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: 73
 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);

    }
$message = '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: 73
 You can disable deprecation warnings by setting `Error.errorLevel` to `E_ALL & ~E_USER_DEPRECATED` in your config/app.php.'
$stackFrame = (int) 1
$trace = [
	(int) 0 => [
		'file' => '/home/brlfuser/public_html/vendor/cakephp/cakephp/src/Http/ServerRequest.php',
		'line' => (int) 2421,
		'function' => 'deprecationWarning',
		'args' => [
			(int) 0 => 'The ArrayAccess methods will be removed in 4.0.0.Use getParam(), getData() and getQuery() instead.'
		]
	],
	(int) 1 => [
		'file' => '/home/brlfuser/public_html/src/Controller/ArtileDetailController.php',
		'line' => (int) 73,
		'function' => 'offsetGet',
		'class' => 'Cake\Http\ServerRequest',
		'object' => object(Cake\Http\ServerRequest) {},
		'type' => '->',
		'args' => [
			(int) 0 => 'catslug'
		]
	],
	(int) 2 => [
		'file' => '/home/brlfuser/public_html/vendor/cakephp/cakephp/src/Controller/Controller.php',
		'line' => (int) 610,
		'function' => 'printArticle',
		'class' => 'App\Controller\ArtileDetailController',
		'object' => object(App\Controller\ArtileDetailController) {},
		'type' => '->',
		'args' => []
	],
	(int) 3 => [
		'file' => '/home/brlfuser/public_html/vendor/cakephp/cakephp/src/Http/ActionDispatcher.php',
		'line' => (int) 120,
		'function' => 'invokeAction',
		'class' => 'Cake\Controller\Controller',
		'object' => object(App\Controller\ArtileDetailController) {},
		'type' => '->',
		'args' => []
	],
	(int) 4 => [
		'file' => '/home/brlfuser/public_html/vendor/cakephp/cakephp/src/Http/ActionDispatcher.php',
		'line' => (int) 94,
		'function' => '_invoke',
		'class' => 'Cake\Http\ActionDispatcher',
		'object' => object(Cake\Http\ActionDispatcher) {},
		'type' => '->',
		'args' => [
			(int) 0 => object(App\Controller\ArtileDetailController) {}
		]
	],
	(int) 5 => [
		'file' => '/home/brlfuser/public_html/vendor/cakephp/cakephp/src/Http/BaseApplication.php',
		'line' => (int) 235,
		'function' => 'dispatch',
		'class' => 'Cake\Http\ActionDispatcher',
		'object' => object(Cake\Http\ActionDispatcher) {},
		'type' => '->',
		'args' => [
			(int) 0 => object(Cake\Http\ServerRequest) {},
			(int) 1 => object(Cake\Http\Response) {}
		]
	],
	(int) 6 => [
		'file' => '/home/brlfuser/public_html/vendor/cakephp/cakephp/src/Http/Runner.php',
		'line' => (int) 65,
		'function' => '__invoke',
		'class' => 'Cake\Http\BaseApplication',
		'object' => object(App\Application) {},
		'type' => '->',
		'args' => [
			(int) 0 => object(Cake\Http\ServerRequest) {},
			(int) 1 => object(Cake\Http\Response) {},
			(int) 2 => object(Cake\Http\Runner) {}
		]
	],
	(int) 7 => [
		'file' => '/home/brlfuser/public_html/vendor/cakephp/cakephp/src/Routing/Middleware/RoutingMiddleware.php',
		'line' => (int) 162,
		'function' => '__invoke',
		'class' => 'Cake\Http\Runner',
		'object' => object(Cake\Http\Runner) {},
		'type' => '->',
		'args' => [
			(int) 0 => object(Cake\Http\ServerRequest) {},
			(int) 1 => object(Cake\Http\Response) {}
		]
	],
	(int) 8 => [
		'file' => '/home/brlfuser/public_html/vendor/cakephp/cakephp/src/Http/Runner.php',
		'line' => (int) 65,
		'function' => '__invoke',
		'class' => 'Cake\Routing\Middleware\RoutingMiddleware',
		'object' => object(Cake\Routing\Middleware\RoutingMiddleware) {},
		'type' => '->',
		'args' => [
			(int) 0 => object(Cake\Http\ServerRequest) {},
			(int) 1 => object(Cake\Http\Response) {},
			(int) 2 => object(Cake\Http\Runner) {}
		]
	],
	(int) 9 => [
		'file' => '/home/brlfuser/public_html/vendor/cakephp/cakephp/src/Routing/Middleware/AssetMiddleware.php',
		'line' => (int) 88,
		'function' => '__invoke',
		'class' => 'Cake\Http\Runner',
		'object' => object(Cake\Http\Runner) {},
		'type' => '->',
		'args' => [
			(int) 0 => object(Cake\Http\ServerRequest) {},
			(int) 1 => object(Cake\Http\Response) {}
		]
	],
	(int) 10 => [
		'file' => '/home/brlfuser/public_html/vendor/cakephp/cakephp/src/Http/Runner.php',
		'line' => (int) 65,
		'function' => '__invoke',
		'class' => 'Cake\Routing\Middleware\AssetMiddleware',
		'object' => object(Cake\Routing\Middleware\AssetMiddleware) {},
		'type' => '->',
		'args' => [
			(int) 0 => object(Cake\Http\ServerRequest) {},
			(int) 1 => object(Cake\Http\Response) {},
			(int) 2 => object(Cake\Http\Runner) {}
		]
	],
	(int) 11 => [
		'file' => '/home/brlfuser/public_html/vendor/cakephp/cakephp/src/Error/Middleware/ErrorHandlerMiddleware.php',
		'line' => (int) 96,
		'function' => '__invoke',
		'class' => 'Cake\Http\Runner',
		'object' => object(Cake\Http\Runner) {},
		'type' => '->',
		'args' => [
			(int) 0 => object(Cake\Http\ServerRequest) {},
			(int) 1 => object(Cake\Http\Response) {}
		]
	],
	(int) 12 => [
		'file' => '/home/brlfuser/public_html/vendor/cakephp/cakephp/src/Http/Runner.php',
		'line' => (int) 65,
		'function' => '__invoke',
		'class' => 'Cake\Error\Middleware\ErrorHandlerMiddleware',
		'object' => object(Cake\Error\Middleware\ErrorHandlerMiddleware) {},
		'type' => '->',
		'args' => [
			(int) 0 => object(Cake\Http\ServerRequest) {},
			(int) 1 => object(Cake\Http\Response) {},
			(int) 2 => object(Cake\Http\Runner) {}
		]
	],
	(int) 13 => [
		'file' => '/home/brlfuser/public_html/vendor/cakephp/cakephp/src/Http/Runner.php',
		'line' => (int) 51,
		'function' => '__invoke',
		'class' => 'Cake\Http\Runner',
		'object' => object(Cake\Http\Runner) {},
		'type' => '->',
		'args' => [
			(int) 0 => object(Cake\Http\ServerRequest) {},
			(int) 1 => object(Cake\Http\Response) {}
		]
	],
	(int) 14 => [
		'file' => '/home/brlfuser/public_html/vendor/cakephp/cakephp/src/Http/Server.php',
		'line' => (int) 98,
		'function' => 'run',
		'class' => 'Cake\Http\Runner',
		'object' => object(Cake\Http\Runner) {},
		'type' => '->',
		'args' => [
			(int) 0 => object(Cake\Http\MiddlewareQueue) {},
			(int) 1 => object(Cake\Http\ServerRequest) {},
			(int) 2 => object(Cake\Http\Response) {}
		]
	],
	(int) 15 => [
		'file' => '/home/brlfuser/public_html/webroot/index.php',
		'line' => (int) 39,
		'function' => 'run',
		'class' => 'Cake\Http\Server',
		'object' => object(Cake\Http\Server) {},
		'type' => '->',
		'args' => []
	]
]
$frame = [
	'file' => '/home/brlfuser/public_html/src/Controller/ArtileDetailController.php',
	'line' => (int) 73,
	'function' => 'offsetGet',
	'class' => 'Cake\Http\ServerRequest',
	'object' => object(Cake\Http\ServerRequest) {
		trustProxy => false
		[protected] params => [
			[maximum depth reached]
		]
		[protected] data => [[maximum depth reached]]
		[protected] query => [[maximum depth reached]]
		[protected] cookies => [
			[maximum depth reached]
		]
		[protected] _environment => [
			[maximum depth reached]
		]
		[protected] url => 'latest-news-updates/why-the-fuss-about-fiscal-deficit-aarati-krishnan-4683910/print'
		[protected] base => ''
		[protected] webroot => '/'
		[protected] here => '/latest-news-updates/why-the-fuss-about-fiscal-deficit-aarati-krishnan-4683910/print'
		[protected] trustedProxies => [[maximum depth reached]]
		[protected] _input => null
		[protected] _detectors => [
			[maximum depth reached]
		]
		[protected] _detectorCache => [
			[maximum depth reached]
		]
		[protected] stream => object(Zend\Diactoros\PhpInputStream) {}
		[protected] uri => object(Zend\Diactoros\Uri) {}
		[protected] session => object(Cake\Http\Session) {}
		[protected] attributes => [[maximum depth reached]]
		[protected] emulatedAttributes => [
			[maximum depth reached]
		]
		[protected] uploadedFiles => [[maximum depth reached]]
		[protected] protocol => null
		[protected] requestTarget => null
		[private] deprecatedProperties => [
			[maximum depth reached]
		]
	},
	'type' => '->',
	'args' => [
		(int) 0 => 'catslug'
	]
]
deprecationWarning - CORE/src/Core/functions.php, line 311
Cake\Http\ServerRequest::offsetGet() - CORE/src/Http/ServerRequest.php, line 2421
App\Controller\ArtileDetailController::printArticle() - APP/Controller/ArtileDetailController.php, line 73
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 88
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

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: 74
 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);

    }
$message = '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: 74
 You can disable deprecation warnings by setting `Error.errorLevel` to `E_ALL & ~E_USER_DEPRECATED` in your config/app.php.'
$stackFrame = (int) 1
$trace = [
	(int) 0 => [
		'file' => '/home/brlfuser/public_html/vendor/cakephp/cakephp/src/Http/ServerRequest.php',
		'line' => (int) 2421,
		'function' => 'deprecationWarning',
		'args' => [
			(int) 0 => 'The ArrayAccess methods will be removed in 4.0.0.Use getParam(), getData() and getQuery() instead.'
		]
	],
	(int) 1 => [
		'file' => '/home/brlfuser/public_html/src/Controller/ArtileDetailController.php',
		'line' => (int) 74,
		'function' => 'offsetGet',
		'class' => 'Cake\Http\ServerRequest',
		'object' => object(Cake\Http\ServerRequest) {},
		'type' => '->',
		'args' => [
			(int) 0 => 'artileslug'
		]
	],
	(int) 2 => [
		'file' => '/home/brlfuser/public_html/vendor/cakephp/cakephp/src/Controller/Controller.php',
		'line' => (int) 610,
		'function' => 'printArticle',
		'class' => 'App\Controller\ArtileDetailController',
		'object' => object(App\Controller\ArtileDetailController) {},
		'type' => '->',
		'args' => []
	],
	(int) 3 => [
		'file' => '/home/brlfuser/public_html/vendor/cakephp/cakephp/src/Http/ActionDispatcher.php',
		'line' => (int) 120,
		'function' => 'invokeAction',
		'class' => 'Cake\Controller\Controller',
		'object' => object(App\Controller\ArtileDetailController) {},
		'type' => '->',
		'args' => []
	],
	(int) 4 => [
		'file' => '/home/brlfuser/public_html/vendor/cakephp/cakephp/src/Http/ActionDispatcher.php',
		'line' => (int) 94,
		'function' => '_invoke',
		'class' => 'Cake\Http\ActionDispatcher',
		'object' => object(Cake\Http\ActionDispatcher) {},
		'type' => '->',
		'args' => [
			(int) 0 => object(App\Controller\ArtileDetailController) {}
		]
	],
	(int) 5 => [
		'file' => '/home/brlfuser/public_html/vendor/cakephp/cakephp/src/Http/BaseApplication.php',
		'line' => (int) 235,
		'function' => 'dispatch',
		'class' => 'Cake\Http\ActionDispatcher',
		'object' => object(Cake\Http\ActionDispatcher) {},
		'type' => '->',
		'args' => [
			(int) 0 => object(Cake\Http\ServerRequest) {},
			(int) 1 => object(Cake\Http\Response) {}
		]
	],
	(int) 6 => [
		'file' => '/home/brlfuser/public_html/vendor/cakephp/cakephp/src/Http/Runner.php',
		'line' => (int) 65,
		'function' => '__invoke',
		'class' => 'Cake\Http\BaseApplication',
		'object' => object(App\Application) {},
		'type' => '->',
		'args' => [
			(int) 0 => object(Cake\Http\ServerRequest) {},
			(int) 1 => object(Cake\Http\Response) {},
			(int) 2 => object(Cake\Http\Runner) {}
		]
	],
	(int) 7 => [
		'file' => '/home/brlfuser/public_html/vendor/cakephp/cakephp/src/Routing/Middleware/RoutingMiddleware.php',
		'line' => (int) 162,
		'function' => '__invoke',
		'class' => 'Cake\Http\Runner',
		'object' => object(Cake\Http\Runner) {},
		'type' => '->',
		'args' => [
			(int) 0 => object(Cake\Http\ServerRequest) {},
			(int) 1 => object(Cake\Http\Response) {}
		]
	],
	(int) 8 => [
		'file' => '/home/brlfuser/public_html/vendor/cakephp/cakephp/src/Http/Runner.php',
		'line' => (int) 65,
		'function' => '__invoke',
		'class' => 'Cake\Routing\Middleware\RoutingMiddleware',
		'object' => object(Cake\Routing\Middleware\RoutingMiddleware) {},
		'type' => '->',
		'args' => [
			(int) 0 => object(Cake\Http\ServerRequest) {},
			(int) 1 => object(Cake\Http\Response) {},
			(int) 2 => object(Cake\Http\Runner) {}
		]
	],
	(int) 9 => [
		'file' => '/home/brlfuser/public_html/vendor/cakephp/cakephp/src/Routing/Middleware/AssetMiddleware.php',
		'line' => (int) 88,
		'function' => '__invoke',
		'class' => 'Cake\Http\Runner',
		'object' => object(Cake\Http\Runner) {},
		'type' => '->',
		'args' => [
			(int) 0 => object(Cake\Http\ServerRequest) {},
			(int) 1 => object(Cake\Http\Response) {}
		]
	],
	(int) 10 => [
		'file' => '/home/brlfuser/public_html/vendor/cakephp/cakephp/src/Http/Runner.php',
		'line' => (int) 65,
		'function' => '__invoke',
		'class' => 'Cake\Routing\Middleware\AssetMiddleware',
		'object' => object(Cake\Routing\Middleware\AssetMiddleware) {},
		'type' => '->',
		'args' => [
			(int) 0 => object(Cake\Http\ServerRequest) {},
			(int) 1 => object(Cake\Http\Response) {},
			(int) 2 => object(Cake\Http\Runner) {}
		]
	],
	(int) 11 => [
		'file' => '/home/brlfuser/public_html/vendor/cakephp/cakephp/src/Error/Middleware/ErrorHandlerMiddleware.php',
		'line' => (int) 96,
		'function' => '__invoke',
		'class' => 'Cake\Http\Runner',
		'object' => object(Cake\Http\Runner) {},
		'type' => '->',
		'args' => [
			(int) 0 => object(Cake\Http\ServerRequest) {},
			(int) 1 => object(Cake\Http\Response) {}
		]
	],
	(int) 12 => [
		'file' => '/home/brlfuser/public_html/vendor/cakephp/cakephp/src/Http/Runner.php',
		'line' => (int) 65,
		'function' => '__invoke',
		'class' => 'Cake\Error\Middleware\ErrorHandlerMiddleware',
		'object' => object(Cake\Error\Middleware\ErrorHandlerMiddleware) {},
		'type' => '->',
		'args' => [
			(int) 0 => object(Cake\Http\ServerRequest) {},
			(int) 1 => object(Cake\Http\Response) {},
			(int) 2 => object(Cake\Http\Runner) {}
		]
	],
	(int) 13 => [
		'file' => '/home/brlfuser/public_html/vendor/cakephp/cakephp/src/Http/Runner.php',
		'line' => (int) 51,
		'function' => '__invoke',
		'class' => 'Cake\Http\Runner',
		'object' => object(Cake\Http\Runner) {},
		'type' => '->',
		'args' => [
			(int) 0 => object(Cake\Http\ServerRequest) {},
			(int) 1 => object(Cake\Http\Response) {}
		]
	],
	(int) 14 => [
		'file' => '/home/brlfuser/public_html/vendor/cakephp/cakephp/src/Http/Server.php',
		'line' => (int) 98,
		'function' => 'run',
		'class' => 'Cake\Http\Runner',
		'object' => object(Cake\Http\Runner) {},
		'type' => '->',
		'args' => [
			(int) 0 => object(Cake\Http\MiddlewareQueue) {},
			(int) 1 => object(Cake\Http\ServerRequest) {},
			(int) 2 => object(Cake\Http\Response) {}
		]
	],
	(int) 15 => [
		'file' => '/home/brlfuser/public_html/webroot/index.php',
		'line' => (int) 39,
		'function' => 'run',
		'class' => 'Cake\Http\Server',
		'object' => object(Cake\Http\Server) {},
		'type' => '->',
		'args' => []
	]
]
$frame = [
	'file' => '/home/brlfuser/public_html/src/Controller/ArtileDetailController.php',
	'line' => (int) 74,
	'function' => 'offsetGet',
	'class' => 'Cake\Http\ServerRequest',
	'object' => object(Cake\Http\ServerRequest) {
		trustProxy => false
		[protected] params => [
			[maximum depth reached]
		]
		[protected] data => [[maximum depth reached]]
		[protected] query => [[maximum depth reached]]
		[protected] cookies => [
			[maximum depth reached]
		]
		[protected] _environment => [
			[maximum depth reached]
		]
		[protected] url => 'latest-news-updates/why-the-fuss-about-fiscal-deficit-aarati-krishnan-4683910/print'
		[protected] base => ''
		[protected] webroot => '/'
		[protected] here => '/latest-news-updates/why-the-fuss-about-fiscal-deficit-aarati-krishnan-4683910/print'
		[protected] trustedProxies => [[maximum depth reached]]
		[protected] _input => null
		[protected] _detectors => [
			[maximum depth reached]
		]
		[protected] _detectorCache => [
			[maximum depth reached]
		]
		[protected] stream => object(Zend\Diactoros\PhpInputStream) {}
		[protected] uri => object(Zend\Diactoros\Uri) {}
		[protected] session => object(Cake\Http\Session) {}
		[protected] attributes => [[maximum depth reached]]
		[protected] emulatedAttributes => [
			[maximum depth reached]
		]
		[protected] uploadedFiles => [[maximum depth reached]]
		[protected] protocol => null
		[protected] requestTarget => null
		[private] deprecatedProperties => [
			[maximum depth reached]
		]
	},
	'type' => '->',
	'args' => [
		(int) 0 => 'artileslug'
	]
]
deprecationWarning - CORE/src/Core/functions.php, line 311
Cake\Http\ServerRequest::offsetGet() - CORE/src/Http/ServerRequest.php, line 2421
App\Controller\ArtileDetailController::printArticle() - APP/Controller/ArtileDetailController.php, line 74
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 88
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')) {

