Page 24 - Latest Updates on Fiscal Deficit
Govt asks ministries, departments to cut 'controllable' expenditure by 20%
The move comes amid concerns that the fiscal deficit may exceed the FY22 target of 6.8% of GDP
 "Govt asks ministries, departments to cut 'controllable' expenditure by 20%")
US budget deficit soars to $2 tn during first 8 months FY21: Treasury Dept
The US budget deficit soared to $2.1 trillion during the first eight months of fiscal year 2021, which ends on September 30, the Treasury Department reported
 "US budget deficit soars to $2 tn during first 8 months FY21: Treasury Dept")
Fed tapering and emerging markets
The year 2021 will be one of the strongest years for global growth in history
 "Fed tapering and emerging markets")
Statsguru: A decline in growth poses risks to govt's fiscal forecast
While tax collections provided some reprieve, the government seems to be consistently underperforming on the disinvestment side.
 "Statsguru: A decline in growth poses risks to govt's fiscal forecast")
FM Nirmala Sitharaman says macroeconomic fundamentals are sound
The finance ministry's assessment of the impact of the second wave on the economy will take a bit longer considering the timings and uncertainties, she said
 "FM Nirmala Sitharaman says macroeconomic fundamentals are sound")
Do not politicise GST Council: Finance Minister Nirmala Sitharaman
The government is conscious of the intensity of the second wave of Covid-19 and is assessing its full impact before coming out with further packages and interventions, says FM Sitharaman
 "Do not politicise GST Council: Finance Minister Nirmala Sitharaman")
Structural weakness
India needs to overhaul the tax system
 "Structural weakness")
Exports jump to $32.21 bn in May, up 67%; trade deficit at $6.32 billion
India's exports grew by 67.39% to $32.21 billion in May driven by healthy growth in sectors such as engineering, pharmaceuticals, petroleum products and chemicals
 "Exports jump to $32.21 bn in May, up 67%; trade deficit at $6.32 billion")
Best of BS Opinion: Prioritising expenditure, moving on infra agenda & more
Here are the best of Business Standard's opinion pieces for Wednesday
 "Best of BS Opinion: Prioritising expenditure, moving on infra agenda & more")
Prioritising expenditure
Govt must focus on providing relief to the needy at this point
 "Prioritising expenditure")
Top Headlines: GDP shrinks by 7.3%, fiscal deficit drops below target
GDP shrinks by 7.3 percent in FY 2020-21, Carlyle Group to acquire a controlling stake of over 50 per cent in PNB Housing Finance. Top news this morning.
 "Top Headlines: GDP shrinks by 7.3%, fiscal deficit drops below target")
Centre's fiscal deficit for FY21 settles at 9.2% of GDP vs target of 9.5%
This was on the back of better-than-expected revenue receipts with expenditure staying broadly at the level targeted in the revised estimates of the Budget
 "Centre's fiscal deficit for FY21 settles at 9.2% of GDP vs target of 9.5%")
India's fiscal deficit at 9.3% of GDP in 2020-21: Govt 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
 "India's fiscal deficit at 9.3% of GDP in 2020-21: Govt data")
Best of BS Opinion: Accounting gains, games promoters play & more
Here are the best of Business Standard's opinion pieces for Friday
 "Best of BS Opinion: Accounting gains, games promoters play & more")
Accounting gains
RBI's higher surplus transfer has limits
 "Accounting gains")
Govt's fiscal deficit likely to be around 9% in FY21, say experts
Data to be released by month-end; FY22 gap may widen to 7.15% against BE of 6.8%, say experts
India to breach fiscal deficit target in FY22: Fitch Solutions
India is likely to breach its fiscal deficit target in the financial year to March 2022 mainly due to revenue shortfall, Fitch Solutions said Friday.
 "India to breach fiscal deficit target in FY22: Fitch Solutions")
Lockdowns worsen India's fiscal woes fueled by weak auctions
Localized lockdowns may result in a slowdown which may be met by fiscal expansion
 "Lockdowns worsen India's fiscal woes fueled by weak auctions")
The mounting cost of Covid-19
The rapid increase in the number of new Covid-19 cases and restrictions on activity are affecting economic recovery
Fresh risk to economy
Govt should avoid the mistakes of 2020
 "Fresh risk to economy")