Page 34 - Latest Updates on Fiscal Deficit
Top headlines: RBI's one-time recast plan, monetising fiscal deficit
From the possibility of RBI's one-time recast plan to be limited, RBI likely to monetise fiscal deficit in second-half of FY21, a glance at GST's completion of 3 years tomorrow, here are the top news
 "Top headlines: RBI's one-time recast plan, monetising fiscal deficit")
Govt may get RBI to monetise fiscal deficit in second half of FY21
A final decision on the matter will be taken before the borrowing calendar for October 2020-March 2021 is announced in late-September
 "Govt may get RBI to monetise fiscal deficit in second half of FY21")
Ratio of India's public debt to GDP likely to scale a new high in FY21
According to the Reserve Bank of India (RBI) data, the combined liabilities of the Centre and the state governments were around Rs 147 trillion at the end of March 2020
 "Ratio of India's public debt to GDP likely to scale a new high in FY21")
At 4.6% of GDP, last year's fiscal deficit breached FRBM Act escape clause
The total revenue for FY20 was Rs 17.5 trillion, or 90.6 per cent of revised estimates of Rs 19.32 trillion, compared with 91.4 per cent for the same period last year.
 "At 4.6% of GDP, last year's fiscal deficit breached FRBM Act escape clause")
Financial stability needed even if fiscal deficit rises: CII chief Kotak
The CII president is not in favour of waiver of interest by banks during the moratorium period
 "Financial stability needed even if fiscal deficit rises: CII chief Kotak")
Which economic stimulus works?
Much of the money that households and businesses receive in the form of stimulus checks will probably sit idle in their bank accounts
Monetising fiscal deficit via secondary OMOs right way: Uday Kotak
If we keep subsidising or protecting businesses that are not able to compete, we have an issue. I would expect the market to be able to sort things out, says Uday Kotak
 "Monetising fiscal deficit via secondary OMOs right way: Uday Kotak")
Best of BS Opinion: Govt's limited fiscal cushion, doing-business concerns
From why this year's budgeted net tax revenue for the Centre is impossible to achieve to how Indians are blase about class-driven brutality, here's a selection of Business Standard Opinion pieces
 "Best of BS Opinion: Govt's limited fiscal cushion, doing-business concerns")
'No doubt' on GDP contraction in Q1: CEA Krishnamurthy Subramanian
Subramanian also said that the Centre had gone beyond its means to support states, was keeping its options open regarding deficit monetisation, and that the new privatisation policy would be out soon
 "'No doubt' on GDP contraction in Q1: CEA Krishnamurthy Subramanian")
CEA Krishnamurthy Subramanian sees FY21 fiscal deficit at over 5%
No doubt that economy will contract in Q1, Krishnamurthy Subramanian says
 "CEA Krishnamurthy Subramanian sees FY21 fiscal deficit at over 5%")
Why Centre is left with little fiscal cushion to deal with Covid pandemic
When emerging from this crisis, the govt must consider a fresh approach to reviving growth, revisiting the Centre-state fiscal balance, and devising a re-imagined GST 2.0, writes T N Ninan
IMF asks Pak to freeze govt employees' pay, stick to fiscal consolidation
The Pakistan government is resisting the demand due to high inflation that has eroded people's real income
 "IMF asks Pak to freeze govt employees' pay, stick to fiscal consolidation")
India must shed its protectionist attitude: Ex-CEA Arvind Subramanian
If we turn protectionist, I don't know how can we be an exporting power. Self-sufficient exporting powerhouse is an oxymoron," he said.
 "India must shed its protectionist attitude: Ex-CEA Arvind Subramanian")
Back to February 28
Variation between revised and final Budget numbers has grown
 "Back to February 28")
Why Moody's downgrade is not a bolt from the blue but still not justified
While this downgrade will not affect the sovereign as it does not borrow overseas, it will however affect Indian companies borrowing from abroad
 "Why Moody's downgrade is not a bolt from the blue but still not justified")
GDP data: Yet another huge knock for Modi govt's economic growth story
India's economic growth falls for a third successive year, fiscal deficit widens to 4.6%; agriculture and govt spending prevent further decline
 "GDP data: Yet another huge knock for Modi govt's economic growth story")
Govt unlikely to press for hike in GST rates for non-essentials next month
However it will have to find ways in which essential and non-essential items can be segregated
 "Govt unlikely to press for hike in GST rates for non-essentials next month")
Fiscal deficit widens to 4.6% of GDP in FY20 on poor revenue realisation
The deficit, which signifies the gap between government revenue and expenditure, is higher than the revised estimate of 3.8 per cent for the fiscal
 "Fiscal deficit widens to 4.6% of GDP in FY20 on poor revenue realisation")
RBI issues cash management bills worth Rs 80,000 cr after good response
The RBI received bids of Rs 3.45 trillion, or more than four times the amount on offer.
 "RBI issues cash management bills worth Rs 80,000 cr after good response")
India's (im)possible road ahead
Better implementation of policy measures and reaching out to those left behind are needed next