NEW DELHI: India is ‘fairly’ confident it can meet its target to cut its fiscal deficit by nearly 200 basis points to 4.5% of GDP in the next three years, assuming there is no major global economic shock, a top government official told Reuters on Thursday. On Wednesday, the government in its 2023/24 budget set … Read more
“Our house view is that gold has now turned into a speculative asset. Academically, gold is an alternative currency. It is a store of value,” says Manoj Trivedi, Co-founder, Jama Wealth. In an interview with ETMarkets, Trivedi said: “If we look at gold prices in USD, they have not increased since the COVID period, despite … Read more
“Well the Chinese economy will probably recover towards the second half of next year simply because the shocks it has been subject to have been pretty significant this year,” says Raghuram Rajan, Former RBI Governor & Prof, University of Chicago Booth School. Mythili Bhusnurmath: Do you see the IMF’s forecast of one-third of the global … Read more
The International Monetary Fund (IMF) cautioned that India’s fiscal space is at risk as it called for a more ambitious and well-communicated consolidation to ensure medium-term fiscal sustainability. In its Article IV consultation report released Friday, the IMF called for further structural reforms, including addressing the adverse impact of climate change, to secure strong and … Read more
New Delhi: The Centre expects to meet or even do better than the budgeted FY23 fiscal deficit target, pegged at 6.4% of GDP, on the back of buoyant revenues, officials said. Several ministries may not be able to utilise their full allocation for the year, providing a cushion to the finance ministry to meet the … Read more
India’s debt ratio is expected to reach 84 per cent of its GDP by the end of 2022, which will top many emerging economies, but its debt is easier to sustain, a senior IMF official said on Wednesday. Paolo Mauro, Deputy Director, Fiscal Affairs Department, International Monetary Fund, said that the country need to have … Read more
Indian states‘ offer of ‘economically unsustainable’ sops like farm loan waivers, and restoring old pension systems is a matter of concern, SBI Research wrote in a report dated April 18. “Telangana has committed 35% of revenue receipts of the state to finance the several populist schemes. In terms of percentage of states’ own tax revenue … Read more
The finance ministry has asked departments and ministries to surrender savings, if any, for the current financial year 2021-22 by March 21. An office memorandum issued by the Budget Division of the Ministry of Finance informed all departments and ministries that the last date for accepting the surrender of savings anticipated in the Grants for … Read more
Terming the recent budget a “development-oriented” exercise, Union Road Transport and Highways Secretary Giridhar Aramane on Sunday said the pace of road construction will be further increased to achieve the target of expansion of national highways in the next fiscal. In the ongoing fiscal so far, he said, the National Highways Authority of India (NHAI) … Read more
Risk high inflation to go flat out for growth. That approach of the budget so enthused markets that the Nifty rose 237 points. It is a courageous gamble, but a gamble nevertheless, so keep your fingers crossed. Most budgets are about taxes, but this one makes only marginal tax changes. Tax stability is a virtue. … Read more