-The Indian Express Advancing the Union Budget by a month has not helped fiscal marksmanship In the first part of this series on the Union Budget, we explained how the nominal Gross Domestic Product (which is the market value of all goods and services produced within the domestic boundaries of India) is the key number that determines the shape and form of the Union Budget. In short, the nominal GDP for the current...
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Will the Budget suspend the FRBM's fiscal deficit goals? -Ajit Ranade & NR Bhanumurthy
-The Hindu Any fiscal deficit needs to ideally redirect spending priorities to capital from consumption With revenue receipts lagging behind budget estimates and economic growth slowing sharply, there is a real risk of the Centre missing its fiscal deficit target this year. In a discussion moderated by Suresh Seshadri, N.R. Bhanumurthy and Ajit Ranade look at how the Union Budget may approach the fiscal balancing act in the face of a need...
More »Explained: A new controversy on India's fiscal deficit -Udit Misra
-The Indian Express In his blog, S C Garg, former Economic Affairs secretary, has claimed that the actual fiscal deficit for the last financial year and the current one is more than a full percentage point higher than the official data. On the face of it, India’s fiscal deficit, which essentially maps how much money the Indian government has to borrow to make up the gap between its expenditure and its revenues,...
More »Won't back fiscal tightening currently: Abhijit Banerjee -Ajeet Mahale
-The Hindu Nobel laureate Abhijit Banerjee says the deficit numbers are a bit imaginary, not a big deal if breached Mumbai: Nobel laureate Abhijit Banerjee has said that he would not back fiscal tightening in the current economic environment. Prof. Banerjee added that the real constraint to the state of education in the country in the current climate of economic slowdown was not lack of money, but the lack of attention paid to...
More »Govt set for 20% cut in wasteful expenses -Harikishan Sharma
-The Indian Express “All ministries have been directed to reduce wasteful expenditure on travel, food and conferences by 20 percent. The CCIG has asked the Department of Expenditure, Ministry of Finance, to take necessary action in this regard,” a source told The Sunday Express. In an austerity move, the Union government has decided to reduce wasteful expenditure on items such as travel and food by 20 percent, it is learnt. A decision of...
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