Amid raging protests by parties cutting across the political spectrum for a partial rollback on the petrol price hike, Chief Economic Advisor Kaushik Basu has said that a rollback of any kind will hurt India's fiscal deficit target badly, leading to price increase in general. In an interview with Karan Thapar on 'Devil's Advocate', the Chief Economic Advisor said that oil price regulations had to be made in such a...
08:10 PM, May 26, 2012
Chief Economic Advisor Kaushik Basu has said that a partial rollback in petrol prices will hit India's fiscal deficit target adversely. ...
10:28 PM, May 25, 2012
Amid speculation that a partial rollback of petrol prices is likely due to political pressure, Chief Economic Advisor Kaushik Basu has said that a rollback of any kind will adversely affect the fiscal deficit target leading to price increase in general. In an interview with Karan Thapar on 'Devil's Advocate', the Chief Economic Advisor said that oil price regulations had to be made in such a way, that in the...
04:28 PM, May 25, 2012
Mussoorie: Describing the upsurge in inflation in April as a "surprise" development, the Reserve Bank on Thursday said it will take into consideration the emerging price situation and accordingly decide on policy action in its review next month. The central bank has also asked the government to take action to reduce the fiscal deficit, which rose to 5.9 per cent of the GDP in 2011-12. "We noted that inflation has...
03:29 AM, May 25, 2012
New Delhi: Finance Minister Pranab Mukherjee on Wednesday said hard decisions cannot be delayed anymore as the times are difficult now. "We are passing through a difficult time... Nation as a whole... we will have to be tough... we cannot delay the process of taking hard decisions," Mukherjee said at an award function. The Indian economy is facing tough times as the industrial activity has slowed down, impacting the revenue...
01:02 AM, Apr 12, 2012
New Delhi: Planning Commission Deputy Chairman Montek Singh Ahluwalia on Monday said problems of the industry, reeling under high interest rate regime, are linked to fiscal deficit that needs to be contained. "I am willing to accept that high interest rate are a burden, but it is not going to be solved having interest subvention for this or that sector. It will be solved by bringing fiscal deficit down so...
08:44 PM, Apr 09, 2012
Mumbai: Concerned over impact of rising deficit on the economy, Reserve Bank Deputy Governor Subir Gokarn on Friday said it was imperative for Centre as well as states to follow the path of fiscal prudence. "The important thing in this year's budget is the commitment to return to the rule-based approach and the current macro-economy is much threatened by fiscal expansion," Gokarn said while speaking at the 14th Annual Conference...
01:14 AM, Apr 07, 2012
New Delhi: Finance Minister Pranab Mukherjee sees fiscal deficit at 5.1 per cent of the gross domestic product (GDP) for the fiscal year 2013. The number was on expected lines but the market borrowing figure of Rs 4.79 lakh crore (93 per cent of deficit) was higher than most analyst expectations. The fiscal deficit for 2011-12 was projected at Rs 4,13,000 crore, which was to be financed by market borrowings...
01:27 PM, Mar 16, 2012
New Delhi: The government's fiscal deficit will overshoot the Budget estimates of 4.6 per cent in the current fiscal and will be close to 5.2 per cent of GDP in 2012-13, industry chamber FICCI said on Tuesday. "Based on detailed government revenue expenditure trends, FICCI estimates that the fiscal deficit in 2012-13 may be close to 5.2 per cent of GDP as compared to a likely FD of 5.7-5.8 per...
03:54 AM, Mar 14, 2012
The best thing Prime Minister Manmohan Singh's government has going for it ahead of Friday's Budget unveiling is low expectations. The ruling party, battered in recent state polls and hamstrung by slowing economic growth and high global oil prices, is in no position to advance bold economic reforms that could unclog flagging growth in Asia's third-largest economy. What it can do is bolster tax collections by rolling back what remains...
07:21 PM, Mar 12, 2012
New Delhi: With high fiscal deficits -- an indicator of poor financial management -- the five poll-bound states of Punjab, Uttar Pradesh, Manipur, Uttarakhand and Goa, home to about 230 million people, leave very little for development, a report says. An analysis of budgets of these states, done by the National Election Watch and the Association of Democratic Reforms, shows that good economics ranks low in priority with the governments....
11:34 AM, Jan 19, 2012
New Delhi: Finance Minister Pranab Mukherjee on Wednesday said it would be difficult to restrict fiscal deficit to targeted level of 4.6 per cent of GDP this fiscal, but all efforts be taken to narrow down the revenue expenditure gap. "It would be difficult to achieve the target of fiscal deficit of 4.6 per cent for the current financial year though we will make our best efforts to reach as...
09:35 PM, Jan 11, 2012
New Delhi: India's budget for 2012-13 should send a credible signal on fiscal consolidation by reforming the petroleum subsidy, Montek Singh Ahluwalia, deputy chairman of planning commission, said. The government is expected to present a budget in mid-March for the fiscal year that begins on April 1, amid slowing economic growth and mounting concerns about public finances. New Delhi had budgeted a fiscal deficit of 4.6 percent of GDP for...
05:30 PM, Jan 11, 2012
New Delhi: As most of us are busy in the guessing game, Economic Affairs Secretary R Gopalan indicated that Budget is likely to be between March 12 and March 16. In an interview to CNBC-TV18, Gopalan stressed that no final date has been decided but it is safe to assume the Budget to be tabled between March 12 and March 16. There are already alarm bells ringing on the overburdening...
07:51 PM, Jan 06, 2012
Washington: The head of the International Monetary Fund says the global economy has entered a dangerous phase and that the heavy debt burdens could "suffocate" a recovery. Nations must work together to meet the growing risks, IMF Managing Director Christine Lagarde said on Thursday. Banks must provide more capital, and governments need credible plans to get their debt under control. Lagarde worries that some governments lack the political will to...
12:37 AM, Sep 23, 2011
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