                trigger_error($message, E_USER_WARNING);

            } else {
$response = object(Cake\Http\Response) {

	'status' => (int) 200,
	'contentType' => 'text/html',
	'headers' => [
		'Content-Type' => [
			[maximum depth reached]
		]
	],
	'file' => null,
	'fileRange' => [],
	'cookies' => object(Cake\Http\Cookie\CookieCollection) {},
	'cacheDirectives' => [],
	'body' => '<!DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN"
        "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd">
<html xmlns="http://www.w3.org/1999/xhtml">
<head>
    <link rel="canonical" href="https://im4change.in/<pre class="cake-error"><a href="javascript:void(0);" onclick="document.getElementById('cakeErr67f071c6a18b7-trace').style.display = (document.getElementById('cakeErr67f071c6a18b7-trace').style.display == 'none' ? '' : 'none');"><b>Notice</b> (8)</a>: Undefined variable: urlPrefix [<b>APP/Template/Layout/printlayout.ctp</b>, line <b>8</b>]<div id="cakeErr67f071c6a18b7-trace" class="cake-stack-trace" style="display: none;"><a href="javascript:void(0);" onclick="document.getElementById('cakeErr67f071c6a18b7-code').style.display = (document.getElementById('cakeErr67f071c6a18b7-code').style.display == 'none' ? '' : 'none')">Code</a> <a href="javascript:void(0);" onclick="document.getElementById('cakeErr67f071c6a18b7-context').style.display = (document.getElementById('cakeErr67f071c6a18b7-context').style.display == 'none' ? '' : 'none')">Context</a><pre id="cakeErr67f071c6a18b7-code" class="cake-code-dump" style="display: none;"><code><span style="color: #000000"><span style="color: #0000BB"></span><span style="color: #007700">&lt;</span><span style="color: #0000BB">head</span><span style="color: #007700">&gt;
</span></span></code>
<span class="code-highlight"><code><span style="color: #000000">&nbsp;&nbsp;&nbsp;&nbsp;&lt;link&nbsp;rel="canonical"&nbsp;href="<span style="color: #0000BB">&lt;?php&nbsp;</span><span style="color: #007700">echo&nbsp;</span><span style="color: #0000BB">Configure</span><span style="color: #007700">::</span><span style="color: #0000BB">read</span><span style="color: #007700">(</span><span style="color: #DD0000">'SITE_URL'</span><span style="color: #007700">);&nbsp;</span><span style="color: #0000BB">?&gt;&lt;?php&nbsp;</span><span style="color: #007700">echo&nbsp;</span><span style="color: #0000BB">$urlPrefix</span><span style="color: #007700">;</span><span style="color: #0000BB">?&gt;&lt;?php&nbsp;</span><span style="color: #007700">echo&nbsp;</span><span style="color: #0000BB">$article_current</span><span style="color: #007700">-&gt;</span><span style="color: #0000BB">category</span><span style="color: #007700">-&gt;</span><span style="color: #0000BB">slug</span><span style="color: #007700">;&nbsp;</span><span style="color: #0000BB">?&gt;</span>/<span style="color: #0000BB">&lt;?php&nbsp;</span><span style="color: #007700">echo&nbsp;</span><span style="color: #0000BB">$article_current</span><span style="color: #007700">-&gt;</span><span style="color: #0000BB">seo_url</span><span style="color: #007700">;&nbsp;</span><span style="color: #0000BB">?&gt;</span>.html"/&gt;
</span></code></span>
<code><span style="color: #000000"><span style="color: #0000BB">&nbsp;&nbsp;&nbsp;&nbsp;</span><span style="color: #007700">&lt;</span><span style="color: #0000BB">meta&nbsp;http</span><span style="color: #007700">-</span><span style="color: #0000BB">equiv</span><span style="color: #007700">=</span><span style="color: #DD0000">"Content-Type"&nbsp;</span><span style="color: #0000BB">content</span><span style="color: #007700">=</span><span style="color: #DD0000">"text/html;&nbsp;charset=utf-8"</span><span style="color: #007700">/&gt;
</span></span></code></pre><pre id="cakeErr67f071c6a18b7-context" class="cake-context" style="display: none;">$viewFile = &#039;/home/brlfuser/public_html/src/Template/Layout/printlayout.ctp&#039;
$dataForView = [
	&#039;article_current&#039; =&gt; object(App\Model\Entity\Article) {

		&#039;id&#039; =&gt; (int) 35803,
		&#039;title&#039; =&gt; &#039;Why the fuss about fiscal deficit? -Aarati Krishnan&#039;,
		&#039;subheading&#039; =&gt; &#039;&#039;,
		&#039;description&#039; =&gt; &#039;&lt;div align=&quot;justify&quot;&gt;
-The Hindu&lt;br /&gt;
&lt;br /&gt;
&lt;em&gt;The answer lies in the fragile state of the Centre&amp;rsquo;s finances, and its control over interest, pension and subsidy expenses&lt;br /&gt;
&lt;/em&gt;&lt;br /&gt;
To any layman watching India&amp;rsquo;s annual Budget jamboree, the entire exercise must seem very puzzling. After the Finance Minister has read out a long list of giveaways to farmers, small businesses, low-income earners and senior citizens in his speech, none of the beneficiaries seems entirely happy with their gifts.&lt;br /&gt;
&lt;br /&gt;
Commentators, after cursory compliments, quickly turn their attention to the deficit numbers. It is also quite difficult to comprehend why all hell must break loose, if the fiscal deficit turns out to be 3.5% for the year, instead of 3.2%.&lt;br /&gt;
&lt;br /&gt;
All this fuss would be quite easily explained if only one were aware of the precarious state of government finances.&lt;br /&gt;
&lt;br /&gt;
Think of India&amp;rsquo;s central government as one sprawling household with the Ministries, State governments and citizens making up its family members. If you took stock of this family&amp;rsquo;s finances, you&amp;rsquo;d at once conclude that this is one profligate household.&lt;br /&gt;
&lt;br /&gt;
&lt;em&gt;Expenses overshoot&lt;br /&gt;
&lt;/em&gt;&lt;br /&gt;
In FY18, the Centre&amp;rsquo;s total income (as per the revised estimates) from taxes, non-tax revenues and capital items is estimated at ?16.23 lakh crore.&lt;br /&gt;
&lt;br /&gt;
But it expects to incur a total expenditure of ?22.17 lakh crore. Expenditure will thus overshoot income by about 36.5%, leaving a shortfall of ?5.94 lakh crore.&lt;br /&gt;
&lt;br /&gt;
This ?5.94 lakh crore shortfall is euphemistically termed as the fiscal deficit. When it is expressed as a percentage of India&amp;rsquo;s nominal GDP (?167 lakh crore as per latest CSO estimates), it appears modest at 3.5%. But this tells you why even a minor slippage in the fiscal deficit is so keenly watched. A 30-basis point overshoot in the deficit means a ?50,000 crore hole in the Budget.&lt;br /&gt;
&lt;br /&gt;
The fiscal deficit in fact paints a more complimentary picture of government finances than necessary, because it counts both one-off receipts (from asset sales, recovery of loans etc) and recurring items (taxes) as part of the government&amp;rsquo;s &amp;lsquo;income&amp;rsquo;.&lt;br /&gt;
&lt;br /&gt;
This mixing of capital and revenue items would be frowned upon in commercial accounting. Therefore, if one excludes capital items and takes stock of revenue items alone, the Centre is still spending more than it earns, with a revenue deficit of ?4.39 lakh crore in FY18 (revised estimates).&lt;br /&gt;
&lt;br /&gt;
But the fiscal or revenue deficits for FY18 are by no means standout numbers. India&amp;rsquo;s fiscal deficit in the past ten years (based on actuals) has hovered between 3.5% and 6.4% of nominal GDP.&lt;br /&gt;
&lt;br /&gt;
Please &lt;a href=&quot;http://www.thehindu.com/business/Economy/why-the-fuss-about-fiscal-deficit/article22723770.ece?homepage=true&quot;&gt;click here&lt;/a&gt; to read more. &lt;br /&gt;
&lt;br /&gt;
&lt;/div&gt;&#039;,
		&#039;credit_writer&#039; =&gt; &#039;The Hindu, 11 February, http://www.thehindu.com/business/Economy/why-the-fuss-about-fiscal-deficit/article22723770.ece?homepage=true&#039;,
		&#039;article_img&#039; =&gt; &#039;&#039;,
		&#039;article_img_thumb&#039; =&gt; &#039;&#039;,
		&#039;status&#039; =&gt; (int) 1,
		&#039;show_on_home&#039; =&gt; (int) 1,
		&#039;lang&#039; =&gt; &#039;EN&#039;,
		&#039;category_id&#039; =&gt; (int) 16,
		&#039;tag_keyword&#039; =&gt; &#039;&#039;,
		&#039;seo_url&#039; =&gt; &#039;why-the-fuss-about-fiscal-deficit-aarati-krishnan-4683910&#039;,
		&#039;meta_title&#039; =&gt; null,
		&#039;meta_keywords&#039; =&gt; null,
		&#039;meta_description&#039; =&gt; null,
		&#039;noindex&#039; =&gt; (int) 0,
		&#039;publish_date&#039; =&gt; object(Cake\I18n\FrozenDate) {},
		&#039;most_visit_section_id&#039; =&gt; null,
		&#039;article_big_img&#039; =&gt; null,
		&#039;liveid&#039; =&gt; (int) 4683910,
		&#039;created&#039; =&gt; object(Cake\I18n\FrozenTime) {},
		&#039;modified&#039; =&gt; object(Cake\I18n\FrozenTime) {},
		&#039;edate&#039; =&gt; &#039;&#039;,
		&#039;tags&#039; =&gt; [
			[maximum depth reached]
		],
		&#039;category&#039; =&gt; object(App\Model\Entity\Category) {},
		&#039;[new]&#039; =&gt; false,
		&#039;[accessible]&#039; =&gt; [
			[maximum depth reached]
		],
		&#039;[dirty]&#039; =&gt; [[maximum depth reached]],
		&#039;[original]&#039; =&gt; [[maximum depth reached]],
		&#039;[virtual]&#039; =&gt; [[maximum depth reached]],
		&#039;[hasErrors]&#039; =&gt; false,
		&#039;[errors]&#039; =&gt; [[maximum depth reached]],
		&#039;[invalid]&#039; =&gt; [[maximum depth reached]],
		&#039;[repository]&#039; =&gt; &#039;Articles&#039;
	
	},
	&#039;articleid&#039; =&gt; (int) 35803,
	&#039;metaTitle&#039; =&gt; &#039;LATEST NEWS UPDATES | Why the fuss about fiscal deficit? -Aarati Krishnan&#039;,
	&#039;metaKeywords&#039; =&gt; &#039;Fiscal Contraction,fiscal deficit&#039;,
	&#039;metaDesc&#039; =&gt; &#039;
-The Hindu

The answer lies in the fragile state of the Centre&amp;rsquo;s finances, and its control over interest, pension and subsidy expenses

To any layman watching India&amp;rsquo;s annual Budget jamboree, the entire exercise must seem very puzzling. After the Finance Minister has...&#039;,
	&#039;disp&#039; =&gt; &#039;&lt;div align=&quot;justify&quot;&gt;-The Hindu&lt;br /&gt;&lt;br /&gt;&lt;em&gt;The answer lies in the fragile state of the Centre&amp;rsquo;s finances, and its control over interest, pension and subsidy expenses&lt;br /&gt;&lt;/em&gt;&lt;br /&gt;To any layman watching India&amp;rsquo;s annual Budget jamboree, the entire exercise must seem very puzzling. After the Finance Minister has read out a long list of giveaways to farmers, small businesses, low-income earners and senior citizens in his speech, none of the beneficiaries seems entirely happy with their gifts.&lt;br /&gt;&lt;br /&gt;Commentators, after cursory compliments, quickly turn their attention to the deficit numbers. It is also quite difficult to comprehend why all hell must break loose, if the fiscal deficit turns out to be 3.5% for the year, instead of 3.2%.&lt;br /&gt;&lt;br /&gt;All this fuss would be quite easily explained if only one were aware of the precarious state of government finances.&lt;br /&gt;&lt;br /&gt;Think of India&amp;rsquo;s central government as one sprawling household with the Ministries, State governments and citizens making up its family members. If you took stock of this family&amp;rsquo;s finances, you&amp;rsquo;d at once conclude that this is one profligate household.&lt;br /&gt;&lt;br /&gt;&lt;em&gt;Expenses overshoot&lt;br /&gt;&lt;/em&gt;&lt;br /&gt;In FY18, the Centre&amp;rsquo;s total income (as per the revised estimates) from taxes, non-tax revenues and capital items is estimated at ?16.23 lakh crore.&lt;br /&gt;&lt;br /&gt;But it expects to incur a total expenditure of ?22.17 lakh crore. Expenditure will thus overshoot income by about 36.5%, leaving a shortfall of ?5.94 lakh crore.&lt;br /&gt;&lt;br /&gt;This ?5.94 lakh crore shortfall is euphemistically termed as the fiscal deficit. When it is expressed as a percentage of India&amp;rsquo;s nominal GDP (?167 lakh crore as per latest CSO estimates), it appears modest at 3.5%. But this tells you why even a minor slippage in the fiscal deficit is so keenly watched. A 30-basis point overshoot in the deficit means a ?50,000 crore hole in the Budget.&lt;br /&gt;&lt;br /&gt;The fiscal deficit in fact paints a more complimentary picture of government finances than necessary, because it counts both one-off receipts (from asset sales, recovery of loans etc) and recurring items (taxes) as part of the government&amp;rsquo;s &amp;lsquo;income&amp;rsquo;.&lt;br /&gt;&lt;br /&gt;This mixing of capital and revenue items would be frowned upon in commercial accounting. Therefore, if one excludes capital items and takes stock of revenue items alone, the Centre is still spending more than it earns, with a revenue deficit of ?4.39 lakh crore in FY18 (revised estimates).&lt;br /&gt;&lt;br /&gt;But the fiscal or revenue deficits for FY18 are by no means standout numbers. India&amp;rsquo;s fiscal deficit in the past ten years (based on actuals) has hovered between 3.5% and 6.4% of nominal GDP.&lt;br /&gt;&lt;br /&gt;Please &lt;a href=&quot;http://www.thehindu.com/business/Economy/why-the-fuss-about-fiscal-deficit/article22723770.ece?homepage=true&quot; title=&quot;http://www.thehindu.com/business/Economy/why-the-fuss-about-fiscal-deficit/article22723770.ece?homepage=true&quot;&gt;click here&lt;/a&gt; to read more. &lt;br /&gt;&lt;br /&gt;&lt;/div&gt;&#039;,
	&#039;lang&#039; =&gt; &#039;English&#039;,
	&#039;SITE_URL&#039; =&gt; &#039;https://im4change.in/&#039;,
	&#039;site_title&#039; =&gt; &#039;im4change&#039;,
	&#039;adminprix&#039; =&gt; &#039;admin&#039;
]
$article_current = object(App\Model\Entity\Article) {

