Page 28 - Fiscal Deficit

Govt asks ministries, departments to cut 'controllable' expenditure by 20%

The move comes amid concerns that the fiscal deficit may exceed the FY22 target of 6.8% of GDP

US budget deficit soars to $2 tn during first 8 months FY21: Treasury Dept

The US budget deficit soared to $2.1 trillion during the first eight months of fiscal year 2021, which ends on September 30, the Treasury Department reported

Fed tapering and emerging markets

The year 2021 will be one of the strongest years for global growth in history

Statsguru: A decline in growth poses risks to govt's fiscal forecast

While tax collections provided some reprieve, the government seems to be consistently underperforming on the disinvestment side.

FM Nirmala Sitharaman says macroeconomic fundamentals are sound

The finance ministry's assessment of the impact of the second wave on the economy will take a bit longer considering the timings and uncertainties, she said

Do not politicise GST Council: Finance Minister Nirmala Sitharaman

The government is conscious of the intensity of the second wave of Covid-19 and is assessing its full impact before coming out with further packages and interventions, says FM Sitharaman

Structural weakness

India needs to overhaul the tax system

Exports jump to $32.21 bn in May, up 67%; trade deficit at $6.32 billion

India's exports grew by 67.39% to $32.21 billion in May driven by healthy growth in sectors such as engineering, pharmaceuticals, petroleum products and chemicals

Best of BS Opinion: Prioritising expenditure, moving on infra agenda & more

Here are the best of Business Standard's opinion pieces for Wednesday

Prioritising expenditure

Govt must focus on providing relief to the needy at this point

Top Headlines: GDP shrinks by 7.3%, fiscal deficit drops below target

GDP shrinks by 7.3 percent in FY 2020-21, Carlyle Group to acquire a controlling stake of over 50 per cent in PNB Housing Finance. Top news this morning.

Centre's fiscal deficit for FY21 settles at 9.2% of GDP vs target of 9.5%

This was on the back of better-than-expected revenue receipts with expenditure staying broadly at the level targeted in the revised estimates of the Budget

India's fiscal deficit at 9.3% of GDP in 2020-21: Govt data

Unveiling the revenue-expenditure data of the Union government for 2020-21, the Controller General of Accounts (CGA) on Monday said that the revenue deficit at the end of the fiscal was 7.42 per cent

Best of BS Opinion: Accounting gains, games promoters play & more

Here are the best of Business Standard's opinion pieces for Friday

Accounting gains

RBI's higher surplus transfer has limits

Govt's fiscal deficit likely to be around 9% in FY21, say experts

Data to be released by month-end; FY22 gap may widen to 7.15% against BE of 6.8%, say experts

India to breach fiscal deficit target in FY22: Fitch Solutions

India is likely to breach its fiscal deficit target in the financial year to March 2022 mainly due to revenue shortfall, Fitch Solutions said Friday. The government is targeting a deficit between revenue it earns and what it spends at 6.8 per cent of the gross domestic product (GDP) in FY22 (April 2021 to March 2022). "We at Fitch Solutions forecast the Indian central government deficit to come in at 8.3 per cent of GDP in FY22," it said. "Revenue shortfall remains the main driver of our wider deficit view, as we expect the government to maintain its spending targets." Fitch Solutions had previously projected a fiscal deficit of 8 per cent. "The main driver of our deficit forecast revision is a downward revision to our outlook for revenues, given that the flare-up in COVID-19 cases in India and containment measures in place will hamper India's economic recovery, which will have a negative impact on fiscal revenues," it said. Central government expenditure is likely to be around t

Lockdowns worsen India's fiscal woes fueled by weak auctions

Localized lockdowns may result in a slowdown which may be met by fiscal expansion

The mounting cost of Covid-19

The rapid increase in the number of new Covid-19 cases and restrictions on activity are affecting economic recovery

Fresh risk to economy

Govt should avoid the mistakes of 2020