The central government is likely to further consolidate its fiscal deficit by 50 basis points (bps) to 5.9 per cent in FY24 from 6.4 per cent in FY23, according to a recent report released by Goldman Sachs on Tuesday. In the current fiscal year, there is going to be an upside of 0.5 per cent on the receipts side due to higher nominal GDP growth, and higher tax buoyancy because of the formalisation, the report said. The upside to expenditure is mainly going to come from incremental subsidies (0.8 per cent of GDP), in both food and fertilizer, it said. The upcoming pre-election Budget will carry forward the trend of the increased capital expenditure seen in recent years.
For 2017-18, the government aims to bring down the fiscal deficit to 3.2 per cent of GDP. Last fiscal, it had met the 3.5 per cent target.
The Reserve Bank of India on Thursday kept the benchmark interest rate unchanged at 4 per cent and decided to continue with its accommodative stance against the backdrop of an elevated level of inflation.
Fiscal deficit had soared to seven-year high of 4.6 per cent of GDP in 2019-20, mainly on account of poor revenue realisation which dipped further towards the close of March because of the lockdown.
Fiscal deficit for 2020-21 was at 9.3 per cent of the gross domestic product (GDP), lower than 9.5 per cent estimated by the finance ministry in the revised Budget estimates, according to the CGA data. Unveiling the revenue-expenditure data of the Union government for 2020-21, the Controller General of Accounts (CGA) on Monday said that the revenue deficit at the end of the fiscal was 7.42 per cent.
'We have loved Braveheart, Lord of the Rings, Game of Thrones and Apocalypto.' 'The thought was 'When are we going to do such films?''
Nirmala Sitharaman's messaging was clear when she presented a well-balanced Budget with an eye on state elections in nine states followed by a general election next year, observes Ramesh Menon.
The Kumbh Mela is what it is because of the devotion of millions who make it an experience like no other. It is experiencing the heart and soul of India and the brotherhood of mankind.
The final agriculture GDP numbers for 2016-17 are expected to be revised up, as rabi production is looking really good.
The defence expenditure was 5,55,484 crore while the central government expenditure was 39,44,909 crore for the year 2022-23, according to the data shared by the government in the response.
India's economy is likely to grow by 6.5 per cent in the current and the next financial year, an EY report said, attributing lower than anticipated expansion in the September quarter to fall in private consumption expenditure and gross fixed capital formation. Real GDP growth eased to a seven-quarter low of 5.4 per cent in July-September -- the second quarter of the current 2024-25 fiscal year.
'More a show that you are doing something in the Budget even if that something never actually comes to pass,' notes Nitin Desai.
Currently, there is no Hindu temple in Narowal district, forcing the Hindu community to perform their religious rituals at home or travel to temples in Sialkot and Lahore.
Announcing a Re 1 crop insurance scheme for farmers, the deputy CM said the government will bear the financial burden of Rs 3,312 crore.
'It is a balanced and prudent Budget that sets the foundation for future growth in the economy.'
The gross tax revenues have touched 65 per cent of the Budget estimates at Rs 17.81 lakh crore during the first eight months of the current fiscal till November, propelled by corporate and personal income tax mop-up, according to the Economic Survey 2022-23 presented in Parliament on Tuesday. The survey, authored by Chief Economic Advisor V Anantha Nageswaran, said the 'substantial reforms' in India's taxation ecosystem post-2014 and policy reforms have removed the distortionary incentives from the economy. Reforms like GST, reduction in corporate taxes, exemption of sovereign wealth funds and pension funds from taxes, and removing Dividend Distribution tax have reduced the tax burden on individuals and businesses.
'The Budget needs to focus more on social welfare schemes.'
Evidently, households see a brighter future after the Budget, reveals Mahesh Vyas.
'We get an overzealous army of tax inspectors pushing the economy too hard,' says Ajay Shah.
Majority of respondents feel that the government in the forthcoming Budget will increase the standard deduction and give more incentives for housing loans.