	&#039;id&#039; =&gt; (int) 35803,
	&#039;title&#039; =&gt; &#039;Why the fuss about fiscal deficit? -Aarati Krishnan&#039;,
	&#039;subheading&#039; =&gt; &#039;&#039;,
	&#039;description&#039; =&gt; &#039;&lt;div align=&quot;justify&quot;&gt;
-The Hindu&lt;br /&gt;
&lt;br /&gt;
&lt;em&gt;The answer lies in the fragile state of the Centre&amp;rsquo;s finances, and its control over interest, pension and subsidy expenses&lt;br /&gt;
&lt;/em&gt;&lt;br /&gt;
To any layman watching India&amp;rsquo;s annual Budget jamboree, the entire exercise must seem very puzzling. After the Finance Minister has read out a long list of giveaways to farmers, small businesses, low-income earners and senior citizens in his speech, none of the beneficiaries seems entirely happy with their gifts.&lt;br /&gt;
&lt;br /&gt;
Commentators, after cursory compliments, quickly turn their attention to the deficit numbers. It is also quite difficult to comprehend why all hell must break loose, if the fiscal deficit turns out to be 3.5% for the year, instead of 3.2%.&lt;br /&gt;
&lt;br /&gt;
All this fuss would be quite easily explained if only one were aware of the precarious state of government finances.&lt;br /&gt;
&lt;br /&gt;
Think of India&amp;rsquo;s central government as one sprawling household with the Ministries, State governments and citizens making up its family members. If you took stock of this family&amp;rsquo;s finances, you&amp;rsquo;d at once conclude that this is one profligate household.&lt;br /&gt;
&lt;br /&gt;
&lt;em&gt;Expenses overshoot&lt;br /&gt;
&lt;/em&gt;&lt;br /&gt;
In FY18, the Centre&amp;rsquo;s total income (as per the revised estimates) from taxes, non-tax revenues and capital items is estimated at ?16.23 lakh crore.&lt;br /&gt;
&lt;br /&gt;
But it expects to incur a total expenditure of ?22.17 lakh crore. Expenditure will thus overshoot income by about 36.5%, leaving a shortfall of ?5.94 lakh crore.&lt;br /&gt;
&lt;br /&gt;
This ?5.94 lakh crore shortfall is euphemistically termed as the fiscal deficit. When it is expressed as a percentage of India&amp;rsquo;s nominal GDP (?167 lakh crore as per latest CSO estimates), it appears modest at 3.5%. But this tells you why even a minor slippage in the fiscal deficit is so keenly watched. A 30-basis point overshoot in the deficit means a ?50,000 crore hole in the Budget.&lt;br /&gt;
&lt;br /&gt;
The fiscal deficit in fact paints a more complimentary picture of government finances than necessary, because it counts both one-off receipts (from asset sales, recovery of loans etc) and recurring items (taxes) as part of the government&amp;rsquo;s &amp;lsquo;income&amp;rsquo;.&lt;br /&gt;
&lt;br /&gt;
This mixing of capital and revenue items would be frowned upon in commercial accounting. Therefore, if one excludes capital items and takes stock of revenue items alone, the Centre is still spending more than it earns, with a revenue deficit of ?4.39 lakh crore in FY18 (revised estimates).&lt;br /&gt;
&lt;br /&gt;
But the fiscal or revenue deficits for FY18 are by no means standout numbers. India&amp;rsquo;s fiscal deficit in the past ten years (based on actuals) has hovered between 3.5% and 6.4% of nominal GDP.&lt;br /&gt;
&lt;br /&gt;
Please &lt;a href=&quot;http://www.thehindu.com/business/Economy/why-the-fuss-about-fiscal-deficit/article22723770.ece?homepage=true&quot;&gt;click here&lt;/a&gt; to read more. &lt;br /&gt;
&lt;br /&gt;
&lt;/div&gt;&#039;,
	&#039;credit_writer&#039; =&gt; &#039;The Hindu, 11 February, http://www.thehindu.com/business/Economy/why-the-fuss-about-fiscal-deficit/article22723770.ece?homepage=true&#039;,
	&#039;article_img&#039; =&gt; &#039;&#039;,
	&#039;article_img_thumb&#039; =&gt; &#039;&#039;,
	&#039;status&#039; =&gt; (int) 1,
	&#039;show_on_home&#039; =&gt; (int) 1,
	&#039;lang&#039; =&gt; &#039;EN&#039;,
	&#039;category_id&#039; =&gt; (int) 16,
	&#039;tag_keyword&#039; =&gt; &#039;&#039;,
	&#039;seo_url&#039; =&gt; &#039;why-the-fuss-about-fiscal-deficit-aarati-krishnan-4683910&#039;,
	&#039;meta_title&#039; =&gt; null,
	&#039;meta_keywords&#039; =&gt; null,
	&#039;meta_description&#039; =&gt; null,
	&#039;noindex&#039; =&gt; (int) 0,
	&#039;publish_date&#039; =&gt; object(Cake\I18n\FrozenDate) {},
	&#039;most_visit_section_id&#039; =&gt; null,
	&#039;article_big_img&#039; =&gt; null,
	&#039;liveid&#039; =&gt; (int) 4683910,
	&#039;created&#039; =&gt; object(Cake\I18n\FrozenTime) {},
	&#039;modified&#039; =&gt; object(Cake\I18n\FrozenTime) {},
	&#039;edate&#039; =&gt; &#039;&#039;,
	&#039;tags&#039; =&gt; [
		(int) 0 =&gt; object(Cake\ORM\Entity) {},
		(int) 1 =&gt; object(Cake\ORM\Entity) {}
	],
	&#039;category&#039; =&gt; object(App\Model\Entity\Category) {},
	&#039;[new]&#039; =&gt; false,
	&#039;[accessible]&#039; =&gt; [
		&#039;*&#039; =&gt; true,
		&#039;id&#039; =&gt; false
	],
	&#039;[dirty]&#039; =&gt; [],
	&#039;[original]&#039; =&gt; [],
	&#039;[virtual]&#039; =&gt; [],
	&#039;[hasErrors]&#039; =&gt; false,
	&#039;[errors]&#039; =&gt; [],
	&#039;[invalid]&#039; =&gt; [],
	&#039;[repository]&#039; =&gt; &#039;Articles&#039;

}
$articleid = (int) 35803
$metaTitle = &#039;LATEST NEWS UPDATES | Why the fuss about fiscal deficit? -Aarati Krishnan&#039;
$metaKeywords = &#039;Fiscal Contraction,fiscal deficit&#039;
$metaDesc = &#039;
-The Hindu

The answer lies in the fragile state of the Centre&amp;rsquo;s finances, and its control over interest, pension and subsidy expenses

To any layman watching India&amp;rsquo;s annual Budget jamboree, the entire exercise must seem very puzzling. After the Finance Minister has...&#039;
$disp = &#039;&lt;div align=&quot;justify&quot;&gt;-The Hindu&lt;br /&gt;&lt;br /&gt;&lt;em&gt;The answer lies in the fragile state of the Centre&amp;rsquo;s finances, and its control over interest, pension and subsidy expenses&lt;br /&gt;&lt;/em&gt;&lt;br /&gt;To any layman watching India&amp;rsquo;s annual Budget jamboree, the entire exercise must seem very puzzling. After the Finance Minister has read out a long list of giveaways to farmers, small businesses, low-income earners and senior citizens in his speech, none of the beneficiaries seems entirely happy with their gifts.&lt;br /&gt;&lt;br /&gt;Commentators, after cursory compliments, quickly turn their attention to the deficit numbers. It is also quite difficult to comprehend why all hell must break loose, if the fiscal deficit turns out to be 3.5% for the year, instead of 3.2%.&lt;br /&gt;&lt;br /&gt;All this fuss would be quite easily explained if only one were aware of the precarious state of government finances.&lt;br /&gt;&lt;br /&gt;Think of India&amp;rsquo;s central government as one sprawling household with the Ministries, State governments and citizens making up its family members. If you took stock of this family&amp;rsquo;s finances, you&amp;rsquo;d at once conclude that this is one profligate household.&lt;br /&gt;&lt;br /&gt;&lt;em&gt;Expenses overshoot&lt;br /&gt;&lt;/em&gt;&lt;br /&gt;In FY18, the Centre&amp;rsquo;s total income (as per the revised estimates) from taxes, non-tax revenues and capital items is estimated at ?16.23 lakh crore.&lt;br /&gt;&lt;br /&gt;But it expects to incur a total expenditure of ?22.17 lakh crore. Expenditure will thus overshoot income by about 36.5%, leaving a shortfall of ?5.94 lakh crore.&lt;br /&gt;&lt;br /&gt;This ?5.94 lakh crore shortfall is euphemistically termed as the fiscal deficit. When it is expressed as a percentage of India&amp;rsquo;s nominal GDP (?167 lakh crore as per latest CSO estimates), it appears modest at 3.5%. But this tells you why even a minor slippage in the fiscal deficit is so keenly watched. A 30-basis point overshoot in the deficit means a ?50,000 crore hole in the Budget.&lt;br /&gt;&lt;br /&gt;The fiscal deficit in fact paints a more complimentary picture of government finances than necessary, because it counts both one-off receipts (from asset sales, recovery of loans etc) and recurring items (taxes) as part of the government&amp;rsquo;s &amp;lsquo;income&amp;rsquo;.&lt;br /&gt;&lt;br /&gt;This mixing of capital and revenue items would be frowned upon in commercial accounting. Therefore, if one excludes capital items and takes stock of revenue items alone, the Centre is still spending more than it earns, with a revenue deficit of ?4.39 lakh crore in FY18 (revised estimates).&lt;br /&gt;&lt;br /&gt;But the fiscal or revenue deficits for FY18 are by no means standout numbers. India&amp;rsquo;s fiscal deficit in the past ten years (based on actuals) has hovered between 3.5% and 6.4% of nominal GDP.&lt;br /&gt;&lt;br /&gt;Please &lt;a href=&quot;http://www.thehindu.com/business/Economy/why-the-fuss-about-fiscal-deficit/article22723770.ece?homepage=true&quot; title=&quot;http://www.thehindu.com/business/Economy/why-the-fuss-about-fiscal-deficit/article22723770.ece?homepage=true&quot;&gt;click here&lt;/a&gt; to read more. &lt;br /&gt;&lt;br /&gt;&lt;/div&gt;&#039;
$lang = &#039;English&#039;
$SITE_URL = &#039;https://im4change.in/&#039;
$site_title = &#039;im4change&#039;
$adminprix = &#039;admin&#039;</pre><pre class="stack-trace">include - APP/Template/Layout/printlayout.ctp, line 8
Cake\View\View::_evaluate() - CORE/src/View/View.php, line 1413
Cake\View\View::_render() - CORE/src/View/View.php, line 1374
Cake\View\View::renderLayout() - CORE/src/View/View.php, line 927
Cake\View\View::render() - CORE/src/View/View.php, line 885
Cake\Controller\Controller::render() - CORE/src/Controller/Controller.php, line 791
Cake\Http\ActionDispatcher::_invoke() - CORE/src/Http/ActionDispatcher.php, line 126
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 88
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</pre></div></pre>latest-news-updates/why-the-fuss-about-fiscal-deficit-aarati-krishnan-4683910.html"/>
    <meta http-equiv="Content-Type" content="text/html; charset=utf-8"/>
    <link href="https://im4change.in/css/control.css" rel="stylesheet" type="text/css"
          media="all"/>
    <title>LATEST NEWS UPDATES | Why the fuss about fiscal deficit? -Aarati Krishnan | Im4change.org</title>
    <meta name="description" content="
-The Hindu

The answer lies in the fragile state of the Centre&rsquo;s finances, and its control over interest, pension and subsidy expenses

To any layman watching India&rsquo;s annual Budget jamboree, the entire exercise must seem very puzzling. After the Finance Minister has..."/>
    <script src="https://im4change.in/js/jquery-1.10.2.js"></script>
    <script type="text/javascript" src="https://im4change.in/js/jquery-migrate.min.js"></script>
    <script language="javascript" type="text/javascript">

        $(document).ready(function () {
            var img = $("img")[0]; // Get my img elem
            var pic_real_width, pic_real_height;
            $("<img/>") // Make in memory copy of image to avoid css issues
                .attr("src", $(img).attr("src"))
                .load(function () {
                    pic_real_width = this.width;   // Note: $(this).width() will not
                    pic_real_height = this.height; // work for in memory images.
                });
        });
    </script>
    <style type="text/css">
        @media screen {
            div.divFooter {
                display: block;
            }
        }

        @media print {
            .printbutton {
                display: none !important;
            }
        }
    </style>
</head>
<body>
<table cellpadding="0" cellspacing="0" border="0" width="98%" align="center">
    <tr>
        <td class="top_bg">
            <div class="divFooter">
                <img src="https://im4change.in/images/logo1.jpg" height="59" border="0"
                     alt="Resource centre on India's rural distress" style="padding-top:14px;"/>
            </div>

        </td>
    </tr>
    <tr>
        <td id="topspace">&nbsp;</td>
    </tr>

    <tr id="topspace">
        <td>&nbsp;</td>
    </tr>
    <tr>
        <td height="50" style="border-bottom:1px solid #000; padding-top:10px;" class="printbutton">
            <form><input type="button" value=" Print this page "
                         onclick="window.print();return false;"/></form>
        </td>
    </tr>

    <tr>
        <td width="100%">
            <h1 class="news_headlines" style="font-style:normal">
                <strong>Why the fuss about fiscal deficit? -Aarati Krishnan</strong></h1>
        </td>
    </tr>
    <tr>
        <td width="100%" style="font-family:Arial, 'Segoe Script', 'Segoe UI', sans-serif, serif"><font size="3">
                <div align="justify">-The Hindu<br /><br /><em>The answer lies in the fragile state of the Centre&rsquo;s finances, and its control over interest, pension and subsidy expenses<br /></em><br />To any layman watching India&rsquo;s annual Budget jamboree, the entire exercise must seem very puzzling. After the Finance Minister has read out a long list of giveaways to farmers, small businesses, low-income earners and senior citizens in his speech, none of the beneficiaries seems entirely happy with their gifts.<br /><br />Commentators, after cursory compliments, quickly turn their attention to the deficit numbers. It is also quite difficult to comprehend why all hell must break loose, if the fiscal deficit turns out to be 3.5% for the year, instead of 3.2%.<br /><br />All this fuss would be quite easily explained if only one were aware of the precarious state of government finances.<br /><br />Think of India&rsquo;s central government as one sprawling household with the Ministries, State governments and citizens making up its family members. If you took stock of this family&rsquo;s finances, you&rsquo;d at once conclude that this is one profligate household.<br /><br /><em>Expenses overshoot<br /></em><br />In FY18, the Centre&rsquo;s total income (as per the revised estimates) from taxes, non-tax revenues and capital items is estimated at ?16.23 lakh crore.<br /><br />But it expects to incur a total expenditure of ?22.17 lakh crore. Expenditure will thus overshoot income by about 36.5%, leaving a shortfall of ?5.94 lakh crore.<br /><br />This ?5.94 lakh crore shortfall is euphemistically termed as the fiscal deficit. When it is expressed as a percentage of India&rsquo;s nominal GDP (?167 lakh crore as per latest CSO estimates), it appears modest at 3.5%. But this tells you why even a minor slippage in the fiscal deficit is so keenly watched. A 30-basis point overshoot in the deficit means a ?50,000 crore hole in the Budget.<br /><br />The fiscal deficit in fact paints a more complimentary picture of government finances than necessary, because it counts both one-off receipts (from asset sales, recovery of loans etc) and recurring items (taxes) as part of the government&rsquo;s &lsquo;income&rsquo;.<br /><br />This mixing of capital and revenue items would be frowned upon in commercial accounting. Therefore, if one excludes capital items and takes stock of revenue items alone, the Centre is still spending more than it earns, with a revenue deficit of ?4.39 lakh crore in FY18 (revised estimates).<br /><br />But the fiscal or revenue deficits for FY18 are by no means standout numbers. India&rsquo;s fiscal deficit in the past ten years (based on actuals) has hovered between 3.5% and 6.4% of nominal GDP.<br /><br />Please <a href="http://www.thehindu.com/business/Economy/why-the-fuss-about-fiscal-deficit/article22723770.ece?homepage=true" title="http://www.thehindu.com/business/Economy/why-the-fuss-about-fiscal-deficit/article22723770.ece?homepage=true">click here</a> to read more. <br /><br /></div>               </font>
        </td>
    </tr>
    <tr>
        <td>&nbsp;</td>
    </tr>

