Page 11 - Fiscal Deficit

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%

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

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 fiscal deficit at 3.44% in FY25, growth anticipated: State finance secy

Tamil Nadu's fiscal deficit in the Budget Estimates for 2024-25 stood at 3.44 per cent of the GSDP despite a decline in the State's Own Tax Revenue (SOTR) due to two successive natural calamities in December 2023 resulting in additional expenditure, State Principal Secretary-Finance T Udhayachandran said on Monday. The SOTR suffered a revenue loss due to cyclone Michaung and unprecedented rains in the southern districts. The state government had to spend more on flood relief, provide immediate relief measures besides initiate long-term relief measures, he said. "This budget has been prepared under this financial stress...Nevertheless, Tamil Nadu's economy is robust. We expect a 15 per cent growth in our SOTR through the Commercial Taxes Department," Udhayachandran told reporters here. 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. Briefing the media on the Budget ...

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

Qualitative improvement

Higher capex will improve growth prospects

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

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

Interim Budget indicates the way forward

On the external sector, the Finance Minister said that geopolitically, global affairs are becoming more complex and challenging with wars and conflicts

Fiscal deficit was 4.5% in UPA's terminal year, says P Chidambaram

Noting that much has been made of the fiscal correction made by the government, senior Congress leader P Chidambaram on Sunday said the fiscal deficit was 4.5 per cent in the UPA's terminal year 2013-14 while it is 5.8 per cent under the NDA in 2023-24. The former finance minister asserted that there is no place for a "bullhorn" in economics. In a post on X, Chidambaram said much has been made of the fiscal correction made by the NDA government and the fiscal deficit of 5.8 per cent in 2023-24. "Since memories are short, I may jog the memories of the learned commentators. Under the UPA, the Fiscal Deficit in 2007-08 was 2.5 per cent. In the terminal year of UPA (2013-14) the Fiscal Deficit was 4.5 per cent. In the terminal year of NDA (2023-24) the Fiscal Deficit is 5.8 per cent," he said. There will be ups and downs in any regime, the Congress leader noted. "If the NDA points to the pandemic years (2020-21 & 2021-22), the UPA can point to the years of the International Financial

Tax buoyancy cannot continue year after year, says DEA secy Ajay Seth

Economic Affairs Secretary Ajay Seth spoke on the government's thinking behind the major budget projections and the fiscal math

It's not priority of govt to monitor consumption: Finance secretary

He says why the Budget numbers are realistic and speaks of the evolving approach of the government towards disinvestment, welfare schemes, and capital expenditure

Fiscal deficit target of 5.1% ambitious but achievable: Finance secretary

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 ...

Budget focused on economic resilience, creates opportunities for all

It carefully allocates public resources and commits to reduce the country's fiscal debt

Budget focused on economic resilience, creates opportunities for all

It carefully allocates public resources and commits to reduce the country's fiscal debt

Deficit reduction will stabilise debt-to-GDP ratio over medium term: Fitch

Fitch Ratings on Friday said the slightly faster pace of fiscal deficit reduction does not significantly change India's sovereign credit profile but the government's emphasis on deficit reduction will help to stabilise the debt-to-GDP ratio over the medium term. In a post budget commentary, Fitch Ratings Director, Sovereign Ratings, Jeremy Zook said over the next five years, India's government debt-to-GDP ratio would be broadly stable at just above 80 per cent of GDP. This is based on a continued path of gradual deficit reduction, as well as robust nominal growth of around 10.5 per cent of GDP. In the interim Budget 2024-25, presented in Parliament on Thursday, the government revised lower its current year fiscal deficit to 5.8 per cent from 5.9 per cent budgeted earlier. The deficit, which is the gap between the government's revenue and expenditure, will come down to 5.1 per cent in 2024-25 and further to 4.5 per cent by 2025-26. Fitch said this demonstrates a firm desire to adher

Interim Budget: Infra focus, fiscal prudence are positives for street

While overall capex has increased, some analysts had expected higher outlays for road, defence and railways

FM Sitharaman's Interim Budget is high on confidence, not on populism

FM overperforms on deficit, stays away from sops, pushes feel-good factor by ending old tax disputes, lists out decade of development

Interim Budget 2024-25: A confident and optimistic report

In a Budget celebrating the achievements in the last decade, there are few announcements with any fiscal magnitude attached

Interim Budget 2024-25: Banks likely to see heavy trading gains in Q4

The yield on the benchmark 10-year government bond declined by 12 basis points (bps) in 2024 from 7.17 per cent to 7.05 per cent on February 1, 2024