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Pakistan's deficit under microscope as IMF review begins

Wednesday, February 5, 2020, 8:05 AM

Pakistan's deficit under microscope as IMF review begins

Pakistan will come under pressure to convince the IMF it can bring down a ballooning fiscal deficit, as a review on the future course of its $6-billion financial aid program gets under way. An IMF team sent to review benchmarks set as part of the deal began formal meetings in Islamabad on Tuesday that will continue until February-13, a top finance ministry official said.

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Govt likely to cut spending by Rs 2 lakh crore in current fiscal: Report

Wednesday, January 8, 2020, 8:20 AM

Govt likely to cut spending by Rs 2 lakh crore in current fiscal: Report

India's government is likely to cut spending for the current fiscal year by as much as Rs 2 lakh-crore as it faces one of the biggest tax shortfalls in recent years, three government sources said. Asia's third-largest economy, which is growing at its slowest pace in over six years because of lack of private investment, could be hurt further if the government cuts spending.

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We are not done with stimulus: Nirmala Sitharaman on reviving economy

Saturday, December 7, 2019, 8:11 PM

We are not done with stimulus: Nirmala Sitharaman on reviving economy

Minister Nirmala Sitharaman said the government was working on more measures to revive the economy that slowed down to more than six-year low of 4.5% in the second quarter of the current fiscal from 5% recorded in the first quarter. Sitharaman stressed that the 4.5% growth, the last set of figures on the gross domestic product growth, relate to the three months ending September.

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Government to spend Rs 100 lakh crore on infrastructure projects: Nirmala Sitharaman

Sunday, December 1, 2019, 9:03 AM

Government to spend Rs 100 lakh crore on infrastructure projects: Nirmala Sitharaman

Finance Minister Nirmala Sitharaman on Saturday said the government will soon announce a set of projects as part of the government's plan to invest Rs 100 trillion in infrastructure over the next five years. Sitharaman said that she has travelled around the country meeting officers and discussing taxation related issues to ensure that officers' actions in no way amount to any perception of harassment.

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India's budget gap seen widening to four-year high on tax cuts

Friday, September 20, 2019, 7:59 PM

India's budget gap seen widening to four-year high on tax cuts

India's budget gap is likely to widen to the highest since 2016 after PM Modi's government unleashed $20-billion in corporate tax cuts to revive demand, according to a survey of economists. The median of the survey of seven-economists showed that India's fiscal deficit may rise to 3.9% of gross-domestic-product in the year ending March 2020, compared with a target of 3.3% set in July.

News

 
Piyush Goyal for printing currency to finance deficit

Sunday, February 10, 2019, 10:16 PM

Piyush Goyal for printing currency to finance deficit

Noting that finance ministers all over the world are perennially in search of revenue to balance government budgets, Union Minister Piyush Goyal favoured printing currency as-a-way of deficit financing, citing the example of US. Mr Goyal's remarks follow his presentation of interim-Budget 2019-20 earlier this month, which contained major largesse for stressed-agriculture-sector as-well-as tax sops for middle class with implications for the fiscal deficit.

News

 
Difficult for government to maintain 3.4% fiscal deficit in 2019-20: Moody's

Monday, February 4, 2019, 7:21 AM

Difficult for government to maintain 3.4% fiscal deficit in 2019-20: Moody's

The government will find it difficult to meet the fiscal deficit target of 3.4% in 2019-20 on account on higher spending and low revenue growth, Moody's Investors Service said. Observing that Indian government's debt is "stubbornly high" as-a-percentage of GDP, Moody's Investors Service Managing Director, Sovereign Risk Group, Gene Fang said it could be brought down only if Centre sticks to fiscal consolidation path.

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Govt may meet fiscal numbers this year: Report

Wednesday, January 30, 2019, 7:57 PM

Govt may meet fiscal numbers this year: Report

Taking a contrary stance from peers, economists at SBI Research see the government meeting the fiscal targets this year and same is likely to pegged at Rs.6.72L crore of GDP next fiscal-year, assuming a moderate nominal GDP growth of 11.7%, says a report. "We are expecting minimum buybacks in FY20 as government may be carrying forward a minimal cash balance into FY20," it said.

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Government set to miss fiscal deficit target by a full 40 bps: Report

Friday, January 25, 2019, 8:54 PM

Government set to miss fiscal deficit target by a full 40 bps: Report

The government is set to breach the fiscal deficit target yet again by 40 bps for 2018-19, and raise the target to 3.5 percent for next fiscal in the forthcoming budget that may be skewed towards the rural economy, says a foreign brokerage report. In a note Friday, Bank of America Merrill Lynch, however, said the fiscal "risks are overdone".

News

 
Farm loan waivers to have minimal impact on state deficits: India Ratings

Tuesday, January 22, 2019, 7:52 AM

Farm loan waivers to have minimal impact on state deficits: India Ratings

Even as farm loan waivers to come at the cost of capacity expansion in industry, such waivers have minimal impact on fiscal deficit according to ratings firm India Ratings. The ratings firm expects the aggregate fiscal deficit of states to come in higher at 3.2% in FY'20 than the agency's forecast of 2.8% in its FY'19 Mid-Year Outlook.

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