    <tr>
        <td height="50" style="border-top:1px solid #000; border-bottom:1px solid #000;padding-top:10px;">
            <form><input type="button" value=" Print this page "
                         onclick="window.print();return false;"/></form>
        </td>
    </tr>
</table></body>
</html>'

}
$maxBufferLength = (int) 8192
$file = '/home/brlfuser/public_html/vendor/cakephp/cakephp/src/Error/Debugger.php'
$line = (int) 853
$message = 'Unable to emit headers. Headers sent in file=/home/brlfuser/public_html/vendor/cakephp/cakephp/src/Error/Debugger.php line=853'
Cake\Http\ResponseEmitter::emit() - CORE/src/Http/ResponseEmitter.php, line 48
Cake\Http\Server::emit() - CORE/src/Http/Server.php, line 141
[main] - ROOT/webroot/index.php, line 39

Warning (2): Cannot modify header information - headers already sent by (output started at /home/brlfuser/public_html/vendor/cakephp/cakephp/src/Error/Debugger.php:853) [CORE/src/Http/ResponseEmitter.php, line 148]
Code Context
            $response->getStatusCode(),

            ($reasonPhrase ? ' ' . $reasonPhrase : '')

        ));
$response = object(Cake\Http\Response) {

	'status' => (int) 200,
	'contentType' => 'text/html',
	'headers' => [
		'Content-Type' => [
			[maximum depth reached]
		]
	],
	'file' => null,
	'fileRange' => [],
	'cookies' => object(Cake\Http\Cookie\CookieCollection) {},
	'cacheDirectives' => [],
	'body' => '<!DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN"
        "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd">
<html xmlns="http://www.w3.org/1999/xhtml">
<head>
    <link rel="canonical" href="https://im4change.in/<pre class="cake-error"><a href="javascript:void(0);" onclick="document.getElementById('cakeErr67f071c6a18b7-trace').style.display = (document.getElementById('cakeErr67f071c6a18b7-trace').style.display == 'none' ? '' : 'none');"><b>Notice</b> (8)</a>: Undefined variable: urlPrefix [<b>APP/Template/Layout/printlayout.ctp</b>, line <b>8</b>]<div id="cakeErr67f071c6a18b7-trace" class="cake-stack-trace" style="display: none;"><a href="javascript:void(0);" onclick="document.getElementById('cakeErr67f071c6a18b7-code').style.display = (document.getElementById('cakeErr67f071c6a18b7-code').style.display == 'none' ? '' : 'none')">Code</a> <a href="javascript:void(0);" onclick="document.getElementById('cakeErr67f071c6a18b7-context').style.display = (document.getElementById('cakeErr67f071c6a18b7-context').style.display == 'none' ? '' : 'none')">Context</a><pre id="cakeErr67f071c6a18b7-code" class="cake-code-dump" style="display: none;"><code><span style="color: #000000"><span style="color: #0000BB"></span><span style="color: #007700">&lt;</span><span style="color: #0000BB">head</span><span style="color: #007700">&gt;
</span></span></code>
<span class="code-highlight"><code><span style="color: #000000">&nbsp;&nbsp;&nbsp;&nbsp;&lt;link&nbsp;rel="canonical"&nbsp;href="<span style="color: #0000BB">&lt;?php&nbsp;</span><span style="color: #007700">echo&nbsp;</span><span style="color: #0000BB">Configure</span><span style="color: #007700">::</span><span style="color: #0000BB">read</span><span style="color: #007700">(</span><span style="color: #DD0000">'SITE_URL'</span><span style="color: #007700">);&nbsp;</span><span style="color: #0000BB">?&gt;&lt;?php&nbsp;</span><span style="color: #007700">echo&nbsp;</span><span style="color: #0000BB">$urlPrefix</span><span style="color: #007700">;</span><span style="color: #0000BB">?&gt;&lt;?php&nbsp;</span><span style="color: #007700">echo&nbsp;</span><span style="color: #0000BB">$article_current</span><span style="color: #007700">-&gt;</span><span style="color: #0000BB">category</span><span style="color: #007700">-&gt;</span><span style="color: #0000BB">slug</span><span style="color: #007700">;&nbsp;</span><span style="color: #0000BB">?&gt;</span>/<span style="color: #0000BB">&lt;?php&nbsp;</span><span style="color: #007700">echo&nbsp;</span><span style="color: #0000BB">$article_current</span><span style="color: #007700">-&gt;</span><span style="color: #0000BB">seo_url</span><span style="color: #007700">;&nbsp;</span><span style="color: #0000BB">?&gt;</span>.html"/&gt;
</span></code></span>
<code><span style="color: #000000"><span style="color: #0000BB">&nbsp;&nbsp;&nbsp;&nbsp;</span><span style="color: #007700">&lt;</span><span style="color: #0000BB">meta&nbsp;http</span><span style="color: #007700">-</span><span style="color: #0000BB">equiv</span><span style="color: #007700">=</span><span style="color: #DD0000">"Content-Type"&nbsp;</span><span style="color: #0000BB">content</span><span style="color: #007700">=</span><span style="color: #DD0000">"text/html;&nbsp;charset=utf-8"</span><span style="color: #007700">/&gt;
</span></span></code></pre><pre id="cakeErr67f071c6a18b7-context" class="cake-context" style="display: none;">$viewFile = &#039;/home/brlfuser/public_html/src/Template/Layout/printlayout.ctp&#039;
$dataForView = [
	&#039;article_current&#039; =&gt; object(App\Model\Entity\Article) {

		&#039;id&#039; =&gt; (int) 35803,
		&#039;title&#039; =&gt; &#039;Why the fuss about fiscal deficit? -Aarati Krishnan&#039;,
		&#039;subheading&#039; =&gt; &#039;&#039;,
		&#039;description&#039; =&gt; &#039;&lt;div align=&quot;justify&quot;&gt;
-The Hindu&lt;br /&gt;
&lt;br /&gt;
&lt;em&gt;The answer lies in the fragile state of the Centre&amp;rsquo;s finances, and its control over interest, pension and subsidy expenses&lt;br /&gt;
&lt;/em&gt;&lt;br /&gt;
To any layman watching India&amp;rsquo;s annual Budget jamboree, the entire exercise must seem very puzzling. After the Finance Minister has read out a long list of giveaways to farmers, small businesses, low-income earners and senior citizens in his speech, none of the beneficiaries seems entirely happy with their gifts.&lt;br /&gt;
&lt;br /&gt;
Commentators, after cursory compliments, quickly turn their attention to the deficit numbers. It is also quite difficult to comprehend why all hell must break loose, if the fiscal deficit turns out to be 3.5% for the year, instead of 3.2%.&lt;br /&gt;
&lt;br /&gt;
All this fuss would be quite easily explained if only one were aware of the precarious state of government finances.&lt;br /&gt;
&lt;br /&gt;
Think of India&amp;rsquo;s central government as one sprawling household with the Ministries, State governments and citizens making up its family members. If you took stock of this family&amp;rsquo;s finances, you&amp;rsquo;d at once conclude that this is one profligate household.&lt;br /&gt;
&lt;br /&gt;
&lt;em&gt;Expenses overshoot&lt;br /&gt;
&lt;/em&gt;&lt;br /&gt;
In FY18, the Centre&amp;rsquo;s total income (as per the revised estimates) from taxes, non-tax revenues and capital items is estimated at ?16.23 lakh crore.&lt;br /&gt;
&lt;br /&gt;
But it expects to incur a total expenditure of ?22.17 lakh crore. Expenditure will thus overshoot income by about 36.5%, leaving a shortfall of ?5.94 lakh crore.&lt;br /&gt;
&lt;br /&gt;
This ?5.94 lakh crore shortfall is euphemistically termed as the fiscal deficit. When it is expressed as a percentage of India&amp;rsquo;s nominal GDP (?167 lakh crore as per latest CSO estimates), it appears modest at 3.5%. But this tells you why even a minor slippage in the fiscal deficit is so keenly watched. A 30-basis point overshoot in the deficit means a ?50,000 crore hole in the Budget.&lt;br /&gt;
&lt;br /&gt;
The fiscal deficit in fact paints a more complimentary picture of government finances than necessary, because it counts both one-off receipts (from asset sales, recovery of loans etc) and recurring items (taxes) as part of the government&amp;rsquo;s &amp;lsquo;income&amp;rsquo;.&lt;br /&gt;
&lt;br /&gt;
This mixing of capital and revenue items would be frowned upon in commercial accounting. Therefore, if one excludes capital items and takes stock of revenue items alone, the Centre is still spending more than it earns, with a revenue deficit of ?4.39 lakh crore in FY18 (revised estimates).&lt;br /&gt;
&lt;br /&gt;
But the fiscal or revenue deficits for FY18 are by no means standout numbers. India&amp;rsquo;s fiscal deficit in the past ten years (based on actuals) has hovered between 3.5% and 6.4% of nominal GDP.&lt;br /&gt;
&lt;br /&gt;
Please &lt;a href=&quot;http://www.thehindu.com/business/Economy/why-the-fuss-about-fiscal-deficit/article22723770.ece?homepage=true&quot;&gt;click here&lt;/a&gt; to read more. &lt;br /&gt;
&lt;br /&gt;
&lt;/div&gt;&#039;,
		&#039;credit_writer&#039; =&gt; &#039;The Hindu, 11 February, http://www.thehindu.com/business/Economy/why-the-fuss-about-fiscal-deficit/article22723770.ece?homepage=true&#039;,
		&#039;article_img&#039; =&gt; &#039;&#039;,
		&#039;article_img_thumb&#039; =&gt; &#039;&#039;,
		&#039;status&#039; =&gt; (int) 1,
		&#039;show_on_home&#039; =&gt; (int) 1,
		&#039;lang&#039; =&gt; &#039;EN&#039;,
		&#039;category_id&#039; =&gt; (int) 16,
		&#039;tag_keyword&#039; =&gt; &#039;&#039;,
		&#039;seo_url&#039; =&gt; &#039;why-the-fuss-about-fiscal-deficit-aarati-krishnan-4683910&#039;,
		&#039;meta_title&#039; =&gt; null,
		&#039;meta_keywords&#039; =&gt; null,
		&#039;meta_description&#039; =&gt; null,
		&#039;noindex&#039; =&gt; (int) 0,
		&#039;publish_date&#039; =&gt; object(Cake\I18n\FrozenDate) {},
		&#039;most_visit_section_id&#039; =&gt; null,
		&#039;article_big_img&#039; =&gt; null,
		&#039;liveid&#039; =&gt; (int) 4683910,
		&#039;created&#039; =&gt; object(Cake\I18n\FrozenTime) {},
		&#039;modified&#039; =&gt; object(Cake\I18n\FrozenTime) {},
		&#039;edate&#039; =&gt; &#039;&#039;,
		&#039;tags&#039; =&gt; [
			[maximum depth reached]
		],
		&#039;category&#039; =&gt; object(App\Model\Entity\Category) {},
		&#039;[new]&#039; =&gt; false,
		&#039;[accessible]&#039; =&gt; [
			[maximum depth reached]
		],
		&#039;[dirty]&#039; =&gt; [[maximum depth reached]],
		&#039;[original]&#039; =&gt; [[maximum depth reached]],
		&#039;[virtual]&#039; =&gt; [[maximum depth reached]],
		&#039;[hasErrors]&#039; =&gt; false,
		&#039;[errors]&#039; =&gt; [[maximum depth reached]],
		&#039;[invalid]&#039; =&gt; [[maximum depth reached]],
		&#039;[repository]&#039; =&gt; &#039;Articles&#039;
	
	},
	&#039;articleid&#039; =&gt; (int) 35803,
	&#039;metaTitle&#039; =&gt; &#039;LATEST NEWS UPDATES | Why the fuss about fiscal deficit? -Aarati Krishnan&#039;,
	&#039;metaKeywords&#039; =&gt; &#039;Fiscal Contraction,fiscal deficit&#039;,
	&#039;metaDesc&#039; =&gt; &#039;
-The Hindu

The answer lies in the fragile state of the Centre&amp;rsquo;s finances, and its control over interest, pension and subsidy expenses

To any layman watching India&amp;rsquo;s annual Budget jamboree, the entire exercise must seem very puzzling. After the Finance Minister has...&#039;,
	&#039;disp&#039; =&gt; &#039;&lt;div align=&quot;justify&quot;&gt;-The Hindu&lt;br /&gt;&lt;br /&gt;&lt;em&gt;The answer lies in the fragile state of the Centre&amp;rsquo;s finances, and its control over interest, pension and subsidy expenses&lt;br /&gt;&lt;/em&gt;&lt;br /&gt;To any layman watching India&amp;rsquo;s annual Budget jamboree, the entire exercise must seem very puzzling. After the Finance Minister has read out a long list of giveaways to farmers, small businesses, low-income earners and senior citizens in his speech, none of the beneficiaries seems entirely happy with their gifts.&lt;br /&gt;&lt;br /&gt;Commentators, after cursory compliments, quickly turn their attention to the deficit numbers. It is also quite difficult to comprehend why all hell must break loose, if the fiscal deficit turns out to be 3.5% for the year, instead of 3.2%.&lt;br /&gt;&lt;br /&gt;All this fuss would be quite easily explained if only one were aware of the precarious state of government finances.&lt;br /&gt;&lt;br /&gt;Think of India&amp;rsquo;s central government as one sprawling household with the Ministries, State governments and citizens making up its family members. If you took stock of this family&amp;rsquo;s finances, you&amp;rsquo;d at once conclude that this is one profligate household.&lt;br /&gt;&lt;br /&gt;&lt;em&gt;Expenses overshoot&lt;br /&gt;&lt;/em&gt;&lt;br /&gt;In FY18, the Centre&amp;rsquo;s total income (as per the revised estimates) from taxes, non-tax revenues and capital items is estimated at ?16.23 lakh crore.&lt;br /&gt;&lt;br /&gt;But it expects to incur a total expenditure of ?22.17 lakh crore. Expenditure will thus overshoot income by about 36.5%, leaving a shortfall of ?5.94 lakh crore.&lt;br /&gt;&lt;br /&gt;This ?5.94 lakh crore shortfall is euphemistically termed as the fiscal deficit. When it is expressed as a percentage of India&amp;rsquo;s nominal GDP (?167 lakh crore as per latest CSO estimates), it appears modest at 3.5%. But this tells you why even a minor slippage in the fiscal deficit is so keenly watched. A 30-basis point overshoot in the deficit means a ?50,000 crore hole in the Budget.&lt;br /&gt;&lt;br /&gt;The fiscal deficit in fact paints a more complimentary picture of government finances than necessary, because it counts both one-off receipts (from asset sales, recovery of loans etc) and recurring items (taxes) as part of the government&amp;rsquo;s &amp;lsquo;income&amp;rsquo;.&lt;br /&gt;&lt;br /&gt;This mixing of capital and revenue items would be frowned upon in commercial accounting. Therefore, if one excludes capital items and takes stock of revenue items alone, the Centre is still spending more than it earns, with a revenue deficit of ?4.39 lakh crore in FY18 (revised estimates).&lt;br /&gt;&lt;br /&gt;But the fiscal or revenue deficits for FY18 are by no means standout numbers. India&amp;rsquo;s fiscal deficit in the past ten years (based on actuals) has hovered between 3.5% and 6.4% of nominal GDP.&lt;br /&gt;&lt;br /&gt;Please &lt;a href=&quot;http://www.thehindu.com/business/Economy/why-the-fuss-about-fiscal-deficit/article22723770.ece?homepage=true&quot; title=&quot;http://www.thehindu.com/business/Economy/why-the-fuss-about-fiscal-deficit/article22723770.ece?homepage=true&quot;&gt;click here&lt;/a&gt; to read more. &lt;br /&gt;&lt;br /&gt;&lt;/div&gt;&#039;,
	&#039;lang&#039; =&gt; &#039;English&#039;,
	&#039;SITE_URL&#039; =&gt; &#039;https://im4change.in/&#039;,
	&#039;site_title&#039; =&gt; &#039;im4change&#039;,
	&#039;adminprix&#039; =&gt; &#039;admin&#039;
]
$article_current = object(App\Model\Entity\Article) {

