Read more about Higher deficit shouldn t put pressure on India s sovereign rating: DEA Secy on Business Standard. India s sovereign rating should not come under pressure due to surge in fiscal deficit which was mainly on account of higher expenditure to deal with the C-19 pandemic, said Economic Affairs Secretary
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Synopsis
India s finance minister, Nirmala Sitharaman, set a fiscal deficit target of 6.8% of GDP for the year ending March 2022, while for the current financial year it is estimated to jump to 9.5% - nearly thrice the government s target of 3.5% set before the pandemic struck.
Reuters
The government also said it aims to bring down the fiscal deficit to 4.5% of GDP by 2025/26.
MUMBAI: Moody s Investors Service, while silent on the sovereign rating on the higher-than-expected fiscal deficit numbers, expressed doubts over attaining the higher revenue targets and divestment realisation as assumed in the Budget.
The Union Budget 2021-22 has pegged a fiscal deficit of 9.5 per cent for the current financial year as against the consensus 7 per cent, and 6.8 per cent for 2021-22 with a market borrowing of around Rs 12 lakh crore. It also assumes Rs 1.75 lakh crore to be scooped up from divestment.
Coal India s dry fuel production is likely to snap a five-month growth streak to register a decline in January, owing to high pithead stock, sources said on Sunday. Coal production for the month is likely to be around 60.2 million tonnes compared with the corresponding period a year ago, when the output was at 63.11 million tonnes, they said. Till January 29, the output was 56.24 million tonnes, and aggregate production for the 11-month period of the current fiscal (AprilJanuary) will be about 454 million tonnes, the sources said.
Coal India is targeting an output of 630-640 million tonnes till March. The world s largest miner has been registering robust growth since August 2020, as the nationwide lockdown began to ease, when it recorded a 7.1 per cent on-year rise, followed by September (31 per cent rise), October (18 per cent) and November (3.4 per cent).
Billionaire Mukesh Ambani s Reliance Industries Ltd (RIL) has seen pre-tax profit recover to pre-pandemic levels on the back of continued growth in consumer businesses, Moody s Investors Service said on Monday.