Ind-Ra pegs Estimated Fiscal Deficit at 7.6% for FY 2020-2021

The fiscal deficit of the government of India will touch 7.6 per cent in the Financial Year 2020-2021 as per the credit rating agency Ind-Ra. This is double the budget estimates made by the central government for this year. The reasons assigned for this are shortfall in revenue collection due to COVID 19 pandemic around ..

Month: Current Affairs - July, 2020

Category: Economy & Banking Current Affairs

Topics: fiscal deficit • Fitch Group • Ind-Ra • India Ratings and Research

Uttar Pradesh: FRBM Ordinance, 2020

On June 22, 2020, the Uttar Pradesh Government announced that it will bring in an ordinance, “UP Fiscal Responsibility and Budget Management”, FRBM Ordinance, 2020. This is the second amendment being made to the act by the state government under CM Yogi Adityanath. Highlights By making the amendment, the Uttar Pradesh State Government will be ..

Month: Current Affairs - June, 2020

Category: Economy & Banking Current Affairs

Topics: Economic development • fiscal deficit • FRBM Act • GDP • Nirmala Sitharaman • Uttar Pradesh • Yogi Adityanath

GoI releases Rs 6,195 crores of funds to 14 states

On May 11, 2020, the Government of India released Rs 6,195 crores to 14 states. This is the second equated monthly installment of Post Devolution Revenue Deficit. Highlights The grant allocated to the states will act as additional source of income to the states. The grant was recommended by the 15th Finance Commission. The Central ..

Month: Current Affairs - May, 2020

Category: Economy & Banking Current Affairs

Topics: 15th Finance Commission • COVID-19 • Finance Commission • fiscal deficit • Flash Floods • Flood • FRBM • India-Saudi Arabia • States

India Ratings expects FY21 GDP Growth to be the Lowest in 29 Years

India Ratings recently revised its economic growth estimate for the country to 1.9%- the lowest in nearly 3 decades. Recent Forecasts India Ratings has revised its prediction for the GDP growth of India from 3.6% in March to 1.9% for this fiscal year. This is the lowest in 29 years. The last time India saw ..

Category: Economy & Banking Current Affairs • Reports & Indexes Current Affairs

Topics: fiscal deficit • GDP growth • India Ratings and Research • Inflation

Finance Commission: States shall use FRBM clause to fight COVID-19

On April 24, 2020, the Finance Commission has advised the state governments to use the clauses of FRBM (Fiscal Responsibility) act in order to raise additional resources to fight against COVID-19. Centre and State FRBM The states have their own FRBM act. The main similarities between the centre and state FRBM is that the limit ..

Month: Current Affairs - April, 2020

Category: India Nation & States Current Affairs

Topics: 15th Finance Commission • Advisory Council • COVID-19 • Finance Commission • fiscal deficit • FRBM • state government