The Economic Survey 2022-23, released today, has flagged threats to the Indian economy, even as it forecasts a GDP growth rate of 6.5% for the next fiscal year. The survey has said that the challenge of the Indian rupee depreciating remains. "However, the challenge of the depreciating rupee, although better performing than most other currencies, persists with the likelihood of further increases in policy rates by the US Fed". What...
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Limited Room for Public Spending - Santosh Mehrotra
- Financial Express The Union Government will present its ninth and last full budget before national elections in early 2024. But none of the growth engines inspire optimism, Santosh Mehrotra writes in Financial Express. Nearly 60 percent of India's GDP is accounted for by private onsumption expenditure. However, since demonetisation consumer expenditure has been tepid as job growth fell sharply. Per capita consumption in 2022-23 is just above the level of 2019-20. Private...
More »Why India’s Balance of Payments is Headed for Hard Times -Prabhat Patnaik
-Newsclick.in The yawning merchandise trade deficit is occurring not because of any economic boom but in the midst of creeping industrial stagnation. India’s Current Account Deficit for the second quarter (July-September) of 2022-23 has reached a massive $36.4 billion, which is 4.4% of the gross domestic product, higher than at any time in the last nine years. It is only in October-December 2012 that the absolute level of the Current Account Deficit...
More »Govt eyes $17 billion cut in food, fertiliser subsidies in 2023/24
-Reuters/ Business Today The government aims to cut spending on food and fertiliser subsidies to Rs 3.7 lakh crore ($44.6 billion) in the fiscal year from April, down 26% from this year, two government officials said, to rein in a fiscal deficit that ballooned during the COVID-19 pandemic. Food and fertiliser subsidies alone account for about one-eighth of total budget spending of Rs 39.45 lakh crore this fiscal year, but reductions...
More »Centre's April-November fiscal deficit Rs 9.78 lakh crore, 58.9% of FY budget estimate
-Moneycontrol.com The Centre is targeting a fiscal deficit of Rs 16.61 lakh crore for the current financial year, or 6.4 percent of the GDP. In the April-November period of FY22, the fiscal deficit was 46.2 percent of the full year target. The central government's fiscal deficit widened to Rs 9.78 lakh crore in April-November period, accounting for 58.9 percent of the full-year target, data released on December 30 by the Controller General...
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