	&#039;id&#039; =&gt; (int) 35803,
	&#039;title&#039; =&gt; &#039;Why the fuss about fiscal deficit? -Aarati Krishnan&#039;,
	&#039;subheading&#039; =&gt; &#039;&#039;,
	&#039;description&#039; =&gt; &#039;&lt;div align=&quot;justify&quot;&gt;
-The Hindu&lt;br /&gt;
&lt;br /&gt;
&lt;em&gt;The answer lies in the fragile state of the Centre&amp;rsquo;s finances, and its control over interest, pension and subsidy expenses&lt;br /&gt;
&lt;/em&gt;&lt;br /&gt;
To any layman watching India&amp;rsquo;s annual Budget jamboree, the entire exercise must seem very puzzling. After the Finance Minister has read out a long list of giveaways to farmers, small businesses, low-income earners and senior citizens in his speech, none of the beneficiaries seems entirely happy with their gifts.&lt;br /&gt;
&lt;br /&gt;
Commentators, after cursory compliments, quickly turn their attention to the deficit numbers. It is also quite difficult to comprehend why all hell must break loose, if the fiscal deficit turns out to be 3.5% for the year, instead of 3.2%.&lt;br /&gt;
&lt;br /&gt;
All this fuss would be quite easily explained if only one were aware of the precarious state of government finances.&lt;br /&gt;
&lt;br /&gt;
Think of India&amp;rsquo;s central government as one sprawling household with the Ministries, State governments and citizens making up its family members. If you took stock of this family&amp;rsquo;s finances, you&amp;rsquo;d at once conclude that this is one profligate household.&lt;br /&gt;
&lt;br /&gt;
&lt;em&gt;Expenses overshoot&lt;br /&gt;
&lt;/em&gt;&lt;br /&gt;
In FY18, the Centre&amp;rsquo;s total income (as per the revised estimates) from taxes, non-tax revenues and capital items is estimated at ?16.23 lakh crore.&lt;br /&gt;
&lt;br /&gt;
But it expects to incur a total expenditure of ?22.17 lakh crore. Expenditure will thus overshoot income by about 36.5%, leaving a shortfall of ?5.94 lakh crore.&lt;br /&gt;
&lt;br /&gt;
This ?5.94 lakh crore shortfall is euphemistically termed as the fiscal deficit. When it is expressed as a percentage of India&amp;rsquo;s nominal GDP (?167 lakh crore as per latest CSO estimates), it appears modest at 3.5%. But this tells you why even a minor slippage in the fiscal deficit is so keenly watched. A 30-basis point overshoot in the deficit means a ?50,000 crore hole in the Budget.&lt;br /&gt;
&lt;br /&gt;
The fiscal deficit in fact paints a more complimentary picture of government finances than necessary, because it counts both one-off receipts (from asset sales, recovery of loans etc) and recurring items (taxes) as part of the government&amp;rsquo;s &amp;lsquo;income&amp;rsquo;.&lt;br /&gt;
&lt;br /&gt;
This mixing of capital and revenue items would be frowned upon in commercial accounting. Therefore, if one excludes capital items and takes stock of revenue items alone, the Centre is still spending more than it earns, with a revenue deficit of ?4.39 lakh crore in FY18 (revised estimates).&lt;br /&gt;
&lt;br /&gt;
But the fiscal or revenue deficits for FY18 are by no means standout numbers. India&amp;rsquo;s fiscal deficit in the past ten years (based on actuals) has hovered between 3.5% and 6.4% of nominal GDP.&lt;br /&gt;
&lt;br /&gt;
Please &lt;a href=&quot;http://www.thehindu.com/business/Economy/why-the-fuss-about-fiscal-deficit/article22723770.ece?homepage=true&quot;&gt;click here&lt;/a&gt; to read more. &lt;br /&gt;
&lt;br /&gt;
&lt;/div&gt;&#039;,
	&#039;credit_writer&#039; =&gt; &#039;The Hindu, 11 February, http://www.thehindu.com/business/Economy/why-the-fuss-about-fiscal-deficit/article22723770.ece?homepage=true&#039;,
	&#039;article_img&#039; =&gt; &#039;&#039;,
	&#039;article_img_thumb&#039; =&gt; &#039;&#039;,
	&#039;status&#039; =&gt; (int) 1,
	&#039;show_on_home&#039; =&gt; (int) 1,
	&#039;lang&#039; =&gt; &#039;EN&#039;,
	&#039;category_id&#039; =&gt; (int) 16,
	&#039;tag_keyword&#039; =&gt; &#039;&#039;,
	&#039;seo_url&#039; =&gt; &#039;why-the-fuss-about-fiscal-deficit-aarati-krishnan-4683910&#039;,
	&#039;meta_title&#039; =&gt; null,
	&#039;meta_keywords&#039; =&gt; null,
	&#039;meta_description&#039; =&gt; null,
	&#039;noindex&#039; =&gt; (int) 0,
	&#039;publish_date&#039; =&gt; object(Cake\I18n\FrozenDate) {},
	&#039;most_visit_section_id&#039; =&gt; null,
	&#039;article_big_img&#039; =&gt; null,
	&#039;liveid&#039; =&gt; (int) 4683910,
	&#039;created&#039; =&gt; object(Cake\I18n\FrozenTime) {},
	&#039;modified&#039; =&gt; object(Cake\I18n\FrozenTime) {},
	&#039;edate&#039; =&gt; &#039;&#039;,
	&#039;tags&#039; =&gt; [
		(int) 0 =&gt; object(Cake\ORM\Entity) {},
		(int) 1 =&gt; object(Cake\ORM\Entity) {}
	],
	&#039;category&#039; =&gt; object(App\Model\Entity\Category) {},
	&#039;[new]&#039; =&gt; false,
	&#039;[accessible]&#039; =&gt; [
		&#039;*&#039; =&gt; true,
		&#039;id&#039; =&gt; false
	],
	&#039;[dirty]&#039; =&gt; [],
	&#039;[original]&#039; =&gt; [],
	&#039;[virtual]&#039; =&gt; [],
	&#039;[hasErrors]&#039; =&gt; false,
	&#039;[errors]&#039; =&gt; [],
	&#039;[invalid]&#039; =&gt; [],
	&#039;[repository]&#039; =&gt; &#039;Articles&#039;

}
$articleid = (int) 35803
$metaTitle = &#039;LATEST NEWS UPDATES | Why the fuss about fiscal deficit? -Aarati Krishnan&#039;
$metaKeywords = &#039;Fiscal Contraction,fiscal deficit&#039;
$metaDesc = &#039;
-The Hindu

The answer lies in the fragile state of the Centre&amp;rsquo;s finances, and its control over interest, pension and subsidy expenses

To any layman watching India&amp;rsquo;s annual Budget jamboree, the entire exercise must seem very puzzling. After the Finance Minister has...&#039;
$disp = &#039;&lt;div align=&quot;justify&quot;&gt;-The Hindu&lt;br /&gt;&lt;br /&gt;&lt;em&gt;The answer lies in the fragile state of the Centre&amp;rsquo;s finances, and its control over interest, pension and subsidy expenses&lt;br /&gt;&lt;/em&gt;&lt;br /&gt;To any layman watching India&amp;rsquo;s annual Budget jamboree, the entire exercise must seem very puzzling. After the Finance Minister has read out a long list of giveaways to farmers, small businesses, low-income earners and senior citizens in his speech, none of the beneficiaries seems entirely happy with their gifts.&lt;br /&gt;&lt;br /&gt;Commentators, after cursory compliments, quickly turn their attention to the deficit numbers. It is also quite difficult to comprehend why all hell must break loose, if the fiscal deficit turns out to be 3.5% for the year, instead of 3.2%.&lt;br /&gt;&lt;br /&gt;All this fuss would be quite easily explained if only one were aware of the precarious state of government finances.&lt;br /&gt;&lt;br /&gt;Think of India&amp;rsquo;s central government as one sprawling household with the Ministries, State governments and citizens making up its family members. If you took stock of this family&amp;rsquo;s finances, you&amp;rsquo;d at once conclude that this is one profligate household.&lt;br /&gt;&lt;br /&gt;&lt;em&gt;Expenses overshoot&lt;br /&gt;&lt;/em&gt;&lt;br /&gt;In FY18, the Centre&amp;rsquo;s total income (as per the revised estimates) from taxes, non-tax revenues and capital items is estimated at ?16.23 lakh crore.&lt;br /&gt;&lt;br /&gt;But it expects to incur a total expenditure of ?22.17 lakh crore. Expenditure will thus overshoot income by about 36.5%, leaving a shortfall of ?5.94 lakh crore.&lt;br /&gt;&lt;br /&gt;This ?5.94 lakh crore shortfall is euphemistically termed as the fiscal deficit. When it is expressed as a percentage of India&amp;rsquo;s nominal GDP (?167 lakh crore as per latest CSO estimates), it appears modest at 3.5%. But this tells you why even a minor slippage in the fiscal deficit is so keenly watched. A 30-basis point overshoot in the deficit means a ?50,000 crore hole in the Budget.&lt;br /&gt;&lt;br /&gt;The fiscal deficit in fact paints a more complimentary picture of government finances than necessary, because it counts both one-off receipts (from asset sales, recovery of loans etc) and recurring items (taxes) as part of the government&amp;rsquo;s &amp;lsquo;income&amp;rsquo;.&lt;br /&gt;&lt;br /&gt;This mixing of capital and revenue items would be frowned upon in commercial accounting. Therefore, if one excludes capital items and takes stock of revenue items alone, the Centre is still spending more than it earns, with a revenue deficit of ?4.39 lakh crore in FY18 (revised estimates).&lt;br /&gt;&lt;br /&gt;But the fiscal or revenue deficits for FY18 are by no means standout numbers. India&amp;rsquo;s fiscal deficit in the past ten years (based on actuals) has hovered between 3.5% and 6.4% of nominal GDP.&lt;br /&gt;&lt;br /&gt;Please &lt;a href=&quot;http://www.thehindu.com/business/Economy/why-the-fuss-about-fiscal-deficit/article22723770.ece?homepage=true&quot; title=&quot;http://www.thehindu.com/business/Economy/why-the-fuss-about-fiscal-deficit/article22723770.ece?homepage=true&quot;&gt;click here&lt;/a&gt; to read more. &lt;br /&gt;&lt;br /&gt;&lt;/div&gt;&#039;
$lang = &#039;English&#039;
$SITE_URL = &#039;https://im4change.in/&#039;
$site_title = &#039;im4change&#039;
$adminprix = &#039;admin&#039;</pre><pre class="stack-trace">include - APP/Template/Layout/printlayout.ctp, line 8
Cake\View\View::_evaluate() - CORE/src/View/View.php, line 1413
Cake\View\View::_render() - CORE/src/View/View.php, line 1374
Cake\View\View::renderLayout() - CORE/src/View/View.php, line 927
Cake\View\View::render() - CORE/src/View/View.php, line 885
Cake\Controller\Controller::render() - CORE/src/Controller/Controller.php, line 791
Cake\Http\ActionDispatcher::_invoke() - CORE/src/Http/ActionDispatcher.php, line 126
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 88
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</pre></div></pre>latest-news-updates/why-the-fuss-about-fiscal-deficit-aarati-krishnan-4683910.html"/>
    <meta http-equiv="Content-Type" content="text/html; charset=utf-8"/>
    <link href="https://im4change.in/css/control.css" rel="stylesheet" type="text/css"
          media="all"/>
    <title>LATEST NEWS UPDATES | Why the fuss about fiscal deficit? -Aarati Krishnan | Im4change.org</title>
    <meta name="description" content="
-The Hindu

The answer lies in the fragile state of the Centre&rsquo;s finances, and its control over interest, pension and subsidy expenses

To any layman watching India&rsquo;s annual Budget jamboree, the entire exercise must seem very puzzling. After the Finance Minister has..."/>
    <script src="https://im4change.in/js/jquery-1.10.2.js"></script>
    <script type="text/javascript" src="https://im4change.in/js/jquery-migrate.min.js"></script>
    <script language="javascript" type="text/javascript">

        $(document).ready(function () {
            var img = $("img")[0]; // Get my img elem
            var pic_real_width, pic_real_height;
            $("<img/>") // Make in memory copy of image to avoid css issues
                .attr("src", $(img).attr("src"))
                .load(function () {
                    pic_real_width = this.width;   // Note: $(this).width() will not
                    pic_real_height = this.height; // work for in memory images.
                });
        });
    </script>
    <style type="text/css">
        @media screen {
            div.divFooter {
                display: block;
            }
        }

        @media print {
            .printbutton {
                display: none !important;
            }
        }
    </style>
</head>
<body>
<table cellpadding="0" cellspacing="0" border="0" width="98%" align="center">
    <tr>
        <td class="top_bg">
            <div class="divFooter">
                <img src="https://im4change.in/images/logo1.jpg" height="59" border="0"
                     alt="Resource centre on India's rural distress" style="padding-top:14px;"/>
            </div>

        </td>
    </tr>
    <tr>
        <td id="topspace">&nbsp;</td>
    </tr>

    <tr id="topspace">
        <td>&nbsp;</td>
    </tr>
    <tr>
        <td height="50" style="border-bottom:1px solid #000; padding-top:10px;" class="printbutton">
            <form><input type="button" value=" Print this page "
                         onclick="window.print();return false;"/></form>
        </td>
    </tr>

    <tr>
        <td width="100%">
            <h1 class="news_headlines" style="font-style:normal">
                <strong>Why the fuss about fiscal deficit? -Aarati Krishnan</strong></h1>
        </td>
    </tr>
    <tr>
        <td width="100%" style="font-family:Arial, 'Segoe Script', 'Segoe UI', sans-serif, serif"><font size="3">
                <div align="justify">-The Hindu<br /><br /><em>The answer lies in the fragile state of the Centre&rsquo;s finances, and its control over interest, pension and subsidy expenses<br /></em><br />To any layman watching India&rsquo;s annual Budget jamboree, the entire exercise must seem very puzzling. After the Finance Minister has read out a long list of giveaways to farmers, small businesses, low-income earners and senior citizens in his speech, none of the beneficiaries seems entirely happy with their gifts.<br /><br />Commentators, after cursory compliments, quickly turn their attention to the deficit numbers. It is also quite difficult to comprehend why all hell must break loose, if the fiscal deficit turns out to be 3.5% for the year, instead of 3.2%.<br /><br />All this fuss would be quite easily explained if only one were aware of the precarious state of government finances.<br /><br />Think of India&rsquo;s central government as one sprawling household with the Ministries, State governments and citizens making up its family members. If you took stock of this family&rsquo;s finances, you&rsquo;d at once conclude that this is one profligate household.<br /><br /><em>Expenses overshoot<br /></em><br />In FY18, the Centre&rsquo;s total income (as per the revised estimates) from taxes, non-tax revenues and capital items is estimated at ?16.23 lakh crore.<br /><br />But it expects to incur a total expenditure of ?22.17 lakh crore. Expenditure will thus overshoot income by about 36.5%, leaving a shortfall of ?5.94 lakh crore.<br /><br />This ?5.94 lakh crore shortfall is euphemistically termed as the fiscal deficit. When it is expressed as a percentage of India&rsquo;s nominal GDP (?167 lakh crore as per latest CSO estimates), it appears modest at 3.5%. But this tells you why even a minor slippage in the fiscal deficit is so keenly watched. A 30-basis point overshoot in the deficit means a ?50,000 crore hole in the Budget.<br /><br />The fiscal deficit in fact paints a more complimentary picture of government finances than necessary, because it counts both one-off receipts (from asset sales, recovery of loans etc) and recurring items (taxes) as part of the government&rsquo;s &lsquo;income&rsquo;.<br /><br />This mixing of capital and revenue items would be frowned upon in commercial accounting. Therefore, if one excludes capital items and takes stock of revenue items alone, the Centre is still spending more than it earns, with a revenue deficit of ?4.39 lakh crore in FY18 (revised estimates).<br /><br />But the fiscal or revenue deficits for FY18 are by no means standout numbers. India&rsquo;s fiscal deficit in the past ten years (based on actuals) has hovered between 3.5% and 6.4% of nominal GDP.<br /><br />Please <a href="http://www.thehindu.com/business/Economy/why-the-fuss-about-fiscal-deficit/article22723770.ece?homepage=true" title="http://www.thehindu.com/business/Economy/why-the-fuss-about-fiscal-deficit/article22723770.ece?homepage=true">click here</a> to read more. <br /><br /></div>               </font>
        </td>
    </tr>
    <tr>
        <td>&nbsp;</td>
    </tr>

    <tr>
        <td height="50" style="border-top:1px solid #000; border-bottom:1px solid #000;padding-top:10px;">
            <form><input type="button" value=" Print this page "
                         onclick="window.print();return false;"/></form>
        </td>
    </tr>
</table></body>
</html>'

}
$reasonPhrase = 'OK'
header - [internal], line ??
Cake\Http\ResponseEmitter::emitStatusLine() - CORE/src/Http/ResponseEmitter.php, line 148
Cake\Http\ResponseEmitter::emit() - CORE/src/Http/ResponseEmitter.php, line 54
Cake\Http\Server::emit() - CORE/src/Http/Server.php, line 141
[main] - ROOT/webroot/index.php, line 39

Warning (2): Cannot modify header information - headers already sent by (output started at /home/brlfuser/public_html/vendor/cakephp/cakephp/src/Error/Debugger.php:853) [CORE/src/Http/ResponseEmitter.php, line 181]
Code Context
                    $value

                ), $first);

