Economy will grow over 6 percent this fiscal, says MukherjeeSeptember 23rd, 2009 KOLKATA - Finance Minister Pranab Mukherjee Wednesday said the country's economy would grow over 6 percent this fiscal and that the government planned to scale down fiscal deficit to 4 percent by 2012. "During the first quarter, the GDP (gross domestic product) grew by 6.1 percent and we expect it to grow a little better in the second quarter.
Government aiming to bring fiscal deficit down to 4 percentSeptember 23rd, 2009 KOLKATA - Finance Minister Pranab Mukherjee Wednesday said the government planned to scale down fiscal deficit to 4 percent by 2012. "We should try to bring down the fiscal deficit to 5 percent in 2011 and 4 percent by 2012," Mukherjee said in an address at the 155th annual general meeting of the Bengal Chamber of Commerce and Industry here.
Projections send budget into stratosphere, a stack of bills at a timeAugust 25th, 2009 Federal budget numbers now stratosphericWASHINGTON — It used to be the government's budget picture was measured in billions of dollars. No longer. Trillions, that's the yardstick of the 21st century.
White House, Congress both predict $1.6 trillion deficit, differ on longer-term shortfallAugust 25th, 2009 Congress projects smaller deficit than White HouseWASHINGTON — Congressional budget analysts project a cumulative $7 trillion deficit from 2010-2019, a figure roughly $2 trillion less than the one projected by the White House budget office. The nonpartisan Congressional Budget Office, in a report that came out on the same day as the White House midyear budget review, said the deficit this year will total $1.6 trillion and that putting the nation on a sustainable fiscal course will require a mix of lower spending and higher tax revenues than the amounts now projected.
IMF official says Romania in a 'severe recession', to be allowed larger budget deficitAugust 10th, 2009 IMF: Romania in 'severe recession'BUCHAREST, Romania —Romania is in a "severe recession", with the economy contracting twice as much as predicted earlier this year, an International Monetary Fund official said Monday. Jeffrey Franks, the IMF's chief of mission to Romania, said the country would be allowed a larger budget deficit — equal to 7.3 percent of gross domestic product — to cope with the deeper-than-expected downturn in the economy.
Putin: Russia to run deficit of 7.5 percent of GDP next year, says most country can affordJuly 30th, 2009 Russia to run 7.5 pct deficit in 2010MOSCOW — Russia will next year run a budget deficit equivalent to 7.5 percent of annual economic output, the highest deficit the country can afford without hurting economic stability, Prime Minister Vladimir Putin said Thursday. Russia is facing its biggest economic test in a decade and is this year running a budget deficit of 9.4 percent of gross domestic product — its first deficit in a decade.
Putin: Russia to run 7.5 percent budget deficit next year _ the most it can affordJuly 30th, 2009 Russia to run 7.5 pct budget deficit next yearMOSCOW — Russia will next year run a budget deficit equivalent to 7.5 percent of annual economic output, the highest deficit the country can afford, Prime Minister Vladimir Putin said Thursday. Russia is facing its biggest economic test in a decade and is this year running a budget deficit of 9.4 percent of gross domestic product — its first deficit in a decade.
Spain says half-year budget deficit deepens to 3.64 percent of GDPJuly 28th, 2009 Spain's budget deficit deepensMADRID — Spain's budget deficit has deepened to 3.64 percent of gross domestic product in the first six months of the year because of the costs of recession, the government said Tuesday. The deficit swelled to euro38.6 billion ($54.9 billion) through the end of June, compared with a deficit of euro4.6 billion for the same period the year before, the Economy Ministry said.
EU nations tell Poland, Hungary, Romania, Latvia and Lithuania to curb budget deficitsJuly 7th, 2009 EU tells nations to curb deficitsBRUSSELS — The European Union on Tuesday gave Poland, Hungary, Romania, Latvia and Lithuania two- and three-year deadlines to curb their budget deficits, which have been swollen by the world financial crisis and its fallout in Eastern Europe. EU finance ministers gave Poland and Latvia until 2012 to bring the yearly gap between government spending and revenue under the maximum 3 percent of gross domestic product.
Recovery dependent on global turnaround: MukherjeeJuly 6th, 2009 NEW DELHI - Finance Minister Pranab Mukherjee Monday said recovery of Indian economy in the current fiscal would be difficult unless there were visible improvements in the global economic scenario. Speaking to a television channel after presenting the union budget for 2009-10, Mukherjee said the economy would likely recover in the third quarter of 2009-10, but if the western economies did not improve, we will take a longer period.
Divestment can raise Rs.80,000 crore: AssochamJune 28th, 2009 NEW DELHI - The government can raise about Rs.80,000 crore ($16.6 billion) by divesting stake in public sector units, says an industry lobby report. "Dilution of stake in leading public sector units alone could fetch at least Rs.80,000 crore," the report by Associated Chambers of Commerce and Industry (Assocham) said, adding that this amount could be used to bring down the fiscal deficit burden.
India's fiscal deficit may increase: Goldman SachsFebruary 21st, 2009 NEW DELHI - India’s consolidated fiscal deficit may increase to 10.3 percent of gross domestic product (GDP) this fiscal and 10 percent the next year, according to an estimate by global investment bank Goldman Sachs. 'We do not think that the deficit will come down substantially over the next few years,' Tushar Poddar, economist with Goldman Sachs, said in a statement.
India's fiscal deficit may increase: Goldman SachsFebruary 19th, 2009 NEW DELHI - India’s consolidated fiscal deficit may increase to 10.3 percent of gross domestic product (GDP) this fiscal and 10 percent the next year, according to an estimate by global investment bank Goldman Sachs. 'We do not think that the deficit will come down substantially over the next few years,' Tushar Poddar, economist with Goldman Sachs, said in a statement.
High fiscal deficit inevitable, says governmentFebruary 15th, 2009 NEW DELHI - The government Monday said high fiscal deficit was inevitable given the global economic scenario and increasing public expenditure. External Affairs Minister Pranab Mukherjee in his interim budget speech pegged the current fiscal's deficit at 6 percent of the gross domestic product (GDP), but hoped that it would come down to 5.5 percent in next financial year.
Highlights of interim budget presented in Lok SabhaFebruary 15th, 2009 NEW DELHI - Following are the highlights of the interim budget presented by Minister for External Affairs Pranab Mukherjee in the Lok Sabha Monday:
* In past three years, India grew by average of over 9 percent
* Per capita income expanded by 4.7 percent per annum
* Fiscal deficit was brought down from 4.5 percent to 2.7 percent
* Revenue deficit was cut from 3.6 percent to 1.1 percent
* Exports increased 26.4 percent per annum
* Foreign trade increased from 27.3 percent to 35.5 percent
* Tax to gross domestic product ratio expanded by 9.2 to 12.5 percent
* Agriculture grew by 3.7 percent per annum
Loading ...