Opinion | Need to focus on state government finances
6 years, 4 months ago

Opinion | Need to focus on state government finances

Live Mint  

The widening of the fiscal deficit has re-emerged as a cause of concern for the Indian economy. As per a recent Reserve Bank of India report on state government finances, the consolidated fiscal deficit of the state governments in FY18 was 3.1%, against the budget estimate of 2.7%. While the state governments’ expenditure commitment has increased over time in line with the spirit of fiscal federalism, they still have limited autonomy in revenue collection. State governments are bound by the FRBMA limiting fiscal deficit to around 3% of gross domestic product and revenue deficit to 0%. However, in FY16 and FY17, as state governments took over the debt of power distribution companies under the UDAY scheme, the fiscal deficit breached the 3% level.

States Revenue State Central Centre Gst Deficit Fiscal Governments Expenditure Fiscal Deficit State Governments Capital Expenditure Uday Revenue Collection Farm Loan Waivers Fy18 Finances Revenue Deficit State Government Finances Fy15 Government Finances  need  states  deficit  state  revenue  finances  opinion  tax  expenditure  governments  focus  fiscal  gst  fy18

History of this topic

State borrowings to surge about 18% in Q4 after slowing Q2 GDP growth
1 week, 4 days ago

State borrowings to surge about 18% in Q4 after slowing Q2 GDP growth

Live Mint  

India’s state governments appear to be priming themselves for a significant capital expenditure push in the current quarter, offering hope of a drive towards reviving the pace of India’s economic growth after a succession of slow-growing quarters. The rise in state borrowings offers hope of a push towards broader economic recovery, following a notable slowdown in India’s gross domestic product …

States push for more fiscal room, seek expansionary Union budget
3 weeks, 4 days ago

States push for more fiscal room, seek expansionary Union budget

Live Mint  

State governments on Friday sought extra headroom for their borrowings and greater fiscal support for their capital expenditure from the Centre, while advocating an expansionary union budget for FY26 to arrest an economic slowdown and a weakening currency. Ministers from 28 states, including some of the chief ministers and deputy chief ministers, attended Union finance minister Nirmala Sitharaman’s budget consultations …

States push for more fiscal room, seek expansionary Union budget
3 weeks, 4 days ago

States push for more fiscal room, seek expansionary Union budget

Live Mint  

State governments on Friday sought extra headroom for their borrowings and greater fiscal support for their capital expenditure from the Centre, while advocating an expansionary union budget for FY26 to arrest an economic slowdown and a weakening currency. Ministers from 28 states, including some of the chief ministers and deputy chief ministers, attended Union finance minister Nirmala Sitharaman’s budget consultations …

RBI asks States to have sustained fiscal prudence
3 weeks, 5 days ago

RBI asks States to have sustained fiscal prudence

The Hindu  

State governments contained their consolidated gross fiscal deficit within 3% of the gross domestic product and their revenue deficit at 0.2% of GDP during 2022-23 and 2023-24, the Reserve Bank of India said in its report on state finances. “In view of high debt levels, contingent liabilities and the rising subsidy burden, State government finances would benefit from the adoption …

RBI flags concerns over state sops even as tax revenue grows, spending quality improves
3 weeks, 5 days ago

RBI flags concerns over state sops even as tax revenue grows, spending quality improves

Live Mint  

Mumbai: India’s banking regulator has flagged concerns about a slew of sops announced by several states, even as their tax revenue has grown faster than the economic growth rate after the pandemic year of FY21, and spending quality improved in favour of more productive asset creation. Even as capital expenditure is projected to increase this year, states are expected to …

RBI flags concerns over state sops even as tax revenue grows, spending quality improves
3 weeks, 5 days ago

RBI flags concerns over state sops even as tax revenue grows, spending quality improves