                $first = false;
$response = object(Cake\Http\Response) {

	'status' => (int) 200,
	'contentType' => 'text/html',
	'headers' => [
		'Content-Type' => [
			[maximum depth reached]
		]
	],
	'file' => null,
	'fileRange' => [],
	'cookies' => object(Cake\Http\Cookie\CookieCollection) {},
	'cacheDirectives' => [],
	'body' => '<!DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN"
        "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd">
<html xmlns="http://www.w3.org/1999/xhtml">
<head>
    <link rel="canonical" href="https://im4change.in/<pre class="cake-error"><a href="javascript:void(0);" onclick="document.getElementById('cakeErr67f071c6a18b7-trace').style.display = (document.getElementById('cakeErr67f071c6a18b7-trace').style.display == 'none' ? '' : 'none');"><b>Notice</b> (8)</a>: Undefined variable: urlPrefix [<b>APP/Template/Layout/printlayout.ctp</b>, line <b>8</b>]<div id="cakeErr67f071c6a18b7-trace" class="cake-stack-trace" style="display: none;"><a href="javascript:void(0);" onclick="document.getElementById('cakeErr67f071c6a18b7-code').style.display = (document.getElementById('cakeErr67f071c6a18b7-code').style.display == 'none' ? '' : 'none')">Code</a> <a href="javascript:void(0);" onclick="document.getElementById('cakeErr67f071c6a18b7-context').style.display = (document.getElementById('cakeErr67f071c6a18b7-context').style.display == 'none' ? '' : 'none')">Context</a><pre id="cakeErr67f071c6a18b7-code" class="cake-code-dump" style="display: none;"><code><span style="color: #000000"><span style="color: #0000BB"></span><span style="color: #007700">&lt;</span><span style="color: #0000BB">head</span><span style="color: #007700">&gt;
</span></span></code>
<span class="code-highlight"><code><span style="color: #000000">&nbsp;&nbsp;&nbsp;&nbsp;&lt;link&nbsp;rel="canonical"&nbsp;href="<span style="color: #0000BB">&lt;?php&nbsp;</span><span style="color: #007700">echo&nbsp;</span><span style="color: #0000BB">Configure</span><span style="color: #007700">::</span><span style="color: #0000BB">read</span><span style="color: #007700">(</span><span style="color: #DD0000">'SITE_URL'</span><span style="color: #007700">);&nbsp;</span><span style="color: #0000BB">?&gt;&lt;?php&nbsp;</span><span style="color: #007700">echo&nbsp;</span><span style="color: #0000BB">$urlPrefix</span><span style="color: #007700">;</span><span style="color: #0000BB">?&gt;&lt;?php&nbsp;</span><span style="color: #007700">echo&nbsp;</span><span style="color: #0000BB">$article_current</span><span style="color: #007700">-&gt;</span><span style="color: #0000BB">category</span><span style="color: #007700">-&gt;</span><span style="color: #0000BB">slug</span><span style="color: #007700">;&nbsp;</span><span style="color: #0000BB">?&gt;</span>/<span style="color: #0000BB">&lt;?php&nbsp;</span><span style="color: #007700">echo&nbsp;</span><span style="color: #0000BB">$article_current</span><span style="color: #007700">-&gt;</span><span style="color: #0000BB">seo_url</span><span style="color: #007700">;&nbsp;</span><span style="color: #0000BB">?&gt;</span>.html"/&gt;
</span></code></span>
<code><span style="color: #000000"><span style="color: #0000BB">&nbsp;&nbsp;&nbsp;&nbsp;</span><span style="color: #007700">&lt;</span><span style="color: #0000BB">meta&nbsp;http</span><span style="color: #007700">-</span><span style="color: #0000BB">equiv</span><span style="color: #007700">=</span><span style="color: #DD0000">"Content-Type"&nbsp;</span><span style="color: #0000BB">content</span><span style="color: #007700">=</span><span style="color: #DD0000">"text/html;&nbsp;charset=utf-8"</span><span style="color: #007700">/&gt;
</span></span></code></pre><pre id="cakeErr67f071c6a18b7-context" class="cake-context" style="display: none;">$viewFile = &#039;/home/brlfuser/public_html/src/Template/Layout/printlayout.ctp&#039;
$dataForView = [
	&#039;article_current&#039; =&gt; object(App\Model\Entity\Article) {

		&#039;id&#039; =&gt; (int) 35803,
		&#039;title&#039; =&gt; &#039;Why the fuss about fiscal deficit? -Aarati Krishnan&#039;,
		&#039;subheading&#039; =&gt; &#039;&#039;,
		&#039;description&#039; =&gt; &#039;&lt;div align=&quot;justify&quot;&gt;
-The Hindu&lt;br /&gt;
&lt;br /&gt;
&lt;em&gt;The answer lies in the fragile state of the Centre&amp;rsquo;s finances, and its control over interest, pension and subsidy expenses&lt;br /&gt;
&lt;/em&gt;&lt;br /&gt;
To any layman watching India&amp;rsquo;s annual Budget jamboree, the entire exercise must seem very puzzling. After the Finance Minister has read out a long list of giveaways to farmers, small businesses, low-income earners and senior citizens in his speech, none of the beneficiaries seems entirely happy with their gifts.&lt;br /&gt;
&lt;br /&gt;
Commentators, after cursory compliments, quickly turn their attention to the deficit numbers. It is also quite difficult to comprehend why all hell must break loose, if the fiscal deficit turns out to be 3.5% for the year, instead of 3.2%.&lt;br /&gt;
&lt;br /&gt;
All this fuss would be quite easily explained if only one were aware of the precarious state of government finances.&lt;br /&gt;
&lt;br /&gt;
Think of India&amp;rsquo;s central government as one sprawling household with the Ministries, State governments and citizens making up its family members. If you took stock of this family&amp;rsquo;s finances, you&amp;rsquo;d at once conclude that this is one profligate household.&lt;br /&gt;
&lt;br /&gt;
&lt;em&gt;Expenses overshoot&lt;br /&gt;
&lt;/em&gt;&lt;br /&gt;
In FY18, the Centre&amp;rsquo;s total income (as per the revised estimates) from taxes, non-tax revenues and capital items is estimated at ?16.23 lakh crore.&lt;br /&gt;
&lt;br /&gt;
But it expects to incur a total expenditure of ?22.17 lakh crore. Expenditure will thus overshoot income by about 36.5%, leaving a shortfall of ?5.94 lakh crore.&lt;br /&gt;
&lt;br /&gt;
This ?5.94 lakh crore shortfall is euphemistically termed as the fiscal deficit. When it is expressed as a percentage of India&amp;rsquo;s nominal GDP (?167 lakh crore as per latest CSO estimates), it appears modest at 3.5%. But this tells you why even a minor slippage in the fiscal deficit is so keenly watched. A 30-basis point overshoot in the deficit means a ?50,000 crore hole in the Budget.&lt;br /&gt;
&lt;br /&gt;
The fiscal deficit in fact paints a more complimentary picture of government finances than necessary, because it counts both one-off receipts (from asset sales, recovery of loans etc) and recurring items (taxes) as part of the government&amp;rsquo;s &amp;lsquo;income&amp;rsquo;.&lt;br /&gt;
&lt;br /&gt;
This mixing of capital and revenue items would be frowned upon in commercial accounting. Therefore, if one excludes capital items and takes stock of revenue items alone, the Centre is still spending more than it earns, with a revenue deficit of ?4.39 lakh crore in FY18 (revised estimates).&lt;br /&gt;
&lt;br /&gt;
But the fiscal or revenue deficits for FY18 are by no means standout numbers. India&amp;rsquo;s fiscal deficit in the past ten years (based on actuals) has hovered between 3.5% and 6.4% of nominal GDP.&lt;br /&gt;
&lt;br /&gt;
Please &lt;a href=&quot;http://www.thehindu.com/business/Economy/why-the-fuss-about-fiscal-deficit/article22723770.ece?homepage=true&quot;&gt;click here&lt;/a&gt; to read more. &lt;br /&gt;
&lt;br /&gt;
&lt;/div&gt;&#039;,
		&#039;credit_writer&#039; =&gt; &#039;The Hindu, 11 February, http://www.thehindu.com/business/Economy/why-the-fuss-about-fiscal-deficit/article22723770.ece?homepage=true&#039;,
		&#039;article_img&#039; =&gt; &#039;&#039;,
		&#039;article_img_thumb&#039; =&gt; &#039;&#039;,
		&#039;status&#039; =&gt; (int) 1,
		&#039;show_on_home&#039; =&gt; (int) 1,
		&#039;lang&#039; =&gt; &#039;EN&#039;,
		&#039;category_id&#039; =&gt; (int) 16,
		&#039;tag_keyword&#039; =&gt; &#039;&#039;,
		&#039;seo_url&#039; =&gt; &#039;why-the-fuss-about-fiscal-deficit-aarati-krishnan-4683910&#039;,
		&#039;meta_title&#039; =&gt; null,
		&#039;meta_keywords&#039; =&gt; null,
		&#039;meta_description&#039; =&gt; null,
		&#039;noindex&#039; =&gt; (int) 0,
		&#039;publish_date&#039; =&gt; object(Cake\I18n\FrozenDate) {},
		&#039;most_visit_section_id&#039; =&gt; null,
		&#039;article_big_img&#039; =&gt; null,
		&#039;liveid&#039; =&gt; (int) 4683910,
		&#039;created&#039; =&gt; object(Cake\I18n\FrozenTime) {},
		&#039;modified&#039; =&gt; object(Cake\I18n\FrozenTime) {},
		&#039;edate&#039; =&gt; &#039;&#039;,
		&#039;tags&#039; =&gt; [
			[maximum depth reached]
		],
		&#039;category&#039; =&gt; object(App\Model\Entity\Category) {},
		&#039;[new]&#039; =&gt; false,
		&#039;[accessible]&#039; =&gt; [
			[maximum depth reached]
		],
		&#039;[dirty]&#039; =&gt; [[maximum depth reached]],
		&#039;[original]&#039; =&gt; [[maximum depth reached]],
		&#039;[virtual]&#039; =&gt; [[maximum depth reached]],
		&#039;[hasErrors]&#039; =&gt; false,
		&#039;[errors]&#039; =&gt; [[maximum depth reached]],
		&#039;[invalid]&#039; =&gt; [[maximum depth reached]],
		&#039;[repository]&#039; =&gt; &#039;Articles&#039;
	
	},
	&#039;articleid&#039; =&gt; (int) 35803,
	&#039;metaTitle&#039; =&gt; &#039;LATEST NEWS UPDATES | Why the fuss about fiscal deficit? -Aarati Krishnan&#039;,
	&#039;metaKeywords&#039; =&gt; &#039;Fiscal Contraction,fiscal deficit&#039;,
	&#039;metaDesc&#039; =&gt; &#039;
-The Hindu

The answer lies in the fragile state of the Centre&amp;rsquo;s finances, and its control over interest, pension and subsidy expenses

To any layman watching India&amp;rsquo;s annual Budget jamboree, the entire exercise must seem very puzzling. After the Finance Minister has...&#039;,
	&#039;disp&#039; =&gt; &#039;&lt;div align=&quot;justify&quot;&gt;-The Hindu&lt;br /&gt;&lt;br /&gt;&lt;em&gt;The answer lies in the fragile state of the Centre&amp;rsquo;s finances, and its control over interest, pension and subsidy expenses&lt;br /&gt;&lt;/em&gt;&lt;br /&gt;To any layman watching India&amp;rsquo;s annual Budget jamboree, the entire exercise must seem very puzzling. After the Finance Minister has read out a long list of giveaways to farmers, small businesses, low-income earners and senior citizens in his speech, none of the beneficiaries seems entirely happy with their gifts.&lt;br /&gt;&lt;br /&gt;Commentators, after cursory compliments, quickly turn their attention to the deficit numbers. It is also quite difficult to comprehend why all hell must break loose, if the fiscal deficit turns out to be 3.5% for the year, instead of 3.2%.&lt;br /&gt;&lt;br /&gt;All this fuss would be quite easily explained if only one were aware of the precarious state of government finances.&lt;br /&gt;&lt;br /&gt;Think of India&amp;rsquo;s central government as one sprawling household with the Ministries, State governments and citizens making up its family members. If you took stock of this family&amp;rsquo;s finances, you&amp;rsquo;d at once conclude that this is one profligate household.&lt;br /&gt;&lt;br /&gt;&lt;em&gt;Expenses overshoot&lt;br /&gt;&lt;/em&gt;&lt;br /&gt;In FY18, the Centre&amp;rsquo;s total income (as per the revised estimates) from taxes, non-tax revenues and capital items is estimated at ?16.23 lakh crore.&lt;br /&gt;&lt;br /&gt;But it expects to incur a total expenditure of ?22.17 lakh crore. Expenditure will thus overshoot income by about 36.5%, leaving a shortfall of ?5.94 lakh crore.&lt;br /&gt;&lt;br /&gt;This ?5.94 lakh crore shortfall is euphemistically termed as the fiscal deficit. When it is expressed as a percentage of India&amp;rsquo;s nominal GDP (?167 lakh crore as per latest CSO estimates), it appears modest at 3.5%. But this tells you why even a minor slippage in the fiscal deficit is so keenly watched. A 30-basis point overshoot in the deficit means a ?50,000 crore hole in the Budget.&lt;br /&gt;&lt;br /&gt;The fiscal deficit in fact paints a more complimentary picture of government finances than necessary, because it counts both one-off receipts (from asset sales, recovery of loans etc) and recurring items (taxes) as part of the government&amp;rsquo;s &amp;lsquo;income&amp;rsquo;.&lt;br /&gt;&lt;br /&gt;This mixing of capital and revenue items would be frowned upon in commercial accounting. Therefore, if one excludes capital items and takes stock of revenue items alone, the Centre is still spending more than it earns, with a revenue deficit of ?4.39 lakh crore in FY18 (revised estimates).&lt;br /&gt;&lt;br /&gt;But the fiscal or revenue deficits for FY18 are by no means standout numbers. India&amp;rsquo;s fiscal deficit in the past ten years (based on actuals) has hovered between 3.5% and 6.4% of nominal GDP.&lt;br /&gt;&lt;br /&gt;Please &lt;a href=&quot;http://www.thehindu.com/business/Economy/why-the-fuss-about-fiscal-deficit/article22723770.ece?homepage=true&quot; title=&quot;http://www.thehindu.com/business/Economy/why-the-fuss-about-fiscal-deficit/article22723770.ece?homepage=true&quot;&gt;click here&lt;/a&gt; to read more. &lt;br /&gt;&lt;br /&gt;&lt;/div&gt;&#039;,
	&#039;lang&#039; =&gt; &#039;English&#039;,
	&#039;SITE_URL&#039; =&gt; &#039;https://im4change.in/&#039;,
	&#039;site_title&#039; =&gt; &#039;im4change&#039;,
	&#039;adminprix&#039; =&gt; &#039;admin&#039;
]
$article_current = object(App\Model\Entity\Article) {

