The increase in annual borrowings to Rs 12 lakh crore from Rs 7.8 lakh crore has been necessitated by steep fall in revenue collections & unscheduled spending.
At ThePrint's Off The Cuff, the economist said monetisation of deficit as a one-time measure can be considered given that inflationary pressures are low.
The FRBM Act of 2003 specifically barred the government from directly borrowing from RBI to monetise the deficit. But an escape clause will enable it to do so.
Speaking to ThePrint, Expenditure Secretary T.V. Somanathan says borrowings through extra-budgetary resources have increased but Modi govt has been transparent in disclosing it.
The fiscal deficit for 2019-20 and 2020-21 would have been higher at 4.6% and 4.4% respectively if the govt had not shifted its liabilities out of the budget.
Pakistan’s reported air strikes on Kabul last night, coinciding with Acting Afghan Foreign Minister Amir Khan Muttaqi’s visit to India, seem intended to send...
Recommendations appear in Niti Aayog’s Tax Policy Working Paper Series–II. It says there is a need to shift away from fear-based enforcement to trust-based governance.
In service with the British military since 2019, it is also known as the Martlet missile. Ukrainians have also deployed these missiles against Russian troops.
Education, reservations, govt jobs are meant to bring equality and dignity. That we are a long way from that is evident in the shoe thrown at the CJI and the suicide of Haryana IPS officer. The film Homebound has a lesson too.
The messaging could be better. Twenty trillion – I always convert these figures into $ billion, which are more comprehensible – created a buzz that lasted only for a few hours. Then the numbers were parsed. India’s stimulus package is worth $ 20 per capita. Neither the markets nor the poor are impressed. We are in a financial emergency, whose contours will be thrown into sharper relief after the pandemic subsides. Skating on thin ice with the rating agencies. With the fiscal deficit and growth being where they are likely to be, Sovereign bonds ka toh sawaal hi nahin uthta.
The messaging could be better. Twenty trillion – I always convert these figures into $ billion, which are more comprehensible – created a buzz that lasted only for a few hours. Then the numbers were parsed. India’s stimulus package is worth $ 20 per capita. Neither the markets nor the poor are impressed. We are in a financial emergency, whose contours will be thrown into sharper relief after the pandemic subsides. Skating on thin ice with the rating agencies. With the fiscal deficit and growth being where they are likely to be, Sovereign bonds ka toh sawaal hi nahin uthta.