Live Mint  

Mumbai: India’s banking regulator has flagged concerns about a slew of sops announced by several states, even as their tax revenue has grown faster than the economic growth rate after the pandemic year of FY21, and spending quality improved in favour of more productive asset creation. Even as capital expenditure is projected to increase this year, states are expected to …

Indian states must set glide path for fiscal consolidation, says central bank report
3 weeks, 5 days ago

Indian states must set glide path for fiscal consolidation, says central bank report

Live Mint  

MUMBAI, Dec 19 - Indian state governments must have clear and time-bound glide paths for fiscal consolidation with transparent and uniform reporting of liabilities, given the elevated debt levels, the Reserve Bank of India said in a report on Thursday. Following the strategy outlined in the federal budget 2024-25, states with elevated debt levels should establish a path for debt …

Capital spending of 13 major states to be below budget estimate in FY25 after sluggish start: Icra
2 months, 4 weeks ago

Capital spending of 13 major states to be below budget estimate in FY25 after sluggish start: Icra

Live Mint  

New Delhi: The combined capital spending of 13 major state governments in India is expected to grow by 13% to ₹6.5 trillion in FY25, below the budget estimate of ₹7.2 trillion, rating company Icra said on Wednesday. {{^adFree}} {{/adFree}} A sluggish start to capital expenditure and an expected shortfall in revenue due to elections during April-May are likely to have …

India confident of achieving fiscal deficit target, on course with glide path: FM Sitharaman
5 months, 2 weeks ago

India confident of achieving fiscal deficit target, on course with glide path: FM Sitharaman

Live Mint  

The government is confident of achieving its fiscal deficit target and sticking to the glide path to trim it to 4.5% of the GDP by FY26, Union finance minister Nirmala Sitharaman told Parliament on Tuesday, addressing concerns raised by the Opposition on the budget. Sitharaman also outlined the government’s budgetary allocations for social sector welfare schemes, public capex, expenditure on …

Govt. on track to reduce fiscal deficit: Fitch
5 months, 2 weeks ago

Govt. on track to reduce fiscal deficit: Fitch

The Hindu  

Fitch Ratings on Friday exuded confidence that the Government of India should be able to achieve its enhanced goal of reducing the fiscal deficit to 4.9% of GDP this year, and further below 4.5% of GDP next year, but noted that the post-election Budget did not provide much clarity on medium-term targets. While the Budget did highlight “a desire to …

Nearly 85% of capital expenditure loans to states released in FY24: Finance ministry
5 months, 2 weeks ago

Nearly 85% of capital expenditure loans to states released in FY24: Finance ministry

Live Mint  

New Delhi: The Union government released about ₹1.10 trillion of the ₹1.3 trillion allocated to states in 2023-24 as interest-free loans towards developing infrastructure and specific reforms, with Uttar Pradesh, Madhya Pradesh, and Bihar cornering a large portion of the funds. Uttar Pradesh received the most funds, ₹19,215.08 crore, while Madhya Pradesh secured ₹12,636.21 crore, Bihar ₹8,814.80 crore, Rajasthan ₹8,513.42 …

CAG slams state govt for fiscal stress
6 months ago

CAG slams state govt for fiscal stress

Hindustan Times  

Mumbai: In a report tabled in the Maharashtra legislature on Friday, the Comptroller and Auditor General criticised the state government for fiscal stress caused by a mismatch between receipts and expenditure. HT Image The state government’s revenue receipts grew from ₹2,78,996 crore in 2018-19 to ₹4,05,678 in 2022-23, while revenue expenditure during this period increased from ₹2,67,021 crore to ₹4,07,614 …

Budgetary allocations in UP: 67% funds used so far, efforts on to utilise money by March 31
10 months, 1 week ago

Budgetary allocations in UP: 67% funds used so far, efforts on to utilise money by March 31

Hindustan Times  

LUCKNOW With the current financial year ending on March 31, 2024, the state government has so far used nearly 67% of the budgetary funds and efforts have been stepped up to ensure that departments make use of the funds without compromising on quality. The state government got an annual budget of ₹ 6.90 lakh crore approved from the state legislature …