	&#039;id&#039; =&gt; (int) 35803,
	&#039;title&#039; =&gt; &#039;Why the fuss about fiscal deficit? -Aarati Krishnan&#039;,
	&#039;subheading&#039; =&gt; &#039;&#039;,
	&#039;description&#039; =&gt; &#039;&lt;div align=&quot;justify&quot;&gt;
-The Hindu&lt;br /&gt;
&lt;br /&gt;
&lt;em&gt;The answer lies in the fragile state of the Centre&amp;rsquo;s finances, and its control over interest, pension and subsidy expenses&lt;br /&gt;
&lt;/em&gt;&lt;br /&gt;
To any layman watching India&amp;rsquo;s annual Budget jamboree, the entire exercise must seem very puzzling. After the Finance Minister has read out a long list of giveaways to farmers, small businesses, low-income earners and senior citizens in his speech, none of the beneficiaries seems entirely happy with their gifts.&lt;br /&gt;
&lt;br /&gt;
Commentators, after cursory compliments, quickly turn their attention to the deficit numbers. It is also quite difficult to comprehend why all hell must break loose, if the fiscal deficit turns out to be 3.5% for the year, instead of 3.2%.&lt;br /&gt;
&lt;br /&gt;
All this fuss would be quite easily explained if only one were aware of the precarious state of government finances.&lt;br /&gt;
&lt;br /&gt;
Think of India&amp;rsquo;s central government as one sprawling household with the Ministries, State governments and citizens making up its family members. If you took stock of this family&amp;rsquo;s finances, you&amp;rsquo;d at once conclude that this is one profligate household.&lt;br /&gt;
&lt;br /&gt;
&lt;em&gt;Expenses overshoot&lt;br /&gt;
&lt;/em&gt;&lt;br /&gt;
In FY18, the Centre&amp;rsquo;s total income (as per the revised estimates) from taxes, non-tax revenues and capital items is estimated at ?16.23 lakh crore.&lt;br /&gt;
&lt;br /&gt;
But it expects to incur a total expenditure of ?22.17 lakh crore. Expenditure will thus overshoot income by about 36.5%, leaving a shortfall of ?5.94 lakh crore.&lt;br /&gt;
&lt;br /&gt;
This ?5.94 lakh crore shortfall is euphemistically termed as the fiscal deficit. When it is expressed as a percentage of India&amp;rsquo;s nominal GDP (?167 lakh crore as per latest CSO estimates), it appears modest at 3.5%. But this tells you why even a minor slippage in the fiscal deficit is so keenly watched. A 30-basis point overshoot in the deficit means a ?50,000 crore hole in the Budget.&lt;br /&gt;
&lt;br /&gt;
The fiscal deficit in fact paints a more complimentary picture of government finances than necessary, because it counts both one-off receipts (from asset sales, recovery of loans etc) and recurring items (taxes) as part of the government&amp;rsquo;s &amp;lsquo;income&amp;rsquo;.&lt;br /&gt;
&lt;br /&gt;
This mixing of capital and revenue items would be frowned upon in commercial accounting. Therefore, if one excludes capital items and takes stock of revenue items alone, the Centre is still spending more than it earns, with a revenue deficit of ?4.39 lakh crore in FY18 (revised estimates).&lt;br /&gt;
&lt;br /&gt;
But the fiscal or revenue deficits for FY18 are by no means standout numbers. India&amp;rsquo;s fiscal deficit in the past ten years (based on actuals) has hovered between 3.5% and 6.4% of nominal GDP.&lt;br /&gt;
&lt;br /&gt;
Please &lt;a href=&quot;http://www.thehindu.com/business/Economy/why-the-fuss-about-fiscal-deficit/article22723770.ece?homepage=true&quot;&gt;click here&lt;/a&gt; to read more. &lt;br /&gt;
&lt;br /&gt;
&lt;/div&gt;&#039;,
	&#039;credit_writer&#039; =&gt; &#039;The Hindu, 11 February, http://www.thehindu.com/business/Economy/why-the-fuss-about-fiscal-deficit/article22723770.ece?homepage=true&#039;,
	&#039;article_img&#039; =&gt; &#039;&#039;,
	&#039;article_img_thumb&#039; =&gt; &#039;&#039;,
	&#039;status&#039; =&gt; (int) 1,
	&#039;show_on_home&#039; =&gt; (int) 1,
	&#039;lang&#039; =&gt; &#039;EN&#039;,
	&#039;category_id&#039; =&gt; (int) 16,
	&#039;tag_keyword&#039; =&gt; &#039;&#039;,
	&#039;seo_url&#039; =&gt; &#039;why-the-fuss-about-fiscal-deficit-aarati-krishnan-4683910&#039;,
	&#039;meta_title&#039; =&gt; null,
	&#039;meta_keywords&#039; =&gt; null,
	&#039;meta_description&#039; =&gt; null,
	&#039;noindex&#039; =&gt; (int) 0,
	&#039;publish_date&#039; =&gt; object(Cake\I18n\FrozenDate) {},
	&#039;most_visit_section_id&#039; =&gt; null,
	&#039;article_big_img&#039; =&gt; null,
	&#039;liveid&#039; =&gt; (int) 4683910,
	&#039;created&#039; =&gt; object(Cake\I18n\FrozenTime) {},
	&#039;modified&#039; =&gt; object(Cake\I18n\FrozenTime) {},
	&#039;edate&#039; =&gt; &#039;&#039;,
	&#039;tags&#039; =&gt; [
		(int) 0 =&gt; object(Cake\ORM\Entity) {},
		(int) 1 =&gt; object(Cake\ORM\Entity) {}
	],
	&#039;category&#039; =&gt; object(App\Model\Entity\Category) {},
	&#039;[new]&#039; =&gt; false,
	&#039;[accessible]&#039; =&gt; [
		&#039;*&#039; =&gt; true,
		&#039;id&#039; =&gt; false
	],
	&#039;[dirty]&#039; =&gt; [],
	&#039;[original]&#039; =&gt; [],
	&#039;[virtual]&#039; =&gt; [],
	&#039;[hasErrors]&#039; =&gt; false,
	&#039;[errors]&#039; =&gt; [],
	&#039;[invalid]&#039; =&gt; [],
	&#039;[repository]&#039; =&gt; &#039;Articles&#039;

}
$articleid = (int) 35803
$metaTitle = &#039;LATEST NEWS UPDATES | Why the fuss about fiscal deficit? -Aarati Krishnan&#039;
$metaKeywords = &#039;Fiscal Contraction,fiscal deficit&#039;
$metaDesc = &#039;
-The Hindu

The answer lies in the fragile state of the Centre&amp;rsquo;s finances, and its control over interest, pension and subsidy expenses

To any layman watching India&amp;rsquo;s annual Budget jamboree, the entire exercise must seem very puzzling. After the Finance Minister has...&#039;
$disp = &#039;&lt;div align=&quot;justify&quot;&gt;-The Hindu&lt;br /&gt;&lt;br /&gt;&lt;em&gt;The answer lies in the fragile state of the Centre&amp;rsquo;s finances, and its control over interest, pension and subsidy expenses&lt;br /&gt;&lt;/em&gt;&lt;br /&gt;To any layman watching India&amp;rsquo;s annual Budget jamboree, the entire exercise must seem very puzzling. After the Finance Minister has read out a long list of giveaways to farmers, small businesses, low-income earners and senior citizens in his speech, none of the beneficiaries seems entirely happy with their gifts.&lt;br /&gt;&lt;br /&gt;Commentators, after cursory compliments, quickly turn their attention to the deficit numbers. It is also quite difficult to comprehend why all hell must break loose, if the fiscal deficit turns out to be 3.5% for the year, instead of 3.2%.&lt;br /&gt;&lt;br /&gt;All this fuss would be quite easily explained if only one were aware of the precarious state of government finances.&lt;br /&gt;&lt;br /&gt;Think of India&amp;rsquo;s central government as one sprawling household with the Ministries, State governments and citizens making up its family members. If you took stock of this family&amp;rsquo;s finances, you&amp;rsquo;d at once conclude that this is one profligate household.&lt;br /&gt;&lt;br /&gt;&lt;em&gt;Expenses overshoot&lt;br /&gt;&lt;/em&gt;&lt;br /&gt;In FY18, the Centre&amp;rsquo;s total income (as per the revised estimates) from taxes, non-tax revenues and capital items is estimated at ?16.23 lakh crore.&lt;br /&gt;&lt;br /&gt;But it expects to incur a total expenditure of ?22.17 lakh crore. Expenditure will thus overshoot income by about 36.5%, leaving a shortfall of ?5.94 lakh crore.&lt;br /&gt;&lt;br /&gt;This ?5.94 lakh crore shortfall is euphemistically termed as the fiscal deficit. When it is expressed as a percentage of India&amp;rsquo;s nominal GDP (?167 lakh crore as per latest CSO estimates), it appears modest at 3.5%. But this tells you why even a minor slippage in the fiscal deficit is so keenly watched. A 30-basis point overshoot in the deficit means a ?50,000 crore hole in the Budget.&lt;br /&gt;&lt;br /&gt;The fiscal deficit in fact paints a more complimentary picture of government finances than necessary, because it counts both one-off receipts (from asset sales, recovery of loans etc) and recurring items (taxes) as part of the government&amp;rsquo;s &amp;lsquo;income&amp;rsquo;.&lt;br /&gt;&lt;br /&gt;This mixing of capital and revenue items would be frowned upon in commercial accounting. Therefore, if one excludes capital items and takes stock of revenue items alone, the Centre is still spending more than it earns, with a revenue deficit of ?4.39 lakh crore in FY18 (revised estimates).&lt;br /&gt;&lt;br /&gt;But the fiscal or revenue deficits for FY18 are by no means standout numbers. India&amp;rsquo;s fiscal deficit in the past ten years (based on actuals) has hovered between 3.5% and 6.4% of nominal GDP.&lt;br /&gt;&lt;br /&gt;Please &lt;a href=&quot;http://www.thehindu.com/business/Economy/why-the-fuss-about-fiscal-deficit/article22723770.ece?homepage=true&quot; title=&quot;http://www.thehindu.com/business/Economy/why-the-fuss-about-fiscal-deficit/article22723770.ece?homepage=true&quot;&gt;click here&lt;/a&gt; to read more. &lt;br /&gt;&lt;br /&gt;&lt;/div&gt;&#039;
$lang = &#039;English&#039;
$SITE_URL = &#039;https://im4change.in/&#039;
$site_title = &#039;im4change&#039;
$adminprix = &#039;admin&#039;</pre><pre class="stack-trace">include - APP/Template/Layout/printlayout.ctp, line 8
Cake\View\View::_evaluate() - CORE/src/View/View.php, line 1413
Cake\View\View::_render() - CORE/src/View/View.php, line 1374
Cake\View\View::renderLayout() - CORE/src/View/View.php, line 927
Cake\View\View::render() - CORE/src/View/View.php, line 885
Cake\Controller\Controller::render() - CORE/src/Controller/Controller.php, line 791
Cake\Http\ActionDispatcher::_invoke() - CORE/src/Http/ActionDispatcher.php, line 126
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 88
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</pre></div></pre>latest-news-updates/why-the-fuss-about-fiscal-deficit-aarati-krishnan-4683910.html"/>
    <meta http-equiv="Content-Type" content="text/html; charset=utf-8"/>
    <link href="https://im4change.in/css/control.css" rel="stylesheet" type="text/css"
          media="all"/>
    <title>LATEST NEWS UPDATES | Why the fuss about fiscal deficit? -Aarati Krishnan | Im4change.org</title>
    <meta name="description" content="
-The Hindu

The answer lies in the fragile state of the Centre&rsquo;s finances, and its control over interest, pension and subsidy expenses

To any layman watching India&rsquo;s annual Budget jamboree, the entire exercise must seem very puzzling. After the Finance Minister has..."/>
    <script src="https://im4change.in/js/jquery-1.10.2.js"></script>
    <script type="text/javascript" src="https://im4change.in/js/jquery-migrate.min.js"></script>
    <script language="javascript" type="text/javascript">

        $(document).ready(function () {
            var img = $("img")[0]; // Get my img elem
            var pic_real_width, pic_real_height;
            $("<img/>") // Make in memory copy of image to avoid css issues
                .attr("src", $(img).attr("src"))
                .load(function () {
                    pic_real_width = this.width;   // Note: $(this).width() will not
                    pic_real_height = this.height; // work for in memory images.
                });
        });
    </script>
    <style type="text/css">
        @media screen {
            div.divFooter {
                display: block;
            }
        }

        @media print {
            .printbutton {
                display: none !important;
            }
        }
    </style>
</head>
<body>
<table cellpadding="0" cellspacing="0" border="0" width="98%" align="center">
    <tr>
        <td class="top_bg">
            <div class="divFooter">
                <img src="https://im4change.in/images/logo1.jpg" height="59" border="0"
                     alt="Resource centre on India's rural distress" style="padding-top:14px;"/>
            </div>

        </td>
    </tr>
    <tr>
        <td id="topspace">&nbsp;</td>
    </tr>

    <tr id="topspace">
        <td>&nbsp;</td>
    </tr>
    <tr>
        <td height="50" style="border-bottom:1px solid #000; padding-top:10px;" class="printbutton">
            <form><input type="button" value=" Print this page "
                         onclick="window.print();return false;"/></form>
        </td>
    </tr>

    <tr>
        <td width="100%">
            <h1 class="news_headlines" style="font-style:normal">
                <strong>Why the fuss about fiscal deficit? -Aarati Krishnan</strong></h1>
        </td>
    </tr>
    <tr>
        <td width="100%" style="font-family:Arial, 'Segoe Script', 'Segoe UI', sans-serif, serif"><font size="3">
                <div align="justify">-The Hindu<br /><br /><em>The answer lies in the fragile state of the Centre&rsquo;s finances, and its control over interest, pension and subsidy expenses<br /></em><br />To any layman watching India&rsquo;s annual Budget jamboree, the entire exercise must seem very puzzling. After the Finance Minister has read out a long list of giveaways to farmers, small businesses, low-income earners and senior citizens in his speech, none of the beneficiaries seems entirely happy with their gifts.<br /><br />Commentators, after cursory compliments, quickly turn their attention to the deficit numbers. It is also quite difficult to comprehend why all hell must break loose, if the fiscal deficit turns out to be 3.5% for the year, instead of 3.2%.<br /><br />All this fuss would be quite easily explained if only one were aware of the precarious state of government finances.<br /><br />Think of India&rsquo;s central government as one sprawling household with the Ministries, State governments and citizens making up its family members. If you took stock of this family&rsquo;s finances, you&rsquo;d at once conclude that this is one profligate household.<br /><br /><em>Expenses overshoot<br /></em><br />In FY18, the Centre&rsquo;s total income (as per the revised estimates) from taxes, non-tax revenues and capital items is estimated at ?16.23 lakh crore.<br /><br />But it expects to incur a total expenditure of ?22.17 lakh crore. Expenditure will thus overshoot income by about 36.5%, leaving a shortfall of ?5.94 lakh crore.<br /><br />This ?5.94 lakh crore shortfall is euphemistically termed as the fiscal deficit. When it is expressed as a percentage of India&rsquo;s nominal GDP (?167 lakh crore as per latest CSO estimates), it appears modest at 3.5%. But this tells you why even a minor slippage in the fiscal deficit is so keenly watched. A 30-basis point overshoot in the deficit means a ?50,000 crore hole in the Budget.<br /><br />The fiscal deficit in fact paints a more complimentary picture of government finances than necessary, because it counts both one-off receipts (from asset sales, recovery of loans etc) and recurring items (taxes) as part of the government&rsquo;s &lsquo;income&rsquo;.<br /><br />This mixing of capital and revenue items would be frowned upon in commercial accounting. Therefore, if one excludes capital items and takes stock of revenue items alone, the Centre is still spending more than it earns, with a revenue deficit of ?4.39 lakh crore in FY18 (revised estimates).<br /><br />But the fiscal or revenue deficits for FY18 are by no means standout numbers. India&rsquo;s fiscal deficit in the past ten years (based on actuals) has hovered between 3.5% and 6.4% of nominal GDP.<br /><br />Please <a href="http://www.thehindu.com/business/Economy/why-the-fuss-about-fiscal-deficit/article22723770.ece?homepage=true" title="http://www.thehindu.com/business/Economy/why-the-fuss-about-fiscal-deficit/article22723770.ece?homepage=true">click here</a> to read more. <br /><br /></div>               </font>
        </td>
    </tr>
    <tr>
        <td>&nbsp;</td>
    </tr>

    <tr>
        <td height="50" style="border-top:1px solid #000; border-bottom:1px solid #000;padding-top:10px;">
            <form><input type="button" value=" Print this page "
                         onclick="window.print();return false;"/></form>
        </td>
    </tr>
</table></body>
</html>'

}
$cookies = []
$values = [
	(int) 0 => 'text/html; charset=UTF-8'
]
$name = 'Content-Type'
$first = true
$value = 'text/html; charset=UTF-8'
header - [internal], line ??
Cake\Http\ResponseEmitter::emitHeaders() - CORE/src/Http/ResponseEmitter.php, line 181
Cake\Http\ResponseEmitter::emit() - CORE/src/Http/ResponseEmitter.php, line 55
Cake\Http\Server::emit() - CORE/src/Http/Server.php, line 141
[main] - ROOT/webroot/index.php, line 39

<head>

    <link rel="canonical" href="<?php echo Configure::read('SITE_URL'); ?><?php echo $urlPrefix;?><?php echo $article_current->category->slug; ?>/<?php echo $article_current->seo_url; ?>.html"/>

    <meta http-equiv="Content-Type" content="text/html; charset=utf-8"/>

$viewFile = '/home/brlfuser/public_html/src/Template/Layout/printlayout.ctp'
$dataForView = [
	'article_current' => object(App\Model\Entity\Article) {

