India's fiscal deficit touched Rs 4.57 lakh crore or 84.4 per cent of budget estimates in the first seven months of the current fiscal, reflecting signs of stress in government finances.
A cut in government spending would come at the cost of growth.
Obama spoke to Greek PM Alexis Tsipras in the capital, Athens, as part of a final tour that also takes in Germany and Peru.
Many argue there's a mismatch between Prime Minister Narendra Modi's focus on international exposure and his government's diktat to officials on limiting travel.
Amidst a storm over proposal to shut petrol pumps during night to taper fuel demand, Oil Minister M Veerappa Moily on Monday said the government had not made any such proposal and the idea had come from public.
It was one of the toughest times in history to announce a budget, says Harsh Goenka, chairman of RPG Enterprises.
'In a serious fiscal situation like this, an ostrich-like focus on annual budgeting, event management and defensive rhetoric will only make matters worse,' warns Rathin Roy.
Greek proposals hailed as "a positive step forward".
The MPs voted in favour of the Queen's Speech by 323 votes to 309 with a majority of 14.
Showing signs of financial strain, the government's fiscal deficit in the first five months of the ongoing financial year has already touched 74.6 per cent of the budget estimate.
In view of a surge in COVID-19 cases, the Chhattisgarh government on Thursday cancelled tenders for the construction of the new assembly building and also stopped work on major projects in the state.
The situation in Greece worsened with banks closed for a 2nd week.
Khan stressed on taking austerity measures, working on tax reforms instead of taking loans, rooting out corruption.
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The economy grew at a four year low of 4.4 per cent in the April-June quarter of current year.
The govt would also be coming out with more measures to deal with inflation.
India's economy, estimated to contract by 6.9 per cent in 2020 due to the coronavirus pandemic, is forecast to record a "stronger recovery" in 2021 and grow by 5 per cent, according to a UN report which said the country's current fiscal year budget points to a shift towards demand-side stimulus, with an uptick in public investment. The report, 'Out of the frying pan ...Into the fire?' published Thursday as an update to the Trade and Development Report 2020 by UN Conference on Trade and Development (UNCTAD) said the global economy is set to grow by 4.7 per cent this year, faster than the 4.3 per cent predicted in September 2020, thanks in part to a stronger recovery in the US, where progress in distributing vaccines and a fresh fiscal stimulus of $1.9 trillion are expected to boost consumer spending.
Fine balance between austerity and profligacy with infra push.
The vote leaves Greece in uncharted waters: risking a banking collapse that could force it out of the euro.
Railway traffic has dropped 32 per cent to 99.86 mt between April 1 and May 14, compared to the same time last year, while its revenue, too, dipped 41 per cent to Rs 9,094.38 crore.
May help US steer clear of recession, although enough austerity would remain in place to likely keep economy growing at lackluster pace.
Here's a collection of images of the past week.
From the political maelstrom in Washington to the humanitarian disaster in Yemen to the deadly unrest along the Israel-Gaza border, photographers captured a world in turbulent transition.
The legislation passed with 230 votes in the 300-seat chamber.
An International Monetary Fund study published on Tuesday showed that Greece needs far more debt relief than European governments have been willing to contemplate so far, as fractious parties in Athens prepared to vote on a sweeping austerity package demanded by their lenders.
Determined to imbibe austerity in its policies, the government has asked various departments to scrap or downsize expenses on insignificant activities by up to 10 per cent when they submit proposals for Budget 2010-11.
With no payments coming in, HAL for the first time ever taken a bank loan of Rs 7.81 billion.
As he projected a grim outlook for the economy, RBI Governor said that amidst this encircling gloom, agriculture and allied activities have provided a beacon of hope on the back of an increase of 3.7 per cent in foodgrains production to a new record.
The 30-share Sensex ended up 292 points at 29,571 and the 50-share Nifty closed up 75 points at 8,910.
ONGC, Sesa Sterlite, Tata Steel, RIL and HDFC emerged as the biggest losers
Greece awoke with a political hangover on Thursday after parliament approved a stringent bailout programme, thanks to the votes of the pro-European opposition, amid the worst protest violence this year.
The European Commission urged Greece to stick to commitments it has made to reform its economy as Prime Minister Alexis Tsipras called a snap election within hours of new EU bailout cash arriving in Athens.
This was even as the country's economy grew by 7.3%.
11th-hour debt restructuring programme offered no concessions to creditors
Ever wondered what happens when Hollywood A-listers turn protestors? Take a look.
Exquisitely shot, with shadows and light capturing the hypnotic mood of the film, Jalsaghar is a viewing treat you owe yourself.
With 75 per cent of votes counted, the ND party was leading with 39.6 per cent of total votes heading towards a majority in the 300-member Greek Parliament, while Tsipras' leftist Syriza was behind with 31.6 per cent of total votes, CNN reported.
Deadline to submit convincing reform plans is this week.
Banks bore the brunt of the sell-off.
There is a case for analysing the fiscal deficit, separately for expenditure and investment.
Greeks greeted news of a deal with creditors on Monday with a measure of relief mixed with much anger.
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