Ajit Pawar presents interim budget, state debt reaches ₹7.82 lakh crore
10 months, 2 weeks ago

Ajit Pawar presents interim budget, state debt reaches ₹7.82 lakh crore

Hindustan Times  

MUMBAI: Finance minister Ajit Pawar on Tuesday presented a ₹6 lakh crore interim budget with a revenue deficit of ₹9,734 crore. While the government is aiming for a $1trillion state economy, its debt burden has reached ₹7.82 lakh crore after a net borrowing of ₹72,000 crore. The PM has announced welfare schemes for youth, women, the poor and farmers, which …

Karnataka Budget: No tax hike, borrowings cross ₹1 lakh crore in revenue deficit
10 months, 4 weeks ago

Karnataka Budget: No tax hike, borrowings cross ₹1 lakh crore in revenue deficit

The Hindu  

The total outlay of the Karnataka State budget for 2024-25 is pegged at ₹3,71,383 crore, as against a revised estimate of ₹3,12,708 crore for 2023-24. Karnataka Budget 2024-25: LIVE coverage While the Chief Minister has not increased any taxes, he has presented a revenue deficit budget with the net borrowings crossing ₹1 lakh crore, perhaps for the first time in …

Assam govt presents ₹774.47 crore deficit budget; no new taxes proposed
11 months ago

Assam govt presents ₹774.47 crore deficit budget; no new taxes proposed

Hindustan Times  

With no new taxes proposed, Assam finance minister Ajanta Neog on Monday presented the state’s ₹774.47 cr deficit budget for 2024-25 financial year. Addressing the ongoing budget session, Neog mentioned that the total budget for the coming financial year will be ₹2.9 lakh crore. If we take into account the deficit of ₹2369.41 crore at the start of the financial …

ECONOMIC PERSPECTIVES | How the Modi government is dismantling India’s federalism, politically and fiscally
1 year, 3 months ago

ECONOMIC PERSPECTIVES | How the Modi government is dismantling India’s federalism, politically and fiscally

The Hindu  

Published : Sep 21, 2023 11:00 IST - 6 MINS READ Indian federalism is under severe strain. Parallel to political challenges to federalism has been the much more consistent tendency to erode the fiscal and, therefore, economic policy space of State governments. Given the responsibilities that States have been allocated, which require expenditures in excess of their revenue generating capabilities, …

Rethink the emerging dynamics of India’s fiscal federalism
1 year, 4 months ago

Rethink the emerging dynamics of India’s fiscal federalism

The Hindu  

A ‘holding together federation’ with a built-in unitary bias, the Indian Constitution was the contextual product of centrifugal forces and fissiparous tendencies in the run-up to Independence. The paradigm shift from a planned economy to a market-mediated economic system, the transformation of a two-tier federation into a multi-tier fiscal system following the 73rd and 74th Constitutional Amendments, the abolition of …

A macro view of the fiscal health of States
1 year, 6 months ago

A macro view of the fiscal health of States

The Hindu  

In India, the States mobilise altogether more than a third of total revenue, spend 60% of combined government expenditure, and have a share in government borrowing that is around 40%. Fiscal challenges However, there are significant fiscal challenges that need correction in the short to medium time frame — the most critical being containing the revenue deficit of States. Out …

Govt meets 6.4% fiscal deficit target for FY23
1 year, 7 months ago

Govt meets 6.4% fiscal deficit target for FY23

Hindustan Times  

The Union government met its fiscal deficit target of 6.4% of the gross domestic product for 2022-23 on the back of robust tax revenue despite higher revenue expenditure, particularly on account of subsidies and interest payments, official data released on Wednesday showed. Fiscal deficit indicates government’s borrowing to meet the gap between revenue receipts in a particular financial year and …

