Page 28 - Latest Updates on Fiscal Deficit
April-May fiscal deficit at 58.6% of fiscal year target as revenue slumps
Total revenue was Rs 45,498 crore, or 2 per cent of the budgeted estimate of Rs 22.46 trillion, compared to 7.1 per cent for the same period last year.
 "April-May fiscal deficit at 58.6% of fiscal year target as revenue slumps")
More fiscal disturbance to be expected as the lockdowns are extended
Govt accounts for first two months of the year show tax revenue at Rs 1.26 trillion compared with Rs 2.14 trillion last year. There has been a sharp decline in GST collections of Rs 57,000 cr
 "More fiscal disturbance to be expected as the lockdowns are extended")
Top headlines: Fiscal deficit at 58.6% of annual target in 2 months & more
Business Standard brings you the top headlines of the day
 "Top headlines: Fiscal deficit at 58.6% of annual target in 2 months & more")
India's fiscal deficit at Rs 4.66 trn, 58.6% of annual target in 2 months
Net tax receipts during April-May period were Rs 33,850 cr, while total expenditure was Rs 5.12 trillion
 "India's fiscal deficit at Rs 4.66 trn, 58.6% of annual target in 2 months")
Top headlines: RBI's one-time recast plan, monetising fiscal deficit
From the possibility of RBI's one-time recast plan to be limited, RBI likely to monetise fiscal deficit in second-half of FY21, a glance at GST's completion of 3 years tomorrow, here are the top news
 "Top headlines: RBI's one-time recast plan, monetising fiscal deficit")
Govt may get RBI to monetise fiscal deficit in second half of FY21
A final decision on the matter will be taken before the borrowing calendar for October 2020-March 2021 is announced in late-September
 "Govt may get RBI to monetise fiscal deficit in second half of FY21")
Which economic stimulus works?
Much of the money that households and businesses receive in the form of stimulus checks will probably sit idle in their bank accounts
Monetising fiscal deficit via secondary OMOs right way: Uday Kotak
If we keep subsidising or protecting businesses that are not able to compete, we have an issue. I would expect the market to be able to sort things out, says Uday Kotak
 "Monetising fiscal deficit via secondary OMOs right way: Uday Kotak")
Best of BS Opinion: Govt's limited fiscal cushion, doing-business concerns
From why this year's budgeted net tax revenue for the Centre is impossible to achieve to how Indians are blase about class-driven brutality, here's a selection of Business Standard Opinion pieces
 "Best of BS Opinion: Govt's limited fiscal cushion, doing-business concerns")
'No doubt' on GDP contraction in Q1: CEA Krishnamurthy Subramanian
Subramanian also said that the Centre had gone beyond its means to support states, was keeping its options open regarding deficit monetisation, and that the new privatisation policy would be out soon
 "'No doubt' on GDP contraction in Q1: CEA Krishnamurthy Subramanian")
CEA Krishnamurthy Subramanian sees FY21 fiscal deficit at over 5%
No doubt that economy will contract in Q1, Krishnamurthy Subramanian says
 "CEA Krishnamurthy Subramanian sees FY21 fiscal deficit at over 5%")
Why Centre is left with little fiscal cushion to deal with Covid pandemic
When emerging from this crisis, the govt must consider a fresh approach to reviving growth, revisiting the Centre-state fiscal balance, and devising a re-imagined GST 2.0, writes T N Ninan
IMF asks Pak to freeze govt employees' pay, stick to fiscal consolidation
The Pakistan government is resisting the demand due to high inflation that has eroded people's real income
 "IMF asks Pak to freeze govt employees' pay, stick to fiscal consolidation")
Financial stability needed even if fiscal deficit rises: CII chief Kotak
The CII president is not in favour of waiver of interest by banks during the moratorium period
 "Financial stability needed even if fiscal deficit rises: CII chief Kotak")
India must shed its protectionist attitude: Ex-CEA Arvind Subramanian
If we turn protectionist, I don't know how can we be an exporting power. Self-sufficient exporting powerhouse is an oxymoron," he said.
 "India must shed its protectionist attitude: Ex-CEA Arvind Subramanian")
Back to February 28
Variation between revised and final Budget numbers has grown
 "Back to February 28")
Why Moody's downgrade is not a bolt from the blue but still not justified
While this downgrade will not affect the sovereign as it does not borrow overseas, it will however affect Indian companies borrowing from abroad
 "Why Moody's downgrade is not a bolt from the blue but still not justified")
At 4.6% of GDP, last year's fiscal deficit breached FRBM Act escape clause
The total revenue for FY20 was Rs 17.5 trillion, or 90.6 per cent of revised estimates of Rs 19.32 trillion, compared with 91.4 per cent for the same period last year.
 "At 4.6% of GDP, last year's fiscal deficit breached FRBM Act escape clause")
GDP data: Yet another huge knock for Modi govt's economic growth story
India's economic growth falls for a third successive year, fiscal deficit widens to 4.6%; agriculture and govt spending prevent further decline
 "GDP data: Yet another huge knock for Modi govt's economic growth story")
Fiscal deficit widens to 4.6% of GDP in FY20 on poor revenue realisation
The deficit, which signifies the gap between government revenue and expenditure, is higher than the revised estimate of 3.8 per cent for the fiscal
 "Fiscal deficit widens to 4.6% of GDP in FY20 on poor revenue realisation")
