Deprecated (16384): The ArrayAccess methods will be removed in 4.0.0.Use getParam(), getData() and getQuery() instead. - /home/brlfuser/public_html/src/Controller/ArtileDetailController.php, line: 150
 You can disable deprecation warnings by setting `Error.errorLevel` to `E_ALL & ~E_USER_DEPRECATED` in your config/app.php. [CORE/src/Core/functions.php, line 311]
Code Context


        trigger_error($message, E_USER_DEPRECATED);

    }
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 You can disable deprecation warnings by setting `Error.errorLevel` to `E_ALL & ~E_USER_DEPRECATED` in your config/app.php.'
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deprecationWarning - CORE/src/Core/functions.php, line 311
Cake\Http\ServerRequest::offsetGet() - CORE/src/Http/ServerRequest.php, line 2421
App\Controller\ArtileDetailController::index() - APP/Controller/ArtileDetailController.php, line 150
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Cake\Http\ActionDispatcher::_invoke() - CORE/src/Http/ActionDispatcher.php, line 120
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Cake\Http\Runner::__invoke() - CORE/src/Http/Runner.php, line 65
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Cake\Http\Runner::__invoke() - CORE/src/Http/Runner.php, line 65
Cake\Http\Runner::run() - CORE/src/Http/Runner.php, line 51
Cake\Http\Server::run() - CORE/src/Http/Server.php, line 98

Deprecated (16384): The ArrayAccess methods will be removed in 4.0.0.Use getParam(), getData() and getQuery() instead. - /home/brlfuser/public_html/src/Controller/ArtileDetailController.php, line: 151
 You can disable deprecation warnings by setting `Error.errorLevel` to `E_ALL & ~E_USER_DEPRECATED` in your config/app.php. [CORE/src/Core/functions.php, line 311]
Code Context


        trigger_error($message, E_USER_DEPRECATED);

    }
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 You can disable deprecation warnings by setting `Error.errorLevel` to `E_ALL & ~E_USER_DEPRECATED` in your config/app.php.'
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deprecationWarning - CORE/src/Core/functions.php, line 311
Cake\Http\ServerRequest::offsetGet() - CORE/src/Http/ServerRequest.php, line 2421
App\Controller\ArtileDetailController::index() - APP/Controller/ArtileDetailController.php, line 151
Cake\Controller\Controller::invokeAction() - CORE/src/Controller/Controller.php, line 610
Cake\Http\ActionDispatcher::_invoke() - CORE/src/Http/ActionDispatcher.php, line 120
Cake\Http\ActionDispatcher::dispatch() - CORE/src/Http/ActionDispatcher.php, line 94
Cake\Http\BaseApplication::__invoke() - CORE/src/Http/BaseApplication.php, line 235
Cake\Http\Runner::__invoke() - CORE/src/Http/Runner.php, line 65
Cake\Routing\Middleware\RoutingMiddleware::__invoke() - CORE/src/Routing/Middleware/RoutingMiddleware.php, line 162
Cake\Http\Runner::__invoke() - CORE/src/Http/Runner.php, line 65
Cake\Routing\Middleware\AssetMiddleware::__invoke() - CORE/src/Routing/Middleware/AssetMiddleware.php, line 97
Cake\Http\Runner::__invoke() - CORE/src/Http/Runner.php, line 65
Cake\Error\Middleware\ErrorHandlerMiddleware::__invoke() - CORE/src/Error/Middleware/ErrorHandlerMiddleware.php, line 96
Cake\Http\Runner::__invoke() - CORE/src/Http/Runner.php, line 65
Cake\Http\Runner::run() - CORE/src/Http/Runner.php, line 51
Cake\Http\Server::run() - CORE/src/Http/Server.php, line 98

Warning (512): Unable to emit headers. Headers sent in file=/home/brlfuser/public_html/vendor/cakephp/cakephp/src/Error/Debugger.php line=853 [CORE/src/Http/ResponseEmitter.php, line 48]
Code Context
            if (Configure::read('debug')) {

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        LATEST NEWS UPDATES | Budget again reveals structural fiscal constraint -Rathin Roy    </title>
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-Business Standard/ NIPFP

Strap: It recognises that the medium-term fiscal arithmetic does not afford space for expansionary fiscal policy
&nbsp;
In my column on the FY20 Budget (A silent fiscal crisis, July 5, 2019), I had warned that the government faced a structural..."/>
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-Business Standard/ NIPFP