Measures to make T.N. revenue-neutral to be keenly watched
1 year, 9 months ago

Measures to make T.N. revenue-neutral to be keenly watched

The Hindu  

Apart from the anticipation of an announcement on the monthly honorarium of ₹1,000 for women family heads, measures to achieve the goal of making the State revenue-neutral in three years would be keenly watched in the Tamil Nadu Budget for 2023-24 to be presented by Finance Minister Palanivel Thiaga Rajan on Monday. As per the provisional figures of the Comptroller …

Friction over fiscal federalism: Why do some States get more money from the Centre?
1 year, 9 months ago

Friction over fiscal federalism: Why do some States get more money from the Centre?

The Hindu  

For every one rupee that Tamil Nadu gives the Centre, it gets back 29 paise. Click to remove AMP mode The Centre’s tax collections are pooled-in from States and a part of it is distributed among them, based on the Finance Commission’s formula. In an event in Chennai, Union Finance Minister Nirmala Sitharaman said, “If every State thinks I am …

Data | Five Southern States took off-Budget loans worth ₹2.34 lakh crore in FY21
1 year, 10 months ago

Data | Five Southern States took off-Budget loans worth ₹2.34 lakh crore in FY21

The Hindu  

While tabling the Budget a week ago, Telangana Finance Minister T. Harish Rao accused the Centre of “creating hurdles after hurdles” in the development of the State. Five Southern States — Telangana, Andhra Pradesh, Kerala, Tamil Nadu and Karnataka — accounted for ₹2.34 lakh crore, around 93%, of the total off-Budget liabilities of eleven major States analysed. In almost all …

Explained | Is the government on track on fiscal deficit targets?
1 year, 11 months ago

Explained | Is the government on track on fiscal deficit targets?

The Hindu  

The story so far: In the Union Budget for 2023-24, Finance Minister Nirmala Sitharaman chose the path of relative fiscal prudence and projected a decline in fiscal deficit to 5.9% of gross domestic product in FY24, compared with 6.4% in FY23. In Union Budget 2023-24, the fiscal deficit to GDP is pegged at 5.9% in FY24. The primary deficit, which …

Reading the Union Budget with state govt spending statistics
1 year, 11 months ago

Reading the Union Budget with state govt spending statistics

Hindustan Times  

Finance minister Nirmala Sitharaman will present her fifth consecutive budget on February 1 this year. See Chart 1: Share of central and state spending in total government expenditure in India There was no significant increase in states’ fiscal deficit post-pandemic The union government’s fiscal deficit has seen a sharp increase in the wake of the pandemic. See Chart 2: centre …

Budget likely to cap fiscal deficit at 5.8% for FY24; Centre's borrowings to rise
2 years ago

Budget likely to cap fiscal deficit at 5.8% for FY24; Centre's borrowings to rise

The Hindu  

The Centre and States are likely to budget for higher market borrowings to the tune of ₹2.3 lakh crore next fiscal even though the Union budget may peg a lower-than-expected fiscal deficit for the Centre at 5.8% of GDP, says a report. She also expects the forthcoming budget to enhance the Centre's capex to Rs 8.5-9 lakh crore and target …

Market Borrowings of Centre, States Seen At Rs 24.4 Lakh Crore In FY2024: ICRA
2 years ago

Market Borrowings of Centre, States Seen At Rs 24.4 Lakh Crore In FY2024: ICRA

News 18  

The government will peg its fiscal deficit in the FY2024 Budget Estimates at 5.8 per cent of the GDP, a healthy moderation from the 6.4 per cent of GDP projected for FY2023, according to a report by ratings agency ICRA. Aditi Nayar, chief economist and head of ICRA, said, “With a global growth slowdown looming large, the FY2024 Union Budget …

