Fiscal Deficit

  • India to revise GDP measurement next year, economy may be larger September 9, 2014

    New Delhi: India will soon revise the way it measures gross domestic product to reflect under-represented and informal economic sectors, two government sources said, in an initiative that is expected to show the economy is larger than previously thought. India usually revises the method of calculating national accounts and other macro...
  • India's rating seen limited by fiscal deficit, inflation: Moody's September 3, 2014

    Mumbai: India's fiscal deficit and inflation outlook could prevent any upgrades in the country's sovereign rating, even as the economy is headed for recovery, Moody's Investors Service said on Wednesday. Although Moody's expects the government to meet the fiscal deficit target of 4.1 percent for the fiscal year ending in...
  • S&P says budget has no impact on India's sovereign ratings July 14, 2014

    Mumbai: Standard & Poor's said that the budget would not have an impact on India's sovereign ratings until the agency could see how the measures will be implemented, especially regarding meeting the fiscal deficit target. Finance Minister Arun Jaitley said last week that India would stick to the fiscal deficit target...
  • Finance secretary Mayaram defends 4.1 per cent fiscal deficit target July 13, 2014

    New Delhi: Finance Secretary Arvind Mayaram said that plans announced in this week's budget to stick to a fiscal deficit target of 4.1 per cent of GDP are "very credible", despite criticism from ratings agencies that the number is optimistic. Prime Minister Narendra Modi, who took office in May, on Thursday...
  • Arun Jaitley retains fiscal deficit target at 4.1 pc, outlines road map July 10, 2014

    New Delhi: Outlining the road map for fiscal consolidation, Finance Minister Arun Jaitley on Thursday said the government will retain the fiscal deficit target for 2014-15 at 4.1 per cent of GDP and reduce it further to 3 per cent by 2016-17. Presenting his maiden Budget, the Minister said the prevailing...
  • Highlights of Union Budget 2014-15 July 10, 2014

    New Delhi: Finance Minister Mr Arun Jaitley in the Budget 2014-15 salaried class tax breaks and increased the range of savings. Special focus on women and children's facilities, the construction of world-class cities, and welfare of senior citizens. Here are the highlights of the budget presented by Finance Minister...
  • Fiscal deficit for 2014-15 projected at 4.5 per cent of GDP: Arun Jaitley July 9, 2014

    New Delhi: Finance Minister Arun Jaitley on Wednesday presented the Economic Survey 2014-15 in the Lok Sabha and pointed towards the worsening Fiscal situation. He said that the fiscal deficit for 2014-15 year is projected at 4.5 per cent of Gross Domestic Product (GDP). He assured that the government will...
  • Economic Survey urges strong steps to contain fiscal deficit July 9, 2014

    New Delhi: Fiscal situation is worse than it appears, Prime Minister Narendra Modi's government said in an economic report on Wednesday that called for tough measures to shore up public finances and reduce inflation. The report's tone will increase speculation that Finance Minister Arun Jaitley, in presenting his first Budget to...
  • April-May fiscal deficit is Rs 2.4 lakh crore June 30, 2014

    New Delhi: The fiscal deficit in the first two months of 2013-14 was Rs 2.4 lakh crore or 45.6 per cent of Budget Estimates for the whole financial year. The fiscal deficit -- the gap between expenditure and revenue -- for the whole fiscal has been pegged at Rs 5.28...
  • BJP debates junking deficit cut roadmap May 15, 2014

    The Bharatiya Janata Party (BJP) set to form the next government, is debating scrapping or revising a plan to cut the fiscal deficit to a nine-year low over the next three years, sources with direct knowledge of the situation told Reuters. While the BJP is not bound by the roadmap of...
  • Ground realities: Nine election issues no one is talking about April 29, 2014

    Like one of those professional wrestling cage matches, Elections 2014 has become a slugfest with more chaos, heat and dust than light. Also, just like a cage match, it is by now difficult to determine whether the vitriol and melodrama is real, feigned or well scripted. Score at half-time: Gandhi...
  • April-January fiscal deficit at $ 86 billion, crosses full year target February 28, 2014

    India's fiscal deficit in the first ten months of the 2013-14 financial year crossed the target for the whole year, putting pressure on the finance minister of Asia's third-largest economy to cut spending ahead of an election. The fiscal deficit touched 5.33 trillion rupees during April-January, or 101.6 per cent of...
  • Ashamed at the way business transacted in Parliament: Chidambaram March 1, 2014

    Karan Thapar: Hello and welcome to Devil's Advocate. How credible is the governments claim that it has reduced the fiscal deficit to 4.6 per cent of GDP. That is one of the key issues I should explore today with the finance minister P Chidambaram. Karan Thapar: Twenty four hours after you...
  • Rajasthan industry welcomes state's interim budget February 20, 2014

    Trade and industry bodies om Thursday  welcomed the interim budget of Rajasthan, saying that the government has focused on fiscal consolidation. "The focus of the chief minister to keep fiscal eficit below 3 per cent, checking the fiscal deficit at 2.86 per cent for the current fiscal year is really commendable," Ratnesh P Kashyap, Chairman...
  • Fiscal deficit will be contained at 4.6 pc of GDP: Chidambaram February 17, 2014

    New Delhi: The government on Monday said the fiscal deficit for the current financial year will be contained at 4.6 per cent of GDP. "Let me begin with the good news. Fiscal deficit for 2013-14 will be contained at 4.6 per cent of GDP, well below the red line that...
  • Budget 2014: As it happened February 17, 2014