Strap: It recognises that the medium-term fiscal arithmetic does not afford space for expansionary fiscal policy
&nbsp;
In my column on the FY20 Budget (A silent fiscal crisis, July 5, 2019), I had warned that the government faced a structural..." />
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                            <div align="justify">-Business Standard/ NIPFP<br /><br /><em>Strap: It recognises that the medium-term fiscal arithmetic does not afford space for expansionary fiscal policy<br /></em>&nbsp;<br />In my column on the FY20 Budget (A silent fiscal crisis, July 5, 2019), I had warned that the government faced a structural fiscal constraint that was concealed by using incorrectly optimistic numbers for revenue receipts. This year&rsquo;s Budget is transparent. But the government continues to be heavily fiscally constrained due to inadequate revenue receipts. A large part of the incremental fiscal deficit is because of this constraint.<br />&nbsp;<br />In FY 20, gross tax revenue receipts are Rs 3 trillion lower than projected in the budget estimates. Half of this is because of a shortfall in corporate taxes, which is more than the number projected when tax rate cuts were announced. The other half is due to a fall in indirect taxes of Rs. 1.32 trillion. Collectively, this means that the shortfall in gross tax revenues in FY20 is 1.46 per cent of gross domestic product (GDP). The shortfall in net tax revenue to the Centre is 0.7 per cent of GDP and 0.75 per cent of GDP for the states. This reflects the disproportionate impact of a tax shortfall on states caused by the high share of cesses (which were not, for example, affected by the tax rate cuts). So the fiscal stress is now impacting the states, a fact that the Fifteenth Finance Commission&rsquo;s interim report seems to have conveniently ignored.<br /><br />Please <a href="https://www.nipfp.org.in/blog/2020/02/02/budget-again-reveals-structural-fiscal-constraint/ " title="https://www.nipfp.org.in/blog/2020/02/02/budget-again-reveals-structural-fiscal-constraint/ ">click here</a> to read more. <br /></div>                                                           
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    <br><a href="https://www.nipfp.org.in/blog/2020/02/02/budget-again-reveals-structural-fiscal-constraint/" class="re" target="_blank">Business Standard/ NIPFP, 2 February, 2020, https://www.nipfp.org.in/blog/2020/02/02/budget-again-reveals-structural-fiscal-constraint/</a><div class="clear"></div>
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    <h1 class="cat-box-title">Budget again reveals structural fiscal constraint -Rathin Roy</h1>
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                            <div align="justify">-Business Standard/ NIPFP<br /><br /><em>Strap: It recognises that the medium-term fiscal arithmetic does not afford space for expansionary fiscal policy<br /></em>&nbsp;<br />In my column on the FY20 Budget (A silent fiscal crisis, July 5, 2019), I had warned that the government faced a structural fiscal constraint that was concealed by using incorrectly optimistic numbers for revenue receipts. This year&rsquo;s Budget is transparent. But the government continues to be heavily fiscally constrained due to inadequate revenue receipts. A large part of the incremental fiscal deficit is because of this constraint.<br />&nbsp;<br />In FY 20, gross tax revenue receipts are Rs 3 trillion lower than projected in the budget estimates. Half of this is because of a shortfall in corporate taxes, which is more than the number projected when tax rate cuts were announced. The other half is due to a fall in indirect taxes of Rs. 1.32 trillion. Collectively, this means that the shortfall in gross tax revenues in FY20 is 1.46 per cent of gross domestic product (GDP). The shortfall in net tax revenue to the Centre is 0.7 per cent of GDP and 0.75 per cent of GDP for the states. This reflects the disproportionate impact of a tax shortfall on states caused by the high share of cesses (which were not, for example, affected by the tax rate cuts). So the fiscal stress is now impacting the states, a fact that the Fifteenth Finance Commission&rsquo;s interim report seems to have conveniently ignored.<br /><br />Please <a href="https://www.nipfp.org.in/blog/2020/02/02/budget-again-reveals-structural-fiscal-constraint/ " title="https://www.nipfp.org.in/blog/2020/02/02/budget-again-reveals-structural-fiscal-constraint/ ">click here</a> to read more. <br /></div>                                                           
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    <br><a href="https://www.nipfp.org.in/blog/2020/02/02/budget-again-reveals-structural-fiscal-constraint/" class="re" target="_blank">Business Standard/ NIPFP, 2 February, 2020, https://www.nipfp.org.in/blog/2020/02/02/budget-again-reveals-structural-fiscal-constraint/</a><div class="clear"></div>
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        LATEST NEWS UPDATES | Budget again reveals structural fiscal constraint -Rathin Roy    </title>
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    <h1 class="cat-box-title">Budget again reveals structural fiscal constraint -Rathin Roy</h1>
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                            <div align="justify">-Business Standard/ NIPFP<br /><br /><em>Strap: It recognises that the medium-term fiscal arithmetic does not afford space for expansionary fiscal policy<br /></em>&nbsp;<br />In my column on the FY20 Budget (A silent fiscal crisis, July 5, 2019), I had warned that the government faced a structural fiscal constraint that was concealed by using incorrectly optimistic numbers for revenue receipts. This year&rsquo;s Budget is transparent. But the government continues to be heavily fiscally constrained due to inadequate revenue receipts. A large part of the incremental fiscal deficit is because of this constraint.<br />&nbsp;<br />In FY 20, gross tax revenue receipts are Rs 3 trillion lower than projected in the budget estimates. Half of this is because of a shortfall in corporate taxes, which is more than the number projected when tax rate cuts were announced. The other half is due to a fall in indirect taxes of Rs. 1.32 trillion. Collectively, this means that the shortfall in gross tax revenues in FY20 is 1.46 per cent of gross domestic product (GDP). The shortfall in net tax revenue to the Centre is 0.7 per cent of GDP and 0.75 per cent of GDP for the states. This reflects the disproportionate impact of a tax shortfall on states caused by the high share of cesses (which were not, for example, affected by the tax rate cuts). So the fiscal stress is now impacting the states, a fact that the Fifteenth Finance Commission&rsquo;s interim report seems to have conveniently ignored.<br /><br />Please <a href="https://www.nipfp.org.in/blog/2020/02/02/budget-again-reveals-structural-fiscal-constraint/ " title="https://www.nipfp.org.in/blog/2020/02/02/budget-again-reveals-structural-fiscal-constraint/ ">click here</a> to read more. <br /></div>                                                           
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    <br><a href="https://www.nipfp.org.in/blog/2020/02/02/budget-again-reveals-structural-fiscal-constraint/" class="re" target="_blank">Business Standard/ NIPFP, 2 February, 2020, https://www.nipfp.org.in/blog/2020/02/02/budget-again-reveals-structural-fiscal-constraint/</a><div class="clear"></div>
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Budget again reveals structural fiscal constraint -Rathin Roy

