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India is set to miss budget deficit target for a second straight year by overestimating the income it expects to receive from taxes, asset sales and other sources.
Modi govt’s expansionary budget is bound to pose a challenge for RBI Governor Shaktikanta Das, who’s chairing his first Monetary Policy Committee meeting.
A fine print reading of 2019 budget shows off-budget borrowings are on the rise. ThePrint takes a look at what that means.
Taking to Twitter after Piyush Goyal presented the interim budget, senior Congress leader P Chidambaram said the NDA missed the fiscal deficit target.
With low indirect tax collections and failing disinvestment, sticking to fiscal deficit target of 3.3% will be tough for Piyush Goyal.
Prime Minister Narendra Modi has a reputation for fiscal prudence, so the expectation is that somehow or the other his finance ministry will get the numbers in line.
Issuance of recapitalisation bonds didn’t increase fiscal deficit, but led to a jump in government liabilities to Rs 77.98 lakh crore.
Economists predict fiscal deficit to touch 3.5% of GDP this year compared to the targeted 3.3%.
Finance minister also says extra funds accruing from the new capital framework of RBI can be used for poverty alleviation by future governments.
Subhash Chandra Garg also added the government will stick to the fiscal deficit target of 3.3 per cent for the current financial year.
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