Fiscal Prudence

It places special emphasis on education, employment generation and skill development recognising these as crucial components for sustainable economic growth and social welfare

The Union Budget for fiscal 2024-25 (FY25) will be presented on July 23, 2024

The government has set a fiscal deficit target of 5.1 per cent for FY25 to stick to the glide path set in 2021-22. It aims to trim the fiscal deficit to 4.5 per cent by FY26

Fiscal mismanagement by states is an issue the union government has to be concerned about as it impacts the nation's economy, the Supreme Court observed on Wednesday and advised the Centre and the Kerala government to iron out their differences a cap on net borrowing by the southern state. The apex court made the observation while it was hearing a suit filed by the Kerala government accusing the Union of India of interfering in the exercise of its "exclusive, autonomous and plenary powers" to regulate the state's finances by imposing a ceiling on borrowing. 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. "Let all the senior officials who are capable to take decision and who are already involved in decision making sit together and resolve this," a bench of Justices Surya Kant and K V Viswanathan said. The Kerala government had told the top court on February 19 that a ...

Finance Secretary T V Somanathan has said the government's resolve to bring down the fiscal deficit by 70 basis points to 5.1 per cent in 2024-25 is ambitious but achievable in view of the tax buoyancy and expenditure management. Finance Minister Nirmala Sitharaman in the interim Budget presented on Thursday refrained from announcing any populist measures but significantly trimmed the fiscal deficit to 5.1 per cent of the Gross Domestic Product (GDP) next fiscal and 4.5 per cent in FY26. "So it is ambitious but it is also realistic. There are three pillars on which this is based. One is we have assumed growth in tax revenue about 11.5 per cent. I think that's a very realistic assumption," Somanathan told PTI Videos in an interview. Besides, he said, the government has projected a slight increase in non-tax revenue from a high base during the current financial year. On the expenditure side, he said, "Capex has increased 11.1 per cent... the revenue expenditure we believe is ...

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

The government has outlined a vision for Viksit Bharat by 2047, with GDP being given a new connotation of 'Governance, Development and Performance'

Emkay Research study shows fiscal deficit trend much healthier than in FY19

The Lok Sabha approved the additional gross spending of Rs 1.29 trillion, which includes net cash outgo of Rs 58,378 crore

The government has set a fiscal deficit target of 5.9 per cent of GDP for FY24

In recent years, the inflation rate in Pakistan has been volatile, influenced by various factors like currency devaluation, energy, and food prices in the global market

'Govt to continue fiscal prudence,' say bankers at book launch of Roller Coaster - An Affair with Banking by veteran journalist Tamal Bandyopadhyay

To ensure discipline in government finances and keep a check on fiscal profligacy, a legislation was enacted almost two decades ago - the FRBM Act, 2003. This report demystifies it

The statement from the minister assumes significance as Kerala, the only communist-ruled state in the country now, is known for its sweeping public welfare measures

Says states don't have fiscal flexibility for exigencies as Centre has

Here's a selection of Business Standard opinion pieces for the day

Govt should tread carefully on this path

The economy requires a fiscal battle plan and this, in turn, requires a fiscal responsibility framework

Here's a selection of Business Standard opinion pieces for the day

Budget 2021 must overhaul the existing FRBM Act to set feasible targets on deficit and debt