Published on Feb 6, 2020   Modified on Feb 6, 2020

-Business Standard/ NIPFP Strap: It recognises that the medium-term fiscal arithmetic does not afford space for expansionary fiscal policy   In my column on the FY20 Budget (A silent fiscal crisis, July 5, 2019), I had warned that the government faced a structural fiscal constraint that was concealed by using incorrectly optimistic numbers for revenue receipts. This year’s Budget is transparent. But the government continues to be heavily fiscally constrained due to inadequate revenue receipts. A large part of the incremental fiscal deficit is because of this constraint.   In FY 20, gross tax revenue receipts are Rs 3 trillion lower than projected in the budget estimates. Half of this is because of a shortfall in corporate taxes, which is more than the number projected when tax rate cuts were announced. The other half is due to a fall in indirect taxes of Rs. 1.32 trillion. Collectively, this means that the shortfall in gross tax revenues in FY20 is 1.46 per cent of gross domestic product (GDP). The shortfall in net tax revenue to the Centre is 0.7 per cent of GDP and 0.75 per cent of GDP for the states. This reflects the disproportionate impact of a tax shortfall on states caused by the high share of cesses (which were not, for example, affected by the tax rate cuts). So the fiscal stress is now impacting the states, a fact that the Fifteenth Finance Commission’s interim report seems to have conveniently ignored. Please click here to read more.

Business Standard/ NIPFP, 2 February, 2020, https://www.nipfp.org.in/blog/2020/02/02/budget-again-reveals-structural-fiscal-constraint/

Tagged with: National Institute of Public Finance and Policy NIPFP Rathin roy fiscal deficit Revenue Deficit Union Budget Union Budget 2020-21

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