Page 11 - Latest Updates on Fiscal Deficit
India's oil import bill could swell to $101-104 billion in FY25: ICRA
A $10 per barrel uptick in average crude oil price for this fiscal pushes up the net oil imports by $12-13 billion during the year, according to ICRA
 "India's oil import bill could swell to $101-104 billion in FY25: ICRA")
States fiscal deficits for FY24 likely to be close to 3.1% of GDP: Citi
The report suggests grants from Centre to states have been falling due to no GST compensation funds and lower finance commission grants
 "States fiscal deficits for FY24 likely to be close to 3.1% of GDP: Citi")
Creating adequate fiscal space important to give impetus to growth: Kovind
Now there are fewer tax slabs, processes have been streamlined. taxation policy has become more predictable and investor confidence improved while ease of doing business has enhanced, he said
 "Creating adequate fiscal space important to give impetus to growth: Kovind")
Kerala paid Rs 26,000 cr in March to various sectors: State FM Balagopal
He said the state government effectively intervened to manage the financial crisis and an interim application on the borrowing limit and other matters are pending before the Supreme Court
 "Kerala paid Rs 26,000 cr in March to various sectors: State FM Balagopal")
India's Apr-Feb fiscal deficit at Rs 15.01 trn, hits 86.5% of FY24 target
The Centre's fiscal deficit is estimated at Rs 17.34 trillion for FY24
 "India's Apr-Feb fiscal deficit at Rs 15.01 trn, hits 86.5% of FY24 target")
Fiscal deficit at Feb-end touches 86.5% of full-year target: Govt data
In the corresponding period last year, the fiscal deficit -- or gap between the expenditure and revenue -- was 82.8 per cent of Revised Estimates (RE) of the Union Budget 2022-23
 "Fiscal deficit at Feb-end touches 86.5% of full-year target: Govt data")
Inflationary pressure
Fiscal expansion increased inflation in the developed world
 "Inflationary pressure")
India's exports may reach $450 bn this fiscal: FIEO Prez Ashwani Kumar
He also said that despite issues, exports rose about 12 per cent in February to $41.40 billion. During April-February 2023-24, exports reached $395 billion
 "India's exports may reach $450 bn this fiscal: FIEO Prez Ashwani Kumar")
Significant ramp up in capacities to help achieve $40 bn exports target
Steps such as significant ramp up in production capacities, and skilling of workforce will help achieve $40 billion garment exports target by 2030
 "Significant ramp up in capacities to help achieve $40 bn exports target")
US Senate approves $460 billion funding package, avoiding shutdown
The Senate voted 75 to 22 on Friday evening to approve the package, negotiated by congressional leaders from both parties. The House overwhelmingly passed it earlier this week
 "US Senate approves $460 billion funding package, avoiding shutdown")
At Rs 11 trillion, fiscal deficit narrows to 64% of revised estimates
Both revenue and capital expenditure for the April-January FY2024 period was around 75 per cent
 "At Rs 11 trillion, fiscal deficit narrows to 64% of revised estimates")
Fiscal deficit at Jan-end touches 63.6% of full year target: Govt data
In the corresponding period last year, the fiscal deficit or gap between the expenditure and revenue was 67.8 per cent of Revised Estimates (RE) of the Union Budget 2022-23
Hong Kong ups salaries tax for high earners to 16% to tackle fiscal deficit
A two-tier tax system will be introduced from April, with income of up to HK$5 million ($640,000) taxed at a maximum of 15%, and anything higher than that being taxed at 16%
 "Hong Kong ups salaries tax for high earners to 16% to tackle fiscal deficit")
Govt on course to achieve small savings scheme collection target for FY24
The government's cash balance is not high too, as borrowings are complete, and it is carrying a modest cash balance to meet its commitments, government sources said
 "Govt on course to achieve small savings scheme collection target for FY24")
TN Budget: Hut-free mission aims at 800,000 concrete houses by 2030
The scheme called Kalaignarin Kanavu Illam will be implemented at a cost of Rs 3,500 crore, giving an opportunity to the poor to build their dream homes
 "TN Budget: Hut-free mission aims at 800,000 concrete houses by 2030")
TN fiscal deficit at 3.44% in FY25, growth anticipated: State finance secy
The Registration department did not see the expected growth last year but next year the government hoped that it would fetch more revenue to the state, he added
Downside risks to growth persist
The odds of soft-landing have increased with inflation moving closer to the target and growth holding up better than expected in major advanced and emerging market economies
 "Downside risks to growth persist")
Qualitative improvement
Higher capex will improve growth prospects
 "Qualitative improvement")
India's growth rate constantly rising; our critics at an all-time low: PM
"This is the time when our growth rate is constantly rising and fiscal deficit is decreasing. This is the time when our export is increasing and current account deficit is decreasing," PM Modi added
 "India's growth rate constantly rising; our critics at an all-time low: PM")
We have been lot more prudent in managing fiscal deficit: FM Sitharaman
The FM also said that retail inflation had declined from an average of 6.8 per cent in April-December 2022 to 5.5 per cent in the corresponding period of April-December 2023
 "We have been lot more prudent in managing fiscal deficit: FM Sitharaman")