-PTI Government finances have come under pressure due to moderation in revenue collection and a slew of measures taken to lift growth from a six-year low of 5 per cent in the first quarter of the current fiscal. The government may seek an interim dividend of about Rs 30,000 crore from the RBI towards the end of the financial year to meet its fiscal deficit target of 3.3 per cent of...
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Slowdown: Direct tax collections now a crawl, shrink Govt's space to cut GST -Aanchal Magazine
-The Indian Express Net direct tax collections during April 1-September 15 grew just 5% to Rs 4.4 lakh crore — against year’s target 17.3%. This below-than-expected growth in direct tax collections will muddy the government’s fiscal math The impact of a slowing economy is showing up in government revenues with net direct tax collections in the first five-and-a-half months of 2019-20 making up just a third of the full-year target. Net direct...
More »Prabhat Patnaik, an economist and former economics professor at the Jawaharlal Nehru University, interviewed by Kaushal Shroff (The Caravan)
-CaravanMagazine.in In the budget unveiled in July, the finance minister Nirmala Sitharaman ambitiously claimed that India’s economy would hit $5 trillion by 2025. In the weeks that followed, the Central Statistics Office revealed that the gross domestic product growth rate for the April–June quarter fell to a six-year low of five percent; the Reserve Bank of India cleared a surplus transfer of Rs 1.76 lakh crore to the union government; and...
More »RBI's bonanza: Fiscal deficit by another name -Aunindyo Chakravarty
-Newsclick.in It’s just a parlour trick to disguise financing of government spending that does not appear in the formal Budget. We all know by now, that economic activity in this country has come to a grinding halt. That’s not just bad for our earnings, but also for the Government of India (GoI). Because, when people don’t buy or sell things, or even produce them, the government doesn’t get enough taxes. So, economists...
More »Explaining the Rise in Revenue Deficit Between Modi Govt's Interim and Full Budgets -Aneesha Chitgupi
-TheWire.in While the Revenue Deficit is estimated to increase in the Union Budget in comparison to the interim one, the fiscal deficit shows a decline thanks to the increase in capital receipts especially through disinvestment. A comparison between the Interim Budget (IB) presented on February 1, 2019, and the full Union Budget (FB) presented before parliament on July for the current fiscal year (2019-20) throws up some intriguing questions. While most commentators have...
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