Page 12 - Fiscal Deficit

India's exports may reach $450 bn this fiscal: FIEO Prez Ashwani Kumar

The country's merchandise exports are expected to reach USD 450 billion by the end of this fiscal despite geo-political challenges like the Red Sea crisis, newly elected president of apex exporters body FIEO Ashwani Kumar said on Tuesday. He said that the need of the hour is to address the Red Sea crisis challenges by ensuring the availability of marine insurance and rational increase in freight charges. The exporting sector, particularly, MSMEs, needs easy and low-cost credit, and marketing support to further boost the country's exports, Kumar said, adding early conclusion of free trade agreements such as with the UK and Oman will also help push the outbound shipments. "I will focus on addressing issues of MSMEs as they are going to play. They will play a key role in achieving the USD 1 trillion goods export target by 2030. They are the backbone of the economy and they are facing certain issues pertaining to credit. I would urge banks to come forward in extending support to these

Significant ramp up in capacities to help achieve $40 bn exports target

Steps such as significant ramp up in production capacities, and skilling of workforce will help achieve USD 40 billion garment exports target by 2030, AEPC said on Tuesday. Apparel Export Promotion Council of India (AEPC) Chairman Sudhir Sekhri said skilled workers like tailors and quality checkers are still not sufficient as during the peak season they go to their native villages thereby creating shortage. "Our target to reach USD 40 billion of RMG (readymade garments) export by 2030 can be a reality and my duty is to take every possible step to reach this target," Sekhri said. He said "we need to ramp up our capacities as the export houses in India are still unable to handle core/basic products which are required in huge quantities". He added that the council is also focused on skilling the workforce. "We are creating about 150,000 skilled workers every year but it is still not enough. To attain the growth that we are targeting, we need to empower our workforce with skills," he

US Senate approves $460 billion funding package, avoiding shutdown

The Senate voted 75 to 22 on Friday evening to approve the package, negotiated by congressional leaders from both parties. The House overwhelmingly passed it earlier this week

At Rs 11 trillion, fiscal deficit narrows to 64% of revised estimates

Both revenue and capital expenditure for the April-January FY2024 period was around 75 per cent

Fiscal deficit at Jan-end touches 63.6% of full year target: Govt data

In the corresponding period last year, the fiscal deficit or gap between the expenditure and revenue was 67.8 per cent of Revised Estimates (RE) of the Union Budget 2022-23

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