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Budget 2016: To propel standout economic growth, the PM Narendra Modi led government is open to the idea of going in for higher fiscal deficit in the upcoming Union Budget, says Chief Economic Adviser (CEA) Arvind Subramanian – Indian economy is facing difficulties that are proving difficult to handle. FM Arun Jaitley will present the Union Budget 2016-17 on Monday. Here are 5 brief points to get you up to speed on budget 2016: (PTI)
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Budget 2016: While some economists, including NITI Aayog Vice-Chairman Arvind Panagariya, have suggested that the government should go in for higher public spending to achieve higher growth, others, including RBI Governor Raghuram Rajan, have cautioned against deviation from the fiscal discipline path. (PTI)
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Budget 2016: Arvind Subramanian said the Narendra Modi government will take a balanced view after considering various factors. "There are very good arguments on both sides… and that's why it is a very difficult decision," he said when asked whether the government would deviate from the fiscal consolidation road map in view of the difficult global environment and the need to boost growth. (PTI)
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Budget 2016: As per the revised fiscal consolidation road map, the government has to achieve fiscal deficit of 3.5 per cent in 2016-17, from 3.9 per cent estimated in the current fiscal. Asked which side of the pendulum the CEA is on, he said, "I am very glad that I am not the Chief Political Decider, I am just the Chief Economic Advisor. Sometimes, the CEA is above views. And this time, I am above views. I have no views. You will see that on Monday (when the Budget will be unveiled)." (PTI)
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Budget 2016: "The question was should we expand the deficit or reduce the deficit. The question was whether to stick to the path we announced or stick to the path at a slightly slower pace. Now, very strong views were expressed, but it's to the credit of the government that it allowed this debate to happen. What we have done in this Survey very fairly represents both sides of the argument," he explained. (PTI)
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