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India’s combined federal and states’ budget gap in the current fiscal year will reach 12.7% on increased healthcare spending and a collapse in revenues amid the pandemic, according to an analysis by SBI. State Bank of India said in a report published Wednesday that there was a sharp increase in debt in the year to March 31 as states had to borrow more given their lack of resources, with the average fiscal deficit across 13 states reaching 4.5% of gross domestic product. “Indian states have been at the forefront in the fight against Covid-19, but the impact of a collapse in tax receip...

Centre, states need to step up fiscal support: RBI paper SECTIONS Share Synopsis Public investment in healthcare, social housing, education and environmental protection is the need of the hour to build a more resilient and inclusive economy, said the study. Agencies Financial accommodations availed by states under various facilities available with the central bank have risen significantly in the first half of FY21. MUMBAI: A Reserve Bank of India (RBI) research paper said that both the Centre and states need to give more fiscal support to revive the economy as tax revenues, which had plunged ...

Benefits by 40%. do you favor doing the same thing to social security in the united states? >> i think the solutions here might be different because problems are a little bit different. but the key in italy was on the same trajectory as greece heading off the fiscal cliff. and they had the courage to make some changes. they had a large fiscal gap. and now they've set themselves on the pathway to long-term prosperity. greece has not. in the longer one waits to correct that kind of situation the more draconian measures have to be. we also have an extremely large fiscal gap which is getting large...

Economy would affect medicare spending frankly at all. indeed, that's exactly what a congressional budget office technical paper found a couple weeks ago, that economic forces don't really affect medicare very much. there's a lot more structural changes happening in the health sector than i think the negotiators down in washington appreciate. most hospital executives are anticipating that the way that they're paid is rapidly moving away from fee for service towards a value-based payment system and frankly, that is the best thing for our long term fiscal future. i will give you one statistic. i...

Important driver of our long term fiscal gap, have slowed down dramatically the last 12 months and medicare, a little under 2.5% nominal growth which is unbelievably low. and so there's actually a lot of forward progress being made on our long term fiscal gap even without some grand bargain happening. and frankly, i don't think any of that improvement warrants the kind of uncertainty that we're seeing. there's a new report out from macro economic advisors today suggesting these recurring fiscal dramas have cut the number of jobs in the u.s. economy by 900,000 people. 900,000 americans, accordi...