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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.

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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.

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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".

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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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PM's Pre-Poll Handouts To Cost Billions, Breach Fiscal Targets: Report

Friday, January 18, 2019, 9:35 PM

PM's Pre-Poll Handouts To Cost Billions, Breach Fiscal Targets: Report

A series of vote-catching measures planned by Prime Minister Narendra Modi as he braces for a difficult general election may cost more than Rs.1 lakh crore, two sources with direct knowledge of the matter said. Much of the cost of the extra spending or revenue losses would have to be borne by the government that will take charge after the election due by May.

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Crude shocker can be rude shocks for economy: RBI

Sunday, January 6, 2019, 8:46 PM

Crude shocker can be rude shocks for economy: RBI

A sudden surge in crude prices can upset the nation's key macro-stability parameters, as it can sharply spike the CAD, inflation and the fiscal numbers, whittling the benefits of higher growth, warns an RBI study. Since the country is heavily dependent on oil imports to the tune of over 80% for meeting its domestic demand, it remains susceptible to global crude price shocks.

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Sensex, Nifty drop on report of Rs 2.30 trillion farm package

Thursday, January 3, 2019, 9:10 PM

Sensex, Nifty drop on report of Rs 2.30 trillion farm package

Indian markets fell 1% on Thursday on the worries of fiscal concerns after a news report suggested that the government is planning a relief package for farmers that may cost as much as Rs 2.30 trillion annually. At 2.15pm, the Sensex was trading at 35,538.01, down 353.51 points, or 1%, and the Nifty 50 stood at 10,674.90, falling 117.60 points, or by 1.09%.

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ONGC approves 4,022 crore share buyback

Thursday, December 20, 2018, 6:31 PM

ONGC approves 4,022 crore share buyback

The Board of state-owned Oil and Natural Gas Corp Thursday approved buyback of 25.29 crore shares for Rs 4,022 crore as part of the government plan to get cash-rich PSUs to part with their surplus. The government, which holds 65.64 per cent stake in the company, stands to gain about Rs 2,640 crore from tendering some of its shares in the buyback programme.

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