Fiscal deficit projected at 6.8 percent of GDP in 2009-10

July 14th, 2009 NEW DELHI - The government is determined to bring the fiscal deficit under control, Planning Commission Deputy Chairman Montek Singh Ahluwalia said here Tuesday. Addressing economists at a seminar organised by the India Policy Forum, he said the fiscal stimulus provided by the government had put a burden on the deficit but the package was necessary in the given economic scenario.

July 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.

May 12th, 2009 Schwarzenegger: Next year's deficit climbs to $15BSACRAMENTO, Calif. — Gov. Arnold Schwarzenegger is warning that California faces a $15.4 billion budget deficit in the coming fiscal year, nearly double the previous estimate.

April 15th, 2009 BANGALORE - Infosys Technologies Ltd has projected consolidated income of Rs.221-229 billion (Rs.22,066-22,928 crore) for the new fiscal (2009-10), indicating a single digit growth of 1.7-5.7 percent over the last fiscal (2008-09) as per the Indian accounting standard. In a regulatory filing Wednesday, the IT bellwether said the earnings per share (EPS) for FY 2010 were expected to be in the range of Rs.96.95-101.18, a decline of 7.6-3.3 percent YoY.

April 1st, 2009 NEW DELHI - India is in a better situation than any other country in the world when it comes to fiscal deficits and beating the slowdown, Science and Technology Minister Kapil Sibal said here Wednesday. Speaking at a CNBC seminar on Impact of Polls on Markets, Sibal said: 'I feel that we are in much better situation compared to other countries.

March 7th, 2009 MUMBAI - The fiscal deficit will stimulate growth of the Indian Economy, chief economic advisor Arvind Virmani said here Friday. 'GDP growth rate for India can be reasonably forecast after the publishing of figures for agricultural output.

February 27th, 2009 NEW DELHI - The central government Thursday approved the relaxation of fiscal deficit targets of states for the next financial year by allowing them to borrow up to 3.5 percent of gross state domestic product (GSDP), resulting in an additional borrowing capacity of Rs.300 billion (Rs.30,000 crore). This extends the relaxation provided in January for 2008-09 as part of the second stimulus package.

February 24th, 2009 NEW DELHI - India's large fiscal deficit could pose problems for the banking sector, said economic analysis provider Moody's Economy.com Tuesday. 'A large fiscal deficit could pose problems for the banking sector, with a wide funding gap forcing the government to issue large amounts of debt, pushing up India's risk-free interest rate and depressing the price of government bonds, large volumes of which are held by banks,' according to Nikhilesh Bhattacharyya, associate economist at Moody's Economy.com.

February 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.

February 21st, 2009 BANGALORE - The economic slowdown has severely impacted Karnataka, resulting in a steep 50 percent decline in its revenue surplus as against the budget estimates for this fiscal 2008-09 (FY 2009). 'The revised estimate of revenue surplus is Rs.767 crore (Rs.7.67 billion) as against the budget estimates of Rs.1,527 crore (Rs.15.27 billion) for 2008-09, which is a decline of 50 percent,' Chief Minister B.S.

February 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.

February 16th, 2009 CHENNAI - Tamil Nadu Finance Minister K. Anbazhagan Tuesday offered Rs.1-billion value-added tax (VAT) concessions while presenting the state budget for 2009-10 with a total deficit of Rs.118.24 billion (Rs.11,823.64 crore).

February 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.

January 28th, 2009 NEW DELHI - The borrowing limit of state governments will be increased and their fiscal deficit targets relaxed to allow them raise funds for capital expenditure for 2008-09, the government said Thursday. The cabinet committee on economic affairs, which met Wednesday evening, decided to allow states to borrow up to 3 percent of their respective gross state domestic product (GSDP) with an additional borrowing limit of 0.5 percent of their GSDP.

January 22nd, 2009 NEW DELHI - The Prime Minister's Economic Advisory Council Friday lowered India's growth forecast for the current fiscal to 7.1 percent due to the impact of global meltdown and warned that the fiscal deficit was well above the comfort zone. The council, headed by economist Suresh Tendulkar, also told a press conference here that it expected the country's gross domestic product (GDP) to expand by 7-7.5 percent during the next fiscal.