of GSDP in FY21: Ind-Ra")
States' aggregate fiscal deficit to rise to 4.5% of GSDP in FY21: Ind-Ra
The agency's earlier forecast was 3%; it says state governments were already facing a lower-than-budgeted share in central taxes and subdued own revenue growth, when the 21-day lockdown was imposed
 "States' aggregate fiscal deficit to rise to 4.5% of GSDP in FY21: Ind-Ra")
Ratio of India's public debt to GDP likely to scale a new high in FY21
According to the Reserve Bank of India (RBI) data, the combined liabilities of the Centre and the state governments were around Rs 147 trillion at the end of March 2020
 "Ratio of India's public debt to GDP likely to scale a new high in FY21")
No restrictions on utilisation of additional borrowing by states: FinMin
It is to be noted that the basic limit of 3 per cent remains unconditional, while only additional one per cent out of the two is linked to citizen centric reforms, Finance ministry official said.
 "No restrictions on utilisation of additional borrowing by states: FinMin")
All options open to govt to monetise deficit under RBI guidance: N K Singh
He said all options should be open to the sovereign in consultation with the Reserve Bank of India (RBI)
 "All options open to govt to monetise deficit under RBI guidance: N K Singh")
Door open for stimulus 6.0; govt with industry: FM Nirmala Sitharaman
Calling her stint as FM during the pandemic "the most challenging assignment yet", Sitharaman said she was not upset with the criticism that the recent stimulus package was too little
 "Door open for stimulus 6.0; govt with industry: FM Nirmala Sitharaman")
I've to be careful, am answerable to Parliament: FM Nirmala Sitharaman
Nirmala Sitharaman tells Indivjal Dhasmana & Nivedita Mookerji that the government has made sure that mistakes committed during 2008-2013 are not repeated while announcing the Rs 20-trillion package.
 "I've to be careful, am answerable to Parliament: FM Nirmala Sitharaman")
Fiscal math of the imponderables
Growth holds the key to the government's fiscal deficit slippage
 "Fiscal math of the imponderables")
