Gross bond issuances by banks is estimated to reach Rs 1.3-1. 4 lakh crore this fiscal as debt sales have already hit record high of Rs 0.915 lakh crore, surpassing the previous high of Rs 0.8 lakh crore in FY17, Icra Ratings said.
The fiscal deficit was 66.8 percent of the Revised Estimate (RE) of 2020-21 during the corresponding period of the last fiscal.
The fiscal deficit or the gap between expenditure and revenue was estimated at 6.8 per cent of the gross domestic product (GDP) in the current financial year ending March 31, 2022.
The country's fiscal deficit soared to a seven-year high of 4.6 per cent of the Gross Domestic Product (GDP) in 2019-20 mainly on account of poor revenue realisation.
India's fiscal deficit touched 128.5 per cent of the whole year budget target at January-end, said the Controller General of Accounts (CGA) on Friday. The deficit during the same period during 2018-19 was 121.5 per cent of that year's Revised Budget Estimate (RE).
Payment of adjusted gross revenue dues of Rs 1.20 lakh crore by telcos will reduce the fiscal deficit for 2019-20 to 3.5 per cent of the GDP from the revised estimate of 3.8 per cent of the GDP, economists at SBI said on Monday. However, one will have to wait till March 16 - the payment deadline - before the picture gets clear, they said.
While presenting Union Budget 2020-21 in Parliament, Finance Minister Nirmala Sitharaman announced that the fiscal deficit for year 2019-20 was 3.8. She said,"We estimate a fiscal deficit of 3.8% in RE 2019-20 and 3.5% for BE 2020-21." She further added,"We have estimated nominal growth of GDP for the year 2020-21 on the trends available, at 10%."
Fiscal deficit is pegged at 3.8 percent in current fiscal and 3.5 percent in the next, Union Finance Minister Nirmala Sitharaman said as she presented Budget 2020 in Parliament.
Ahead of Finance Minister Nirmala Sitharaman's second Budget, Chief Economic Adviser K V Subramanian on Friday suggested the government should focus on growth rather than being rigid on fiscal deficit in times of the slowing economy.
In an exclusive conversation with India TV Digital, Former Finance Secretary CM Vasudev delved upon the upcoming Budget amid India's current fragile economic conditions.
Fitch said it was revising the fiscal deficit forecast as revenue collection is likely to fall far short of the projections in the FY2019/20 Union Budget due to weak goods and services tax (GST) and corporate income tax collections.
India's fiscal deficit reached nearly 93 per cent of the budget estimate at Rs 6.52 lakh crore at the end of September in the current financial year, government data showed on Thursday.
India's budgetary fiscal deficit for the April-August 2019-20 period came in at 78.7 per cent, or Rs 5.538 lakh crore, of the budget estimates (BE), official data showed on Monday.
In the biggest reduction in 28 years, the government on Friday slashed corporate tax by almost 10 percentage points as it looked to pull the economy out of a six-year low growth and a 45-year high unemployment rate by reviving private investments with a Rs 1.45-lakh crore tax break.
Pakistan has suffered yet another setback with its economy plunging into a deep crisis. Pakistan's frightening situation can be clearly seen as it saw record high fiscal deficit but the country's Prime Minister and the entire leadership is busy issuing threats of war and jihad against India after the abrogation of Article 370 in Jammu and Kashmir.
While presenting interim Budget 2019-20 in February, the government had pegged fiscal deficit target at 3.4 per cent.
The fiscal deficit or gap between expenditure and revenue, was Rs 3,66,157 crore, as per data released by the Controller General of Accounts (CGA).
Fiscal deficit for the month of April was at Rs 1,57,048 crore which is 22 per cent of the budgeted estimate for the year 2019-20, slightly lower than what it was in the same period a year ago and as a percentage to the GDP, the fiscal deficit is at 0.75 per cent, Department of Expenditure (DoE) figures showed.
The fiscal deficit for 2018-19 came in at 3.39 per cent of GDP, marginally lower than 3.4 per cent estimated in the revised estimates of the Budget, mainly due to increase in non-tax revenue and lower expenditure.
Claiming that the Narendra Modi government's efforts during its remaining tenure cannot revive the "perilous condition" of the Indian economy, P. Chidambaram said the Centre might not able to achieve its set fiscal deficit target of 3.3 per cent.
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