Page 2 - Latest Updates on Fiscal Policy
China's stimulus measures not enough, says Yellen and IMF chief economist
Gourinchas told a news conference on the IMF's latest forecasts that China's fiscal stimulus measures so far lacked detail and therefore were not included in the IMF's China growth outlook
 "China's stimulus measures not enough, says Yellen and IMF chief economist")
Kerala to host conclave of 5 opposition-led states to discuss fiscal issues
Left-ruled Kerala and AAP-governed Punjab, the states that will take part in the conclave are Tamil Nadu (DMK) and the Congress-ruled states of Karnataka and Telangana
 "Kerala to host conclave of 5 opposition-led states to discuss fiscal issues")
Revamped strategy for India's fiscal architecture in post-pandemic times
India's post-pandemic fiscal architecture should be anchored in debt and be holistic (encompassing Centre and states), dynamic (responsive to changing macro conditions), and conservative
 "Revamped strategy for India's fiscal architecture in post-pandemic times")
Flexible fiscal targets
India needs a sustainable and clear framework
 "Flexible fiscal targets")
April-June fiscal deficit at Rs 1.36 trillion, 8.1% of 2024-25 target
Total government expenditure during the period was Rs 9.7 trillion, or about 20.4 per cent of the annual goal, lower than the Rs 10.51 trillion in the same period last year
 "April-June fiscal deficit at Rs 1.36 trillion, 8.1% of 2024-25 target")
New fiscal policy questions
India needs a fiscal road map consistent with the objectives of faster debt reduction
 "New fiscal policy questions")
Strong fiscal position likely to enhance India's growth, says ADB
Asian Development Bank keeps FY25 growth projection unchanged at 7%
 "Strong fiscal position likely to enhance India's growth, says ADB")
Short debt's share in total external debt down 2.1 percentage points: RBI
The ratio of short-term debt to foreign exchange reserves declined to 19.0 per cent at end-March 2024 from 22.2 per cent at end-March 2023
 "Short debt's share in total external debt down 2.1 percentage points: RBI")
World Bank working paper advocates increased devolution for Panchayats
Empowering ward members (WMs) within village councils, who currently lack financial resources and act merely as rubber stamps, is another recommendation
 "World Bank working paper advocates increased devolution for Panchayats")
Ratings and reforms
Fiscal position should be improved with sustained growth
 "Ratings and reforms")
Borrowing to consume
Consumption-based borrowing by the household sector makes investment capital even more expensive
 "Borrowing to consume")
The state of state budgets
With states expected to push the reforms agenda, a mechanism is needed for assessing their budget data
 "The state of state budgets")
Centre must be concerned with fiscal mismanagement of states: Supreme Court
The dialogue between the Centre and the state must not stop merely because of the pending suit, the court said while stressing on the need to resolve the issue
 "Centre must be concerned with fiscal mismanagement of states: Supreme Court")
External exposure
Foreign flows will demand strong fiscal management
 "External exposure")
White Paper on Indian economy tabled: Tracks 'Fragile 5' to 'Top 5' journey
Within hours of Prime Minister Narendra Modi praising his predecessor Manmohan Singh in the Rajya Sabha, the White Paper criticised almost all aspects of the UPA rule under Singh
 "White Paper on Indian economy tabled: Tracks 'Fragile 5' to 'Top 5' journey")
India's Interim Budget represents responsible fiscal management: USISPF
According to budget projections, the fiscal deficit for the upcoming financial year (2025) will narrow to 5.1 per cent and GDP growth will remain between 6-7 per cent GDP
 "India's Interim Budget represents responsible fiscal management: USISPF")
Interim Budget: Gross market borrowing music to ears of bond market
In the current year, the gross market borrowings are estimated at Rs 15.4 trillion, and the net borrowing at Rs 11.8 trillion - the highest-ever government borrowing programme
 "Interim Budget: Gross market borrowing music to ears of bond market")
Interim Budget 2024-25: 'Commitment to fiscal prudence and growth'
India has emerged as one of the most preferred destinations for global investors
Interim Budget 2024: 'A transformative yet prudent financial statement'
Overall, the government has presented a forward-looking Budget with enough assurances to trust it to lay down the roadmap through the full Budget and sticking to GDP
 "Interim Budget 2024: 'A transformative yet prudent financial statement'")
Interim Budget: 'Fiscally prudent, growth-promoting pronouncement'
The underlying nominal GDP growth assumption of 10.5 per cent for the Budget and tax collection estimates are realistic
 "Interim Budget: 'Fiscally prudent, growth-promoting pronouncement'")