		'id' => (int) 35803,
		'title' => 'Why the fuss about fiscal deficit? -Aarati Krishnan',
		'subheading' => '',
		'description' => '<div align="justify">
-The Hindu<br />
<br />
<em>The answer lies in the fragile state of the Centre&rsquo;s finances, and its control over interest, pension and subsidy expenses<br />
</em><br />
To any layman watching India&rsquo;s annual Budget jamboree, the entire exercise must seem very puzzling. After the Finance Minister has read out a long list of giveaways to farmers, small businesses, low-income earners and senior citizens in his speech, none of the beneficiaries seems entirely happy with their gifts.<br />
<br />
Commentators, after cursory compliments, quickly turn their attention to the deficit numbers. It is also quite difficult to comprehend why all hell must break loose, if the fiscal deficit turns out to be 3.5% for the year, instead of 3.2%.<br />
<br />
All this fuss would be quite easily explained if only one were aware of the precarious state of government finances.<br />
<br />
Think of India&rsquo;s central government as one sprawling household with the Ministries, State governments and citizens making up its family members. If you took stock of this family&rsquo;s finances, you&rsquo;d at once conclude that this is one profligate household.<br />
<br />
<em>Expenses overshoot<br />
</em><br />
In FY18, the Centre&rsquo;s total income (as per the revised estimates) from taxes, non-tax revenues and capital items is estimated at ?16.23 lakh crore.<br />
<br />
But it expects to incur a total expenditure of ?22.17 lakh crore. Expenditure will thus overshoot income by about 36.5%, leaving a shortfall of ?5.94 lakh crore.<br />
<br />
This ?5.94 lakh crore shortfall is euphemistically termed as the fiscal deficit. When it is expressed as a percentage of India&rsquo;s nominal GDP (?167 lakh crore as per latest CSO estimates), it appears modest at 3.5%. But this tells you why even a minor slippage in the fiscal deficit is so keenly watched. A 30-basis point overshoot in the deficit means a ?50,000 crore hole in the Budget.<br />
<br />
The fiscal deficit in fact paints a more complimentary picture of government finances than necessary, because it counts both one-off receipts (from asset sales, recovery of loans etc) and recurring items (taxes) as part of the government&rsquo;s &lsquo;income&rsquo;.<br />
<br />
This mixing of capital and revenue items would be frowned upon in commercial accounting. Therefore, if one excludes capital items and takes stock of revenue items alone, the Centre is still spending more than it earns, with a revenue deficit of ?4.39 lakh crore in FY18 (revised estimates).<br />
<br />
But the fiscal or revenue deficits for FY18 are by no means standout numbers. India&rsquo;s fiscal deficit in the past ten years (based on actuals) has hovered between 3.5% and 6.4% of nominal GDP.<br />
<br />
Please <a href="http://www.thehindu.com/business/Economy/why-the-fuss-about-fiscal-deficit/article22723770.ece?homepage=true">click here</a> to read more. <br />
<br />
</div>',
		'credit_writer' => 'The Hindu, 11 February, http://www.thehindu.com/business/Economy/why-the-fuss-about-fiscal-deficit/article22723770.ece?homepage=true',
		'article_img' => '',
		'article_img_thumb' => '',
		'status' => (int) 1,
		'show_on_home' => (int) 1,
		'lang' => 'EN',
		'category_id' => (int) 16,
		'tag_keyword' => '',
		'seo_url' => 'why-the-fuss-about-fiscal-deficit-aarati-krishnan-4683910',
		'meta_title' => null,
		'meta_keywords' => null,
		'meta_description' => null,
		'noindex' => (int) 0,
		'publish_date' => object(Cake\I18n\FrozenDate) {},
		'most_visit_section_id' => null,
		'article_big_img' => null,
		'liveid' => (int) 4683910,
		'created' => object(Cake\I18n\FrozenTime) {},
		'modified' => object(Cake\I18n\FrozenTime) {},
		'edate' => '',
		'tags' => [
			[maximum depth reached]
		],
		'category' => object(App\Model\Entity\Category) {},
		'[new]' => false,
		'[accessible]' => [
			[maximum depth reached]
		],
		'[dirty]' => [[maximum depth reached]],
		'[original]' => [[maximum depth reached]],
		'[virtual]' => [[maximum depth reached]],
		'[hasErrors]' => false,
		'[errors]' => [[maximum depth reached]],
		'[invalid]' => [[maximum depth reached]],
		'[repository]' => 'Articles'
	
	},
	'articleid' => (int) 35803,
	'metaTitle' => 'LATEST NEWS UPDATES | Why the fuss about fiscal deficit? -Aarati Krishnan',
	'metaKeywords' => 'Fiscal Contraction,fiscal deficit',
	'metaDesc' => '
-The Hindu

The answer lies in the fragile state of the Centre&rsquo;s finances, and its control over interest, pension and subsidy expenses

To any layman watching India&rsquo;s annual Budget jamboree, the entire exercise must seem very puzzling. After the Finance Minister has...',
	'disp' => '<div align="justify">-The Hindu<br /><br /><em>The answer lies in the fragile state of the Centre&rsquo;s finances, and its control over interest, pension and subsidy expenses<br /></em><br />To any layman watching India&rsquo;s annual Budget jamboree, the entire exercise must seem very puzzling. After the Finance Minister has read out a long list of giveaways to farmers, small businesses, low-income earners and senior citizens in his speech, none of the beneficiaries seems entirely happy with their gifts.<br /><br />Commentators, after cursory compliments, quickly turn their attention to the deficit numbers. It is also quite difficult to comprehend why all hell must break loose, if the fiscal deficit turns out to be 3.5% for the year, instead of 3.2%.<br /><br />All this fuss would be quite easily explained if only one were aware of the precarious state of government finances.<br /><br />Think of India&rsquo;s central government as one sprawling household with the Ministries, State governments and citizens making up its family members. If you took stock of this family&rsquo;s finances, you&rsquo;d at once conclude that this is one profligate household.<br /><br /><em>Expenses overshoot<br /></em><br />In FY18, the Centre&rsquo;s total income (as per the revised estimates) from taxes, non-tax revenues and capital items is estimated at ?16.23 lakh crore.<br /><br />But it expects to incur a total expenditure of ?22.17 lakh crore. Expenditure will thus overshoot income by about 36.5%, leaving a shortfall of ?5.94 lakh crore.<br /><br />This ?5.94 lakh crore shortfall is euphemistically termed as the fiscal deficit. When it is expressed as a percentage of India&rsquo;s nominal GDP (?167 lakh crore as per latest CSO estimates), it appears modest at 3.5%. But this tells you why even a minor slippage in the fiscal deficit is so keenly watched. A 30-basis point overshoot in the deficit means a ?50,000 crore hole in the Budget.<br /><br />The fiscal deficit in fact paints a more complimentary picture of government finances than necessary, because it counts both one-off receipts (from asset sales, recovery of loans etc) and recurring items (taxes) as part of the government&rsquo;s &lsquo;income&rsquo;.<br /><br />This mixing of capital and revenue items would be frowned upon in commercial accounting. Therefore, if one excludes capital items and takes stock of revenue items alone, the Centre is still spending more than it earns, with a revenue deficit of ?4.39 lakh crore in FY18 (revised estimates).<br /><br />But the fiscal or revenue deficits for FY18 are by no means standout numbers. India&rsquo;s fiscal deficit in the past ten years (based on actuals) has hovered between 3.5% and 6.4% of nominal GDP.<br /><br />Please <a href="http://www.thehindu.com/business/Economy/why-the-fuss-about-fiscal-deficit/article22723770.ece?homepage=true" title="http://www.thehindu.com/business/Economy/why-the-fuss-about-fiscal-deficit/article22723770.ece?homepage=true">click here</a> to read more. <br /><br /></div>',
	'lang' => 'English',
	'SITE_URL' => 'https://im4change.in/',
	'site_title' => 'im4change',
	'adminprix' => 'admin'
]
$article_current = object(App\Model\Entity\Article) {

	'id' => (int) 35803,
	'title' => 'Why the fuss about fiscal deficit? -Aarati Krishnan',
	'subheading' => '',
	'description' => '<div align="justify">
-The Hindu<br />
<br />
<em>The answer lies in the fragile state of the Centre&rsquo;s finances, and its control over interest, pension and subsidy expenses<br />
</em><br />
To any layman watching India&rsquo;s annual Budget jamboree, the entire exercise must seem very puzzling. After the Finance Minister has read out a long list of giveaways to farmers, small businesses, low-income earners and senior citizens in his speech, none of the beneficiaries seems entirely happy with their gifts.<br />
<br />
Commentators, after cursory compliments, quickly turn their attention to the deficit numbers. It is also quite difficult to comprehend why all hell must break loose, if the fiscal deficit turns out to be 3.5% for the year, instead of 3.2%.<br />
<br />
All this fuss would be quite easily explained if only one were aware of the precarious state of government finances.<br />
<br />
Think of India&rsquo;s central government as one sprawling household with the Ministries, State governments and citizens making up its family members. If you took stock of this family&rsquo;s finances, you&rsquo;d at once conclude that this is one profligate household.<br />
<br />
<em>Expenses overshoot<br />
</em><br />
In FY18, the Centre&rsquo;s total income (as per the revised estimates) from taxes, non-tax revenues and capital items is estimated at ?16.23 lakh crore.<br />
<br />
But it expects to incur a total expenditure of ?22.17 lakh crore. Expenditure will thus overshoot income by about 36.5%, leaving a shortfall of ?5.94 lakh crore.<br />
<br />
This ?5.94 lakh crore shortfall is euphemistically termed as the fiscal deficit. When it is expressed as a percentage of India&rsquo;s nominal GDP (?167 lakh crore as per latest CSO estimates), it appears modest at 3.5%. But this tells you why even a minor slippage in the fiscal deficit is so keenly watched. A 30-basis point overshoot in the deficit means a ?50,000 crore hole in the Budget.<br />
<br />
The fiscal deficit in fact paints a more complimentary picture of government finances than necessary, because it counts both one-off receipts (from asset sales, recovery of loans etc) and recurring items (taxes) as part of the government&rsquo;s &lsquo;income&rsquo;.<br />
<br />
This mixing of capital and revenue items would be frowned upon in commercial accounting. Therefore, if one excludes capital items and takes stock of revenue items alone, the Centre is still spending more than it earns, with a revenue deficit of ?4.39 lakh crore in FY18 (revised estimates).<br />
<br />
But the fiscal or revenue deficits for FY18 are by no means standout numbers. India&rsquo;s fiscal deficit in the past ten years (based on actuals) has hovered between 3.5% and 6.4% of nominal GDP.<br />
<br />
Please <a href="http://www.thehindu.com/business/Economy/why-the-fuss-about-fiscal-deficit/article22723770.ece?homepage=true">click here</a> to read more. <br />
<br />
</div>',
	'credit_writer' => 'The Hindu, 11 February, http://www.thehindu.com/business/Economy/why-the-fuss-about-fiscal-deficit/article22723770.ece?homepage=true',
	'article_img' => '',
	'article_img_thumb' => '',
	'status' => (int) 1,
	'show_on_home' => (int) 1,
	'lang' => 'EN',
	'category_id' => (int) 16,
	'tag_keyword' => '',
	'seo_url' => 'why-the-fuss-about-fiscal-deficit-aarati-krishnan-4683910',
	'meta_title' => null,
	'meta_keywords' => null,
	'meta_description' => null,
	'noindex' => (int) 0,
	'publish_date' => object(Cake\I18n\FrozenDate) {},
	'most_visit_section_id' => null,
	'article_big_img' => null,
	'liveid' => (int) 4683910,
	'created' => object(Cake\I18n\FrozenTime) {},
	'modified' => object(Cake\I18n\FrozenTime) {},
	'edate' => '',
	'tags' => [
		(int) 0 => object(Cake\ORM\Entity) {},
		(int) 1 => object(Cake\ORM\Entity) {}
	],
	'category' => object(App\Model\Entity\Category) {},
	'[new]' => false,
	'[accessible]' => [
		'*' => true,
		'id' => false
	],
	'[dirty]' => [],
	'[original]' => [],
	'[virtual]' => [],
	'[hasErrors]' => false,
	'[errors]' => [],
	'[invalid]' => [],
	'[repository]' => 'Articles'

}
$articleid = (int) 35803
$metaTitle = 'LATEST NEWS UPDATES | Why the fuss about fiscal deficit? -Aarati Krishnan'
$metaKeywords = 'Fiscal Contraction,fiscal deficit'
$metaDesc = '
-The Hindu

The answer lies in the fragile state of the Centre&rsquo;s finances, and its control over interest, pension and subsidy expenses

To any layman watching India&rsquo;s annual Budget jamboree, the entire exercise must seem very puzzling. After the Finance Minister has...'
$disp = '<div align="justify">-The Hindu<br /><br /><em>The answer lies in the fragile state of the Centre&rsquo;s finances, and its control over interest, pension and subsidy expenses<br /></em><br />To any layman watching India&rsquo;s annual Budget jamboree, the entire exercise must seem very puzzling. After the Finance Minister has read out a long list of giveaways to farmers, small businesses, low-income earners and senior citizens in his speech, none of the beneficiaries seems entirely happy with their gifts.<br /><br />Commentators, after cursory compliments, quickly turn their attention to the deficit numbers. It is also quite difficult to comprehend why all hell must break loose, if the fiscal deficit turns out to be 3.5% for the year, instead of 3.2%.<br /><br />All this fuss would be quite easily explained if only one were aware of the precarious state of government finances.<br /><br />Think of India&rsquo;s central government as one sprawling household with the Ministries, State governments and citizens making up its family members. If you took stock of this family&rsquo;s finances, you&rsquo;d at once conclude that this is one profligate household.<br /><br /><em>Expenses overshoot<br /></em><br />In FY18, the Centre&rsquo;s total income (as per the revised estimates) from taxes, non-tax revenues and capital items is estimated at ?16.23 lakh crore.<br /><br />But it expects to incur a total expenditure of ?22.17 lakh crore. Expenditure will thus overshoot income by about 36.5%, leaving a shortfall of ?5.94 lakh crore.<br /><br />This ?5.94 lakh crore shortfall is euphemistically termed as the fiscal deficit. When it is expressed as a percentage of India&rsquo;s nominal GDP (?167 lakh crore as per latest CSO estimates), it appears modest at 3.5%. But this tells you why even a minor slippage in the fiscal deficit is so keenly watched. A 30-basis point overshoot in the deficit means a ?50,000 crore hole in the Budget.<br /><br />The fiscal deficit in fact paints a more complimentary picture of government finances than necessary, because it counts both one-off receipts (from asset sales, recovery of loans etc) and recurring items (taxes) as part of the government&rsquo;s &lsquo;income&rsquo;.<br /><br />This mixing of capital and revenue items would be frowned upon in commercial accounting. Therefore, if one excludes capital items and takes stock of revenue items alone, the Centre is still spending more than it earns, with a revenue deficit of ?4.39 lakh crore in FY18 (revised estimates).<br /><br />But the fiscal or revenue deficits for FY18 are by no means standout numbers. India&rsquo;s fiscal deficit in the past ten years (based on actuals) has hovered between 3.5% and 6.4% of nominal GDP.<br /><br />Please <a href="http://www.thehindu.com/business/Economy/why-the-fuss-about-fiscal-deficit/article22723770.ece?homepage=true" title="http://www.thehindu.com/business/Economy/why-the-fuss-about-fiscal-deficit/article22723770.ece?homepage=true">click here</a> to read more. <br /><br /></div>'
$lang = 'English'
$SITE_URL = 'https://im4change.in/'
$site_title = 'im4change'
$adminprix = 'admin'

include - APP/Template/Layout/printlayout.ctp, line 8
Cake\View\View::_evaluate() - CORE/src/View/View.php, line 1413
Cake\View\View::_render() - CORE/src/View/View.php, line 1374
Cake\View\View::renderLayout() - CORE/src/View/View.php, line 927
Cake\View\View::render() - CORE/src/View/View.php, line 885
Cake\Controller\Controller::render() - CORE/src/Controller/Controller.php, line 791
Cake\Http\ActionDispatcher::_invoke() - CORE/src/Http/ActionDispatcher.php, line 126
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 88
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

Why the fuss about fiscal deficit? -Aarati Krishnan

-The Hindu The answer lies in the fragile state of the Centre’s finances, and its control over interest, pension and subsidy expenses To any layman watching India’s annual Budget jamboree, the entire exercise must seem very puzzling. After the Finance Minister has read out a long list of giveaways to farmers, small businesses, low-income earners and senior citizens in his speech, none of the beneficiaries seems entirely happy with their gifts. Commentators, after cursory compliments, quickly turn their attention to the deficit numbers. It is also quite difficult to comprehend why all hell must break loose, if the fiscal deficit turns out to be 3.5% for the year, instead of 3.2%. All this fuss would be quite easily explained if only one were aware of the precarious state of government finances. Think of India’s central government as one sprawling household with the Ministries, State governments and citizens making up its family members. If you took stock of this family’s finances, you’d at once conclude that this is one profligate household. Expenses overshoot In FY18, the Centre’s total income (as per the revised estimates) from taxes, non-tax revenues and capital items is estimated at ?16.23 lakh crore. But it expects to incur a total expenditure of ?22.17 lakh crore. Expenditure will thus overshoot income by about 36.5%, leaving a shortfall of ?5.94 lakh crore. This ?5.94 lakh crore shortfall is euphemistically termed as the fiscal deficit. When it is expressed as a percentage of India’s nominal GDP (?167 lakh crore as per latest CSO estimates), it appears modest at 3.5%. But this tells you why even a minor slippage in the fiscal deficit is so keenly watched. A 30-basis point overshoot in the deficit means a ?50,000 crore hole in the Budget. The fiscal deficit in fact paints a more complimentary picture of government finances than necessary, because it counts both one-off receipts (from asset sales, recovery of loans etc) and recurring items (taxes) as part of the government’s ‘income’. This mixing of capital and revenue items would be frowned upon in commercial accounting. Therefore, if one excludes capital items and takes stock of revenue items alone, the Centre is still spending more than it earns, with a revenue deficit of ?4.39 lakh crore in FY18 (revised estimates). But the fiscal or revenue deficits for FY18 are by no means standout numbers. India’s fiscal deficit in the past ten years (based on actuals) has hovered between 3.5% and 6.4% of nominal GDP. Please click here to read more.