States may undershoot planned borrowings for Jan.-March: analysts
2 years ago

States may undershoot planned borrowings for Jan.-March: analysts

The Hindu  

States may not borrow as much as the record $41 billion they plan to in the January-March quarter, which will help keep the spread between State and central government bond yields in check, analysts said. States plan to sell bonds worth ₹3.41 trillion, the highest quarterly borrowing ever scheduled, in the last three months of the financial year, according to …

Indian states may undershoot planned borrowings for Jan-Mar quarter: Analysts
2 years ago

Indian states may undershoot planned borrowings for Jan-Mar quarter: Analysts

Live Mint  

Indian states may not borrow as much as the record $41 billion they plan to in the January-March quarter, which will help keep the spread between state and central government bond yields in check, analysts said. States plan to sell bonds worth 3.41 trillion rupees, the highest quarterly borrowing ever scheduled, in the last three months of the financial year, …

The states must get their fiscal act together
2 years, 4 months ago

The states must get their fiscal act together

Live Mint  

Central bankers driving the current round of monetary tightening in the world are looking askance at fiscal laxity, which could grow the inflation disease even as monetary medicine is being applied. The Centre’s budgeted fiscal deficit for 2022-23 at ₹16.6 trillion, was 6.4 % of gross domestic product as then projected, but 6.2 % of the likely GDP for 2022-23 …

States' capex soars 36% in FY23, fiscal deficit at Rs 8.4 lakh crore, finds ICRA report
2 years, 5 months ago

States' capex soars 36% in FY23, fiscal deficit at Rs 8.4 lakh crore, finds ICRA report

Firstpost  

According to the agency, 26 large states, excluding Assam, are on course to spend Rs 6.8 lakh crore or 35.8 per cent more this fiscal in capital expenditure over FY22 when it stood at Rs 5 lakh crore Mumbai: States have budgeted 36 per cent higher capital expenditure during this financial year, which may lead to a sharp rise in …

Why it’s time to worry about state finances
2 years, 6 months ago

Why it’s time to worry about state finances

Live Mint  

State governments are confronting various fiscal risks, particularly heavy debt, says the Reserve Bank of India’s latest bulletin. However, a rising trend in providing freebies such as free power, water, and gender-based free bus rides in many states have eaten into the expenditure pie. Power sector accounts for a large portion of states’ financial burden, since dues owed by discoms …

TN Budget: Fiscal deficit falls to 3.80% from 4.61%, revenue deficit too declines
2 years, 9 months ago

TN Budget: Fiscal deficit falls to 3.80% from 4.61%, revenue deficit too declines

The Hindu  

Tamil Nadu’s fiscal deficit for 2021-22 is poised to see a significant reduction from 4.61% down to 3.80% and the State will see a reduction in the absolute level of the revenue deficit by over ₹7,000 crore, “reversing an alarming trend of increasing deficits every year since 2014,” Finance Minister Palanivel Thiaga Rajan said in the Assembly on Friday. Presenting …

Govt seen boosting budget spending on infrastructure
2 years, 11 months ago

Govt seen boosting budget spending on infrastructure

Live Mint  

India plans to raise spending on infrastructure in its annual budget next week to set the economy on a firmer footing, but fiscal constraints leave little chance of concessions for households hurting from the pandemic, officials said. Yet these are likely to be overshadowed by spending to beef up transport and healthcare networks, which analysts estimate could rise between 12% …

States Close FY21 with Borrowing 3% Less Than Notified Rs 8.24 Lakh Crore
3 years, 9 months ago

States Close FY21 with Borrowing 3% Less Than Notified Rs 8.24 Lakh Crore

News 18  

The states and Union Territories have collectively borrowed Rs 7.98 lakh crore from the markets in 2020-21 ending March which is Rs 25,393 crore or around 3 per cent less than the indicated debt for the fiscal. In FY21, 28 states and two Union Territories have cumulatively raised Rs 7.98 lakh crore from markets which is 26 per cent more …

