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Why FM should stick to math & avoid grand gestures this Budget

Despite catchy slogans, we have built a bloated bureaucracy that has no bearing with the digital age.
The Economic Times

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FY 20

Higher wholesale prices, strong reservoir levels to help farmers in FY20

The central government's spending on the rural sector has increased 21% in the first seven months of fiscal 2020, the fastest growth in 11 years. All these factors, the unusually strong water reservoir levels and pick-up in rabi crop sowing activity, are initial signs pointing toward the rural sector bottoming out, Motilal Oswal says.

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  • The gross expenditure for the fiscal year came at Rs 660.26 crore up from Rs 260.80 crore in the year ago period, the company’s annual profit and loss statement showed.

    "India's growth is now seen at a slower 5.1 per cent in fiscal year 2019-20 as the foundering of a major non-banking financial company in 2018 led to a rise in risk aversion in the financial sector and a credit crunch. Also, consumption was affected by slow job growth and rural distress aggravated by a poor harvest," Asian Development Bank said.

    PSBs had posted huge losses in 2017-18 and 2018-19 financial years due to heavy provisioning for non-performing assets and other contingencies, according to the minister. State-run lenders had posted aggregate operating profits during 2017-18 and 2018-19 of Rs 1,55,603 crore and Rs 1,53,871 crore respectively.

    ICRA also expressed apprehension that "the central tax devolution (CTD) to these states in 2019-20 could be Rs 595-770 billion (Rs 59,500-77,000 crore) lower than what the GoI has budgeted, which has emerged as a key revenue risk for the states in this fiscal." Accordingly, a reduction in capital expenditure below the budgeted level appears imminent in the current fiscal.

    Indranil Sen Gupta, India Economist, BofA-ML, says the possibility of the government missing out on its FY20 fiscal deficit target is very h...

    Some corporate voices backed RBI’s move but with caveats.

    CPI inflation projection wad revised upwards to 5.1-4.7 per cent for the second half of FY20.

    The carmaker, whose sales fell by more than a third in the first eight months of the fiscal year to a little over 77,000 units, expects the market to pick up from the next festive season, said Honda Cars India president and CEO Gaku Nakanishi.

    AePS facilitates cashless transactions through biometric authentication. According to NPCI, which runs the platform, biometric-based transactions grew by 10% to 208 million transactions in October 2019 from 189 million in April. October usually sees high transactions because of the festive season and higher remittance from urban to rural areas.

    The move comes ahead of the RBI's announcement on lending rates on December 5. The RBI's monetary policy committee (MPC) will meet between December 3-5 to review the interest rates. Crisil's revision, which is among the lowest, comes within days of the official data showing a further slip in the second quarter growth to 4.5 per cent.

    Total income also declined to Rs 256.01 crore.

    Another Rs 10,000 crore will be infused in 2020-21.

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