Page 5 - Latest Updates on Fiscal Deficit
US Senate approves $460 billion funding package, avoiding shutdown
The Senate voted 75 to 22 on Friday evening to approve the package, negotiated by congressional leaders from both parties. The House overwhelmingly passed it earlier this week
 "US Senate approves $460 billion funding package, avoiding shutdown")
At Rs 11 trillion, fiscal deficit narrows to 64% of revised estimates
Both revenue and capital expenditure for the April-January FY2024 period was around 75 per cent
 "At Rs 11 trillion, fiscal deficit narrows to 64% of revised estimates")
Fiscal deficit at Jan-end touches 63.6% of full year target: Govt data
In the corresponding period last year, the fiscal deficit or gap between the expenditure and revenue was 67.8 per cent of Revised Estimates (RE) of the Union Budget 2022-23
 "Fiscal deficit at Jan-end touches 63.6% of full year target: Govt data")
Hong Kong ups salaries tax for high earners to 16% to tackle fiscal deficit
A two-tier tax system will be introduced from April, with income of up to HK$5 million ($640,000) taxed at a maximum of 15%, and anything higher than that being taxed at 16%
 "Hong Kong ups salaries tax for high earners to 16% to tackle fiscal deficit")
Govt on course to achieve small savings scheme collection target for FY24
The government's cash balance is not high too, as borrowings are complete, and it is carrying a modest cash balance to meet its commitments, government sources said
 "Govt on course to achieve small savings scheme collection target for FY24")
TN Budget: Hut-free mission aims at 800,000 concrete houses by 2030
The scheme called Kalaignarin Kanavu Illam will be implemented at a cost of Rs 3,500 crore, giving an opportunity to the poor to build their dream homes
 "TN Budget: Hut-free mission aims at 800,000 concrete houses by 2030")
TN fiscal deficit at 3.44% in FY25, growth anticipated: State finance secy
The Registration department did not see the expected growth last year but next year the government hoped that it would fetch more revenue to the state, he added
 "TN fiscal deficit at 3.44% in FY25, growth anticipated: State finance secy")
Downside risks to growth persist
The odds of soft-landing have increased with inflation moving closer to the target and growth holding up better than expected in major advanced and emerging market economies
 "Downside risks to growth persist")
Qualitative improvement
Higher capex will improve growth prospects
 "Qualitative improvement")
India's growth rate constantly rising; our critics at an all-time low: PM
"This is the time when our growth rate is constantly rising and fiscal deficit is decreasing. This is the time when our export is increasing and current account deficit is decreasing," PM Modi added
 "India's growth rate constantly rising; our critics at an all-time low: PM")
We have been lot more prudent in managing fiscal deficit: FM Sitharaman
The FM also said that retail inflation had declined from an average of 6.8 per cent in April-December 2022 to 5.5 per cent in the corresponding period of April-December 2023
 "We have been lot more prudent in managing fiscal deficit: FM Sitharaman")
Interim Budget indicates the way forward
On the external sector, the Finance Minister said that geopolitically, global affairs are becoming more complex and challenging with wars and conflicts
 "Interim Budget indicates the way forward")
Fiscal deficit was 4.5% in UPA's terminal year, says P Chidambaram
'If the NDA points to the pandemic years (2020-21 & 2021-22), the UPA can point to the years of the International Financial Crisis (2008-09) and the 'taper tantrum' (2013-14),' Chidambaram argued
 "Fiscal deficit was 4.5% in UPA's terminal year, says P Chidambaram")
It's not priority of govt to monitor consumption: Finance secretary
He says why the Budget numbers are realistic and speaks of the evolving approach of the government towards disinvestment, welfare schemes, and capital expenditure
 "It's not priority of govt to monitor consumption: Finance secretary")
Tax buoyancy cannot continue year after year, says DEA secy Ajay Seth
Economic Affairs Secretary Ajay Seth spoke on the government's thinking behind the major budget projections and the fiscal math
 "Tax buoyancy cannot continue year after year, says DEA secy Ajay Seth")
Fiscal deficit target of 5.1% ambitious but achievable: Finance secretary
Besides, he said, the government has projected a slight increase in non-tax revenue from a high base during the current financial year
 "Fiscal deficit target of 5.1% ambitious but achievable: Finance secretary")
Budget focused on economic resilience, creates opportunities for all
It carefully allocates public resources and commits to reduce the country's fiscal debt
Budget focused on economic resilience, creates opportunities for all
It carefully allocates public resources and commits to reduce the country's fiscal debt
 "Budget focused on economic resilience, creates opportunities for all")
Deficit reduction will stabilise debt-to-GDP ratio over medium term: Fitch
Higher dividends from banks and financial institutions, apart from improvement in tax mobilisation, would help achieve the fiscal deficit glide path
 "Deficit reduction will stabilise debt-to-GDP ratio over medium term: Fitch")
FM Sitharaman's Interim Budget is high on confidence, not on populism
FM overperforms on deficit, stays away from sops, pushes feel-good factor by ending old tax disputes, lists out decade of development
 "FM Sitharaman's Interim Budget is high on confidence, not on populism")