Tamil Nadu’s borrowing touch ₹82,000 crore in FY2020-21
3 years, 10 months ago

Tamil Nadu’s borrowing touch ₹82,000 crore in FY2020-21

The Hindu  

Tamil Nadu’s market borrowings has touched ₹82,000 crore in FY2020-21, up 37% from ₹59,990 crore in the comparable period last year. On Tuesday, Tamil Nadu raised ₹2,500 crore through re-issue of a 10-year bond also called as State Development Loans. Tamil Nadu, Maharashtra, Uttar Pradesh, Karnataka, Rajasthan and Andhra Pradesh have been the top six borrowing states, accounting for 53% …

Budget Tilted Towards Supporting Growth; FY22 Fiscal Deficit Target of 6.8% Realistic: Moody's
3 years, 10 months ago

Budget Tilted Towards Supporting Growth; FY22 Fiscal Deficit Target of 6.8% Realistic: Moody's

News 18  

India’s Budget is tilted towards supporting growth and the fiscal deficit target of 6.8 per cent for 2021-22 is realistic, Moody’s Investors Service said on Thursday. It said the government’s fiscal deficit for 2020-21 and 2021-22 should be lower than projected, supported by stronger revenue generation in ongoing March quarter and higher nominal GDP growth in the next fiscal year. …

Slower Consolidation to Constrain India's Fiscal Strength Over Medium Term: Moody's
3 years, 11 months ago

Slower Consolidation to Constrain India's Fiscal Strength Over Medium Term: Moody's

News 18  

Rating agency Moody’s on Wednesday India’s fiscal deficit projections are higher than expected and slower consolidation will constrain its fiscal strength over the medium term. The US-based agency said it expects India’s nominal GDP growth to rise to closer to 17 per cent in fiscal 2021, higher than 14.4 per cent projected in the Budget. The budget’s focus on higher …

Budget 2021: ’Raise limit for senior citizens interest income to ₹1 lakh’
3 years, 11 months ago

Budget 2021: ’Raise limit for senior citizens interest income to ₹1 lakh’

Live Mint  

By Deepak Jasani The Finance Minsiter has raised expectations from the forthcoming Budget by planning a once in 100 years Budget. While Direct and Indirect taxes may not offer much scope to innovate or bring path breaking reforms, the main focus could be on boosting manufacturing through schemes like PLI and to create jobs. Government is expected to recapitalise PSU …

Fiscal deficit of states to hit peak of ₹8.7 lakh crore, says CRISIL
3 years, 11 months ago

Fiscal deficit of states to hit peak of ₹8.7 lakh crore, says CRISIL

The Hindu  

The States are headed for a fourfold expansion in their revenue deficit this fiscal over the last year due to far lesser tax collections, Crisil Ratings said in a report. “This will not only expand States’ aggregate gross fiscal deficit to an all-time high of ₹8.7 lakh crore, or 4.7% of GSDP, but also skew its composition towards revenue deficit …

Combined Fiscal Deficit of Centre, States May Go Up to 14% in FY21: C Rangarajan
4 years, 3 months ago

Combined Fiscal Deficit of Centre, States May Go Up to 14% in FY21: C Rangarajan

News 18  

The combined fiscal deficit of states and the centre during the current year may go up to 14 per cent against the mandated level of six per cent, former Reserve Bank Governor C Rangarajan said on Thursday. "So therefore we are essentially talking about 13.8per cent or 14 per cent of the GDP as the overall fiscal deficit of the …

States' Market Borrowings Jump 55% to Rs 3.75 Lakh Crore So Far This Fiscal
4 years, 3 months ago

States' Market Borrowings Jump 55% to Rs 3.75 Lakh Crore So Far This Fiscal

News 18  

The states' market borrowings have jumped 55 per cent to Rs 3.75 lakh crore so far this fiscal, or 75 per cent of the budgeted amount, with 17 of them raising an additional Rs 22,350 crore from the latest auction of state development loans held on Tuesday. So far this fiscal year, 28 states and two Union Territories have cumulatively …

