States budgets can help improve India s GDP projections: SBI Research
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The consolidated fiscal deficit of the Centre and states is thus likely to be around 12.7 per cent of GDP, assuming that the Centre’s fiscal deficit is likely to be undershot from 9.5 per cent to 8.7 per cent of GDP in the current fiscal.
Revenues from goods-and-services and value-added taxes fell more sharply than anticipated in state budgets for the current year, according to SBI.
India’s gross domestic product (GDP) of 8 per cent contraction for FY21 could be narrower if budgeted gross state domestic product (GSDP) estimates of some large states like Uttar Pradesh, West Bengal, Madhya Pradesh and Rajasthan are taken into account, SBI Research said in a note based on findings from extrapolations.
India s April-January fiscal deficit hits 66.8% of full-year target
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India s April-January fiscal deficit hits 66.8% of full-year target
Reuters / Feb 26, 2021, 17:00 IST
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NEW DELHI: India s fiscal deficit in the 10 months to end-January stood at Rs 12.34 lakh crore ($167 billion), or 66.8% of the revised budgeted target for the whole fiscal year, government data showed on Friday.
Net tax receipts were Rs 11.02 lakh crore, while total expenditure was Rs 25.17 lakh crore, the data showed.
On February 1, the government revised its fiscal deficit target for the current year that runs through March to 9.5% of gross domestic product (GDP), instead of its original target of 3.5% of GDP as the coronavirus pandemic lead to lower tax collection and higher spending.
India Business News: Finance minister Nirmala Sitharaman on Monday said the government is taking steps to carefully monitor the fiscal deficit, which is estimated at 9.5 p
Updated Feb 07, 2021 | 11:26 IST
India s fiscal deficit is estimated to be 9.5 per cent of the GDP in the current fiscal and is expected to come down to 6.8 per cent in 2021-22 beginning April 1. Economic Affairs Secretary Tarun Bajaj | Photo Credit: PTI
India s sovereign rating should not come under pressure due to surge in fiscal deficit which was mainly on account of higher expenditure to deal with the COVID-19 pandemic, said Economic Affairs Secretary Tarun Bajaj.
Given the credibility of the numbers projected in the Budget, he hoped that the global rating agencies would retain India s sovereign rating at the existing levels.
The government is likely to hike import duties on a number of high-end goods in a bid to raise more than 210 billion rupees in revenue, government sources earlier told Reuters.