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Finance minister seeks Parliament approval to spend Rs 1.87 lakh crore as gross additional expenditure


Finance minister Nirmala Sitharaman on Tuesday sought Parliament’s approval to spend Rs 1.87 lakh crore as gross additional expenditure. Of this, the actual cash outgo will only be Rs 23,675 crore, or 12.6 per cent, as the remaining Rs 1.64 lakh crore will be met through savings and higher receipts and recoveries.
A sum of Rs 17,000 crore has been earmarked for the health ministry in the current financial year, according to the first batch of supplementary demands for grants tabled in the Lok Sabha.
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A substantial chunk of the total gross spending is towards transfer to states for shortfall in GST compensation cess. An amount of Rs 1.59 lakh crore will be transferred to the states as back-to-back loans in lieu of the GST compensation shortfall. However, this will not involve any cash outgo. ....

Aditi Nayar , National Small Savings Fund , தேசிய சிறிய சேமிப்பு நிதி ,

Monetary policy must remain accommodative - The Hindu BusinessLine


Monetary policy must remain accommodative
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As the space for fiscal stimulus is limited, monetary policy needs to play a critical role until the growth outlook improves
With the Covid second wave refuelling uncertainty about the economic outlook, the Monetary Policy Committee (MPC) is expected to remain cautious, and extend the status quo on the key repo rate, as well as the accommodative stance in its second review for FY22. Also, it may modestly revise its CPI projections up, while cutting its growth forecast for FY22.
Since the last policy review, the CPI inflation has recorded a base-effect led dip to 4.3 per cent in April 2021. The GDP grew by a tepid 1.6 per cent in Q4 FY21, resulting in a full-year contraction of 7.3 per cent in FY21. ....

National Small Savings Fund , Food Corporation Of India , Monetary Policy Committee , Central Government , Revised Estimate , Food Corporation , Chief Economist , Monetary Policy , Fiscal Policy , Tax Revenue , Fiscal Deficit , தேசிய சிறிய சேமிப்பு நிதி , உணவு நிறுவனம் ஆஃப் இந்தியா , பண பாலிஸீ குழு , மைய அரசு , உணவு நிறுவனம் , தலைமை பொருளாதார நிபுணர் , பண பாலிஸீ , நிதி பாலிஸீ , வரி வருவாய் , நிதி பற்றாக்குறை ,

Fiscal Compression, Jeopardised Recovery, the Humanitarian Crisis and Reforms


This paper assesses the impact of the budget on the economic recovery, debt dynamics and fiscal–monetary policy interaction. It also looks at how the budget has addressed issues of lives and livelihoods. It concludes by noting that the fiscal stance of compression in the 2021–22 budget has jeopardised an already faltering economic recovery that is now jeopardised by the second wave of the pandemic.
 
Formulated against the backdrop of an unprecedented economic contraction and the continuing pandemic, now in its second wave, the fiscal stance of the 2021–22 budget is surprisingly contractionary and insensitive to the humanitarian crisis. But the menu of reforms it has announced, barring retrograde changes in tariffs, could have a strong positive impact on long-term growth if effectively implemented along with a fiscal stimulus. This paper discusses the short-term impact of the budget on stalling recovery along with related debt dynamics and monetary policy issues. Th ....

National Small Savings Fund , Food Corporation Of India , Food Corporation , தேசிய சிறிய சேமிப்பு நிதி , உணவு நிறுவனம் ஆஃப் இந்தியா , உணவு நிறுவனம் ,