Govt Should Have Clear Exit Strategy, Milestones Needed for Fiscal Consolidation: RBI
4 years, 4 months ago

Govt Should Have Clear Exit Strategy, Milestones Needed for Fiscal Consolidation: RBI

News 18  

The government should have a clear exit strategy and credible milestones for fiscal consolidation in the coming years, the Reserve Bank said on Tuesday in its annual report amid meeting the fiscal targets becoming more challenging due to the coronavirus pandemic. Based on information from 25 states, the general government fiscal deficit increased from 5.4 per cent of GDP in …

Covid-19: Shoring up states financial muscle in times of a crisis
4 years, 9 months ago

Covid-19: Shoring up states financial muscle in times of a crisis

Business Standard  

In view of the ongoing crisis, the government has come up with several measures to aid the economy. Here’s the latest on the coronavirus outbreak and government measures to contain its impact on the economy: Last month, even before the Reserve Bank of India issued the indicative borrowing calendar for the states for April-June and the one for the Centre …

Budget 2020: Financial market will look for improved transparency in 1 February announcements, says DBS report
4 years, 11 months ago

Budget 2020: Financial market will look for improved transparency in 1 February announcements, says DBS report

Firstpost  

The report noted that fiscal deficit in the first eight months of FY20, stood at 15 percent above target, driven by weak revenues Singapore: The Indian financial market will look for improved transparency in the Union Budget announcements next month, according to a report by Singapore banking group DBS. The report noted that fiscal deficit in the first eight months …

Maharashtra’s politics is a mess, but its finances aren’t
5 years, 1 month ago

Maharashtra’s politics is a mess, but its finances aren’t

Live Mint  

Maharashtra is among the most industrialized states in the country, boasting of finances that are better than most others. The Maharashtra government ran a fiscal deficit of ₹56,053 crore—2.1% of the state’s GDP—in FY19. The fiscal deficit of Maharashtra in FY19 was at 2.1% of the state’s GDP. In fact, in FY20, Maharashtra hopes to achieve a fiscal deficit of …

State finances show worrying trend: Report
5 years, 2 months ago

State finances show worrying trend: Report

Live Mint  

New Delhi: Reflecting slowdown in the economy, monthly finances of 17 state governments show worrying trend with total receipts growing only 4.1% in the first five months of the current fiscal, compared to same period a year ago. "For the first five months of FY20, while capital expenditure grew only 0.6% year-on-year, core revenue spending grew 7.6% YoY. Thus, total …

Fiscal deficit adhered to Budget target, says Shaktikanta Das
5 years, 9 months ago

Fiscal deficit adhered to Budget target, says Shaktikanta Das

Live Mint  

New Delhi: Reserve Bank of India Governor Shaktikanta Das has said the gross fiscal deficit has adhered to budgetary targets, and that the current account deficit is expected to be around 2.5% of the GDP in 2018-19. The Governor's statement is the first official confirmation at a senior level of the government achieving the fiscal deficit target of 3.4% in …

State budgets a better view of the economy
5 years, 11 months ago

State budgets a better view of the economy

Deccan Chronicle  

Many of us in the news business, especially those based in New Delhi, fail to take note of the state budgets, and give overriding importance to the Union Budget. Former Union finance minister Yashwant Sinha had argued in 2013 that it was the good performance of the states’ economies that was buoying up the nation’s economic growth rate, and that …

Bond yields rise follow tax gifts, cash transfers announced in interim budget
5 years, 11 months ago

Bond yields rise follow tax gifts, cash transfers announced in interim budget

Live Mint  

India's 10-year government bond yield rose nearly 10 basis points on Friday as analyst expected government to face challenges in meeting its target for fiscal year 2020 after interim finance minister Piyush Goyal announced tax gift for middle class and cash transfer for farmers ahead of final elections due in May. An announcement of record borrowing plan at ₹7.04 trillion …

Discover Related