The BJP would want that by March 2022, when UP votes, the economy starts looking up and it heads into the polls with no other issue distracting from its main poll plank of the construction of the Ram temple in Ayodhya.
'The robust tax collections give the finance minister a fair amount of headroom for an expansionary fiscal policy.'
The year 2024 was the hottest year on record, with the global average temperature exceeding 1.5 degrees Celsius above pre-industrial levels for the first time, according to the European climate agency Copernicus. Every month from January to June was the warmest ever recorded, and from July to December (except August), each month was the second warmest on record. Scientists are warning that the world is entering a new climate reality, with extreme heatwaves, floods, and storms becoming more frequent and severe. The report also highlights the failure of developed nations to meet their climate finance commitments to developing countries, despite the urgency of the situation.
'The revenue projection arises out of all sectors doing well and the formalisation of the economy helps in making sure the tax domain gets widened.'
For 2017-18, the government aims to bring down the fiscal deficit to 3.2 per cent of the GDP. Last fiscal, it had met the 3.5 per cent target.
Over two lakh posts are estimated to be created by the Central government in its various departments.
The Centre has allocated Rs 73,000 crore for the rural jobs guarantee programme for 2022-23.
Ahead of the Union Budget for 2023-24, Budget makers have welcomed the global consensus view that India will remain one of the bright spots in calendar year 2023. But there is some alarm over the grim global situation and how that might impact the Centre's projections and assessments for next financial year. The big global headwinds include a deep and sustained recession in the West, including India's biggest trading partners in North America and Europe, continuing volatility in commodity markets, and renewed Covid-19 fears, as lifting of strict curbs by China could potentially lead to a massive spread again.
While a DFI will help banks derisk their loan portfolios, creation of a bad bank will clean up their balance sheets.
Chief Economic Advisor V Anantha Nageswaran on Thursday said the economy is expected to grow at 6.5 per cent in the current fiscal notwithstanding deficient rains in August. India recorded economic growth of 7.8 per cent in the April-June quarter of 2023-24 against 13.1 per cent in the year-ago period. India's economy in Q1 grew at the fastest pace in a year, on the shoulders of a boost in capital expenditure both at central and state levels, along with stronger consumption demand, especially in rural areas, and improved performance in the services sector, he said.
The CBI had received Rs 802.19 crore initially in the last budget and it was increased to Rs 835.75 crore in the revised estimates for 2020-21.
'Retail investors, who had not seen such a massive correction in the SMID universe since COVID-19, are witnessing something like this for the first time. Panic profit booking may continue.'
Tumbbad got the best collections at the box office last weekend.
The central government's fiscal deficit touched 21.2 per cent of the annual target in the June quarter as against 18.2 per cent in the year-ago period, according to official data. The fiscal deficit is the difference between total expenditure and revenue of the government. It indicates the total borrowing that are needed by the government.
The Ministry of External Affairs (MEA) has been allocated a total of Rs 18,050 crore in the Union Budget for 2023-24 which is an increase of around 4.64 per cent over last year's allocation of Rs 17,250 crore.
The agency was allocated Rs 835.39 crore to manage its affairs in 2021-22 which was later increased to Rs 870.50 crore in the Revised Estimates given in the Budget document released Tuesday by Finance Minister Nirmala Sitharaman.
The Nifty and Sensex traded close to their respective all-time highs.
The Pakistan Cricket Board has allocated 12.8 billion rupees for the renovation of stadiums in Lahore, Karachi and Rawalpindi ahead of next year's ICC Champions Trophy, informed PCB chairman Mohsin Naqvi.
'...to address the serious faultlines that had got exposed during the pandemic.' 'If the economy is looking up this year, we could have been allocated an increase of at least 20%.'
The agency had received Rs 946.51 crore to manage its affairs in the Budget Estimates for 2023-24, which was later increased to Rs 968.86 crore in the Revised Estimates.
