Diabytes
India Fiscal deficit News
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In July, the monthly fiscal deficit was Rs 1.54 lakh crore, while during the corresponding period of last year, the government recorded a fiscal surplus of Rs 11,040 crore.
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The median forecast in the series from the June 28-July 2 poll of over 45 economists showed the government will revise its fiscal deficit target up to 3.5% of gross domestic product (GDP) for the current fiscal year and 3.3% for 2020-21.
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As per the interim Budget 2019-20, the government has pegged fiscal deficit target of 3.4 percent for the current fiscal year ending March 31.
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India Ratings expects the states' revenue account on aggregate to clock a deficit of 0.5 percent of GDP in FY20 due to a higher growth in revenue spends than revenue receipt.
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India`s fiscal deficit for the eight months till November stood at Rs 7.17 lakh crore, which is 114.8 percent of the budgeted Rs 6.24 lakh crore.
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The fiscal deficit, or gap between expenditure and revenue, stood at Rs 7.16 lakh crore during April-November of the current financial year, reflecting deterioration in public finances.
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The fiscal deficit target for 2018-19 is Rs 6.24 lakh crore.
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The government has targeted 3.3 percent fiscal deficit for the current financial year ending March 2019.
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Net tax receipts in the first quarter of 2018/19 fiscal year that ends in March 2019 were 2.37 trillion rupees, government data showed.
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The data furnished by the Comptroller General of Accounts (CGA) showed that fiscal deficit during the like period of the previous fiscal had stood at 68.3 per cent.
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The 2018-19 Union Budget unveiled yesterday contains a number of policy measures with the potential to support economic demand and social well being.
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The deficit was 79.3 percent of the full-year target during the same period a year ago.
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The data revealed that total expenditure during the April-September period was Rs 11.49 lakh crore, or at 53.5 per cent of the entire fiscal`s estimate.
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In the comparable period last fiscal, revenue receipts comprising taxes and other items were 28 per cent of the target.
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Both the Sensex and the Nifty suffered weekly losses for the third time this month, down 638.72 points, or 2 per cent, and 175.80 points, or 1.76 per cent, respectively.
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The official said that the economy was passing through a "transitory phase" after the government`s decision late last year to outlaw old high-value banknotes and after the launch of a nationwide goods and services tax in July.
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Days ahead of the budget, Moody's on Thursday said its positive outlook on India reflects expectations of continued policy reforms reducing government debt even as it feels that the high debt level limits room to cut fiscal deficit quickly.
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Government's fiscal deficit target for next fiscal could be changed to a 'range' and set at 3-3.5 percent of the GDP, rather than 3 percent, says a Bank of America Merrill Lynch (BofA-ML) report.
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Finance Ministry shared concerns that revenue collection will fall short by Rs 50,000 crore, but sounded optimistic in meeting fiscal deficit target for 2015-16.
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