Skip to content
Hindi News, हिंदी समाचार, Samachar, Breaking News, Latest Khabar – Pratirodh

Hindi News, हिंदी समाचार, Samachar, Breaking News, Latest Khabar – Pratirodh

Primary Menu Hindi News, हिंदी समाचार, Samachar, Breaking News, Latest Khabar – Pratirodh

Hindi News, हिंदी समाचार, Samachar, Breaking News, Latest Khabar – Pratirodh

  • Home
  • Newswires
  • Politics & Society
  • The New Feudals
  • World View
  • Arts And Aesthetics
  • For The Record
  • About Us
  • Featured

Govt. Forecasts Faster Economic Growth, Fiscal Challenge

Jan 31, 2020 | Pratirodh Bureau

FILE PHOTO: A man reads a newspaper as he waits for public transport at a bus stop in Mumbai

India’s government forecasts economic growth will pick up from 6.0% to 6.5% in the fiscal year beginning April 1, but warned it may have to miss its deficit target to revive growth.

India is facing its worst economic slowdown in a decade. Growth fell to 4.5% in the July-September quarter. Consequently, the budget deficit may need to exceed this year’s target, 3.3% of gross domestic product, the government said in an economic survey released on Friday.

Finance Minister Nirmala Sitharaman will present the budget for the coming fiscal year on Saturday.

“Going forward, considering the urgent priority of the government to revive growth in the economy, the fiscal deficit target may have to be relaxed for the current year,” Krishnamurthy Subramanian, chief economic adviser to the finance ministry, said in the report.

The government estimates GDP will grow 5% this fiscal year, which ends on March 31. That would be the slowest growth since the global financial crisis of 2008-09.

Some economists believe the survey’s growth forecast is too optimistic. They point out economic recovery remains fragile; inflation is accelerating and consumer demand and investments are likely to decline, even though the central bank cut interest rates by 135 basis points in 2019.

In the coming budget, Sitharaman is expected to announce a host of economy-reviving measures. Income tax cuts, higher spending on infrastructure and incentives for real estate are likely. So is a plan to revive stressed shadow banks.

However, the slowdown in growth has reduced tax revenues. The government may be forced to channel its increased spending through quasi-sovereign bodies, which would not be included in its deficit calculations.

Friday’s report said India would need to spend about $1.4 trillion in the next five years to expand the economy to $5 trillion from the current $2.8 trillion. It gave no projection for the deficit. Economists believe that is around 3.8%.

To accommodate higher spending, the deficit might be allowed to grow to at least 3.5%, missing the 3% target for next year, sources and economists have told Reuters.

Tags: budget deficit, economic slowdown, Finance Minister Nirmala Sitharaman, gdp, gross domestic product, Pratirodh, quasi-sovereign bodies, tax revenues

Continue Reading

Previous Coronavirus: WHO Declares Global Health Emergency, Toll At 213
Next Coronavirus: Rapid Spread Fuels Global Alarm

More Stories

  • Featured

“Father’s Death Biggest Learning Experience”

11 hours ago Pratirodh Bureau
  • Featured

No Greater Feminist Than Draupadi And Sita: JNU VC

12 hours ago Pratirodh Bureau
  • Featured

Texas Shooting: Biden Says “We Have To Act”

18 hours ago Pratirodh Bureau

Recent Posts

  • “Father’s Death Biggest Learning Experience”
  • No Greater Feminist Than Draupadi And Sita: JNU VC
  • Texas Shooting: Biden Says “We Have To Act”
  • Twin Crises Of Heat & Floods Expose Neglect
  • Polarisation Affecting India’s Growth: Basu
  • Monkeypox: What Is It & How Can We Prevent Its Spread?
  • Af Women TV Presenters Vow To Fight Order To Cover Faces
  • CAA Protests Against Unjust Law, Not Against Sovereign: Umar Khalid
  • Assam: Opposition Decries Bulldozer ‘Revenge’
  • Ukraine: Russian Soldier Jailed For Life In First War Crimes Trial
  • Time To Tax The Rich: Oxfam At Davos
  • ‘Farmers Can Change Govt, If They Want’
  • War Through The Eyes Of Ukrainian Kids
  • ‘Ample Suspicion’ Yet Court Acquits Two Cops Of Tribal Girl’s Rape, Murder
  • Hindu College Prof Held For Post On ‘Shivling’ At Gyanvapi Mosque
  • North India Caught In Vicious Cycle Of Forest Fires, Heatwaves
  • ‘Pavlovian Response’: India Rejects Remarks By Bilawal Zardari At UN
  • Pegasus Row: SC Grants More Time To Panel To Submit Report
  • Climate Change: Extreme Heat Waves In India 100 Times More Likely
  • The Dark Side Of Social Media Influencing

Search

Main Links

  • Home
  • Newswires
  • Politics & Society
  • The New Feudals
  • World View
  • Arts And Aesthetics
  • For The Record
  • About Us

Related Stroy

  • Featured

“Father’s Death Biggest Learning Experience”

11 hours ago Pratirodh Bureau
  • Featured

No Greater Feminist Than Draupadi And Sita: JNU VC

12 hours ago Pratirodh Bureau
  • Featured

Texas Shooting: Biden Says “We Have To Act”

18 hours ago Pratirodh Bureau
  • Featured

Twin Crises Of Heat & Floods Expose Neglect

19 hours ago Pratirodh Bureau
  • Featured

Polarisation Affecting India’s Growth: Basu

1 day ago Pratirodh Bureau

Recent Posts

  • “Father’s Death Biggest Learning Experience”
  • No Greater Feminist Than Draupadi And Sita: JNU VC
  • Texas Shooting: Biden Says “We Have To Act”
  • Twin Crises Of Heat & Floods Expose Neglect
  • Polarisation Affecting India’s Growth: Basu
Copyright © All rights reserved. | CoverNews by AF themes.