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Nomura voices concern over Arun Jaitley’s ‘shallower path to fiscal consolidation’

Fri March 25 2016, 8:14 pm
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    Adoption of a fiscal deficit target range before achieving the 3 per cent goal will be considered as a "shallower path" in the fiscal consolidation process, Japanese brokerage Nomura said. In his Budget 2016 speech, FM Arun Jaitley had first spoken about the need to have a 'range' on the fiscal deficit, rather than sticking to a number. He however, had stuck to the previous plan of 3.9 per cent for this fiscal and 3.5 per cent for next fiscal. (Reuters)

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    "There is now a school of thought that believes that instead of fixed numbers as fiscal deficit targets, it may be better to have a fiscal deficit range as the target, which would give necessary policy space to the government to deal with dynamic situations," Arun Jaitley had said. "While remaining committed to fiscal prudence and consolidation, a time has come to review the working of the FRBM Act, especially in the context of the uncertainty and volatility which have become the new norms of global economy," the minister added, announcing the committee. (Reuters)

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    GDP grows at 7.9% in Q4, may record 8% growth this fiscal: Gaining momentum, economy grew by 7.9 per cent in March quarter to consolidate India's position as the fastest growing major economy with a five-year high growth rate of 7.6 per cent for the full fiscal on robust manufacturing growth. Enthused by the impressive numbers for 2015-16, as against 7.2 per cent in previous fiscal, the government said the growth rate can go up to 8 per cent in the current fiscal on the back of good monsoon. (Reuters)
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    The commentary comes after media reports said the committee will have up to a dozen members, and will be tasked with making the case for a 0.30-0.40 per cent range for the fiscal deficit numbers. It will have independent economists, policy experts and government officials, and will look at a number of factors, including global and domestic, before setting the range, the report said. (Reuters)

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    India received $48 bn in remittances in 9 months of last fiscal: India has received USD 48 billion in remittances in the first nine months of the previous fiscal, the government informed Lok Sabha today. India, one of the top recipients of remittances globally, had received USD 66.26 billion in 2014-15 while the amount was USD 65.48 billion in 2013-14. Replying to a question, Minister of State for External Affairs V K Singh also said, as per policy, investments made by NRIs under schedule 4 of FEMA (transfer or issue of security by persons residing outside India) Regulations is deemed to be domestic investment on par with investment made by residents.

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