    New Delhi: 12:07 pm: Towards the end of his speech, Chidambaram says, "140 million moved out of poverty during UPA-I and UPA-II regime and we are legitimately proud of it." 12:05 pm: Excise duty on mobile handset will be 6 pc on CENVAT credit to encourage domestic production. 12:02 pm: Excise...
  • UPA-II to present its last Budget today, fears Telangana disruption February 17, 2014

    New Delhi: Finance Minister P Chidambaram will present the last interim budget of the UPA-II on Monday in Parliament. Chidambaram will present the vote on account on Monday, giving an estimate of funds required to meet expenditure until a new government is in place. Chidambaram will give a report card on...
  • Fiscal deficit in Vote on Account may impress market: Choksey February 14, 2014

    According to Deven Choksey, government would probably discuss fiscal deficit which is much healthier, but there is unlikely to be any change in market movement due to Vote on Account on Monday. According to Deven Choksey, government would probably discuss fiscal deficit which is much healthier, but there is unlikely to...
  • Rajasthan's fiscal deficit worsened in Congress regime: Vasundhara Raje December 24, 2013

    Newly-elected Rajasthan Chief Minister Vasundhara Raje on Monday asserted that improving the state's economy will be her top priority, saying fiscal situation had worsened in the previous Congress regime with the deficit touching 2.48 per cent of GDP in 2013-14. "Fiscal deficit was 6.6 per cent of gross domestic product (GDP)...
  • Defeat of Congress may lead to higher fiscal deficit: Fitch December 10, 2013

    Global rating agency Fitch on Tuesday expressed fear that the defeat of Congress in four of the five state Assembly elections could lead to higher fiscal deficit target as the government would be constrained to curb expenditure. "The setback faced by the Congress Party in state elections could potentially raise political...
  • S&P says next government's agenda to determine rating November 8, 2013

    Standard & Poor's said on Thursday it will review India's rating once a new government due to be elected next year lays out its policy agenda, reducing the prospect of a destabilising downgrade to below investment grade ahead of the polls. That could delay the next review until after May 2014,...
  • Diesel price hike the only option to reduce oil pool deficit: ONGC September 3, 2013

    New Delhi: The Oil and Natural Gas Corporation (ONGC) said that a hike in diesel price is the only option to reduce the oil pool deficit as the cost of production has increased significantly. ONGC also expressed its fear that the risk of subsidy burden in Fiscal Year 2014 is higher...
  • Rupee fall, oil price hike will result in Rs 1,80,000 crore loss: Moily August 31, 2013

    New Delhi: Battling double whammy of dipping rupee and surging global oil rates, Oil Minister M Veerappa Moily has written to Prime Minister Manmohan Singh saying without corrective steps losses on sale of subsidised fuel sales will rise to unprecedented Rs 1,80,000 crore. In a detailed note, Moily told the...
  • Decisions taken by government in 2008 led to rupee fall, admits Chidambaram August 27, 2013

    New Delhi: As rupee reached a new record low of 66.07 vs US dollar on Tuesday, Finance Minister P Chidambaram admitted that the decisions taken by the government to counter the 2008 economic meltdown are among the reasons why the rupee depreciated. Chidambaram said the stimulus programme announced by the...
  • Cut expenditure to check further slide in the rupee, says Montek August 25, 2013

    Deputy Chairman of the Planning Commission Montek Singh Ahluwalia has suggested a cut in wasteful government expenditure as a strong and necessary measure to control the fiscal deficit but defended financial burden of the Food Security Bill. He was speaking to Karan Thapar on Devil's Advocate. Here is the transcript of...
  • Cut wasteful govt expenditures, but spare food subsidies: Montek August 25, 2013

    Deputy Chairman of the Planning Commission Montek Singh Ahluwalia has suggested a cut in wasteful government expenditure as a strong and necessary measure to control the fiscal deficit but defended financial burden of the Food Security Bill. He was speaking to Karan Thapar on Devil's Advocate. Here is an excerpt of...
  • Use foreign exchange reserves to curb the slide of the rupee: Montek August 25, 2013

    New Delhi: Deputy Chairman of the Planning Commission Montek Singh Ahluwalia in an interview with Karan Thapar on CNN-IBN, suggested the use of foreign exchange reserves as a measure to finance the current account deficit. He said this was one step the government must take to if wants to check...
  • Economy is recovering, more reforms soon: Chidambaram June 13, 2013

    New Delhi: Finance Minister P Chidambaram announced on Thursday that the government plans to announce more economic reforms soon. He asked people to not panic saying the economy is recovering. "Economy is stronger than what it was this time last year. Inflation too is low," the Union Minister said. Chidambaram...
  • RBI puts restrictions on gold imports by banks May 13, 2013

    Mumbai: With gold imports putting pressure on the current account deficit, the Reserve Bank on Monday imposed restrictions on import of the yellow metal by banks. "To moderate the demand for gold for domestic use, it has been decided to restrict the import of gold on consignment basis by banks,...
  • Stimulus packages lead to fiscal deficit and inflation: FM April 20, 2013

    Washington: Finance Minister P Chidambaram on Friday said the three stimulus packages India had provided to the economy in the wake of the global financial crisis post 2008-09 lead to a higher fiscal deficit, inflation and slowdown in growth. He said the government is going to take more steps on...