The federal government's gross indebtedness has more than doubled in the past four years as Prime Minister Narendra Modi's government has spent heavily to cushion the economy from the effects of the COVID-19 pandemic and to provide relief to the poor.
Gross borrowing next fiscal year is expected to hit 16.0 trillion rupees, up from an estimated 14.2 trillion rupees in 2022/23, according to the median forecast of 43 economists. forecast the government would bring the budget deficit down to 6.0% of GDP in 2023/24, it will still be well above the average of 4% to 5% seen since the 1970s and far from the target of reaching 4.5% by 2025/26.
"With the fiscal deficit and public debt at historical highs, India has to delicately balance fiscal discipline vis-a-vis the need to support growth. The government has to do the heavy lifting on capex," said Sujit Kumar, economist at Union Bank of India. India needs plenty of government funding to overhaul infrastructure to fulfill its ambition of becoming an alternative to China as the world's factory.
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Bitcoin rises 2.3% to $23,199 By Reuters*BITCOIN REACHES HIGHEST SINCE AUGUST AMID SECOND WEEKEND SURGE OF 2023 - BTC BITCOIN Government buying loads of bitcoin to pay ransom to hackers who got into FAA software. Prove me wrong. This is nothing but an effective short squeeze. The price went up way too fast almost a straight line upwards to indicating this is most likely temporary until $24k level then will shoot down $btc $spx
Source: Investingcom - 🏆 450. / 53 Read more »
ECB set to raise rates by 50 bp in Feb and March, Knot says By Reuters*ECB MEMBER KNOT: EXPECT ECB TO RAISE INTEREST RATES BY 50BPS IN FEBRUARY AND MARCH - $EUR 🇪🇺🇪🇺 Source ? That's quite a significant ECB tightening. And who expects the Fed to be done in QT? The game is on. ❤️ Love
Source: Investingcom - 🏆 450. / 53 Read more »
Tech stock rebound faces doubters with earnings season ahead By Reuters*TECH STOCK RALLY FACES MAJOR HURDLE IN WEEK AHEAD AS MEGACAP EARNINGS SEASON STARTS - $DIA $SPY $QQQ $MSFT $TSLA 🇺🇸🇺🇸 👀 GAFA!GAFA! 135 September amazon calls , 200 meta calls and 110 alphabet 3/17 calls 🤷🏻♂️🤝🏻
Source: Investingcom - 🏆 450. / 53 Read more »
European Central Bank to raise deposit rate to 3.25% by mid-year - Reuters pollThe European Central Bank will be more aggressive than previously thought in its tightening campaign, adding another 50 basis points to its deposit rate on Feb. 2, as it continues its battle against rampant inflation, a Reuters poll found. What? My sources tell me 3.32%. Jeremy down the street may be lieing.
Source: Reuters - 🏆 2. / 97 Read more »
ECB deposit rate to reach 3.25% In Q2 – Reuters pollAccording to the latest Reuters poll of economists, the European Central Bank (ECB) is seen raising rates by another 50 basis points (bps) at its Febr
Source: FXStreetNews - 🏆 14. / 72 Read more »
New Delhi to tap brakes on capex growth, key subsidies - Reuters pollThe Indian government is set to tap the brakes on a torrid pace of capital investment growth in the coming fiscal year as a slowing economy limits spending power by weakening tax revenue, according to a Reuters poll of economists.
Source: Reuters - 🏆 2. / 97 Read more »