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[ad_1] Global ratings agency Fitch raised concerns over the fiscal deficit targets laid down by Finance Minister Nirmala Sitharaman in Budget for FY 2022-23, and said the targets for next fiscal are higher than its forecast of 6.1%. Sitharaman has budgeted the fiscal deficit to be 6.4% of the GDP for upcoming fiscal, higher than what experts had expected. Fitch also said the fiscal deficit target for current FY also appears unlikely to materialise. For the current year, the finance minister said the fiscal deficit will be 6.9% i.e. 0.1% higher than the government’s target. India has the highest general government debt ratio of any ‘BBB’-rated emerging market sovereign, Fitch Ratings said. It affirmed India’s sovereign rating at BBB- or negative last year in November. “From a ratings perspective, we see India as having limited fiscal space as it has the highest general government debt ratio of any ‘BBB’-rated emerging market sovereign at just under 90% of GDP,” Jeremy Zook, Director and Primary Sovereign analyst, India for Fitch Ratings said in a note Wednesday. Fitch also said the government needs to focus on reducing debt which will help in revising the outlook. “The gradual pace of fiscal consolidation continues to place the onus on nominal GDP growth to facilitate a downward trajectory in the debt ratio, which is key to resolving the Negative outlook on the sovereign rating,” Fitch said. The rating agency, however, said that the government’s plan to accelerate infrastructure-led capex drive will provide a fillip to the economy in near and medium term, if it’s implemented fully, though concerns over new COVID-19 variant, and private consumption remain. We will be assessing whether the capex drive’s growth impact is sufficient to offset the higher than expected deficits and keep the debt ratio on a slight downward trajectory, the rating agency added. The Finance Minister announced that the government has increased capital expenditure for the next fiscal by 35.4% to Rs 7.5 lakh crore or 2.9% of India’s GDP in her budget speech on Tuesday. This will be driven by schemes focusing on capex-led infrastructure development through seven engines of the government’s PM GatiShakti plan i.e. roads, railways, airports, ports, mass transport, waterways, and logistics Infrastructure. In terms of sectors, transport accounted for about 9.3% or Rs 3.52 lakh crore of the total capital outlay for next year. Last year, the International Monetary Fund said India’s debt to GDP ratio increased from 74% to 90% during the COVID-19 pandemic, noting that it expects this to drop down to 80% as a result of the country’s economic recovery. A higher debt-to-GDP ratio indicates higher chances of default. [ad_2] Source link

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[ad_1] Union Budget 2022-23: In this year’s Budget, the Housing and Urban Affairs Ministry has been allocated an amount of Rs 2,600 crore for the construction of non-residential office buildings of the ambitious Central Vista project, including the Parliament as well as the Supreme Court of India. The amount is Rs 767.56 crore more than Rs 1,833.43 crore which was given in the last financial year, according to a PTI report. The Central Vista redevelopment project envisages a common central secretariat, a new triangular Parliament building, revamping of the 3 km long Rajpath boulevard that stretches from Rashtrapati Bhavan to India Gate, a new residence and office for the PM and new Vice President’s Enclave. In the budget, Rs 2,600.99 has been allocated for the development of non-residential office buildings, including the Parliament and SC. The ministry has been given Rs 873.02 crore for residential purposes. Six infra companies, including Tata Projects Limited, Shapoorji Pallonji and Company Limited and Larsen & Toubro Limited, are in the race to win the contract to build the Executive Enclave, which will house the new Prime Minister’s Office, Cabinet Secretariat, India House as well as National Security Council Secretariat. As per the proposed plan, the Executive Enclave will be established on the south side of the South Block in plot number 36/38 in Lutyens’ Delhi, the report said. Last year, L&T Limited had been awarded the contract for the construction as well as the maintenance of the Common Central Secretariat’s first three buildings. A new parliament building under the Central Vista project is being constructed by Tata Projects. While Shapoorji Pallonji and Company is executing the renovation work of the Central Vista Avenue stretching from the Rashtrapati Bhavan to the India Gate. In the month of November last year, Jharkhand-based infrastructure company Kamladityya Construction had been awarded the contract for building a Vice-President’s Enclave. [ad_2] Source link

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[ad_1] By Saugata Gupta The Union Budget continues the policy direction set by last year’s Budget. It takes the realities of a post-pandemic landscape into account, whilst bolstering the economy by creating a growth blueprint over the Amrit Kal of next 25 years. In addition to kickstarting the economy after two years of Covid-induced limbo, it also addresses some of the lingering doubts about India’s readiness and economic resilience in the face of future outbreaks. The strengthening of the healthcare infrastructure and the implementation of speedy vaccination and booster programs on a nationwide scale are all indicative of this commitment. The previous year’s Budget focused on foundational measures towards a consumer-driven economy while keeping a keen eye on post-Covid recovery. This year’s Budget has built on that by providing stability in tax regime, focusing on employment generation, farmer welfare, infrastructure development, digital, and technology. Fiscal deficit target set at 6.4% for FY23 makes it evident that the government has rightly prioritised public investment, capital spending and growth acceleration. Also Read | Union Budget 2022: Tech push for agri sector The initiatives announced under the PM Gati Shakti scheme have renewed the focus on public investment to modernise infrastructure. The strengthening of roads, railways, airports, ports, mass transport, waterways and logistics infrastructure will help facilitate faster movement of people and goods across India by improving the connectivity and create a significant number of jobs for the youth in the country, thereby putting the country’s economy at the forefront.The MSME segment has been hit the hardest by the prolonged pandemic. The extension of ECLGS until March 2023 will also provide improved access to capital for MSMEs, while the revamping of the CGTSME initiative will be an added incentive for banks to extend lending to smaller businesses. Provisions have been made to provide Rs 2.37 lakh crore worth of MSP direct payments to 163 lakh farmers to procure wheat and paddy. Comprehensive packages and co-investment models have also been outlined to promote chemical-free farming, agritech innovation, and digitisation of agricultural processes. Contracts are being granted for laying optical fibre in villages to be awarded under the BharatNet project under PPP in 2022-23, with the expected completion by 2025. These measures will help in driving renewed growth in the agriculture sector while also providing a big boost to rural markets and consumers. The Union Budget outlines several concrete steps to boost the growing consumer appetite and provide a robust structure to empower a consumer-led economy. The capital expenditure allocation to develop and modernise infrastructure, for instance, will incentivise businesses in the manufacturing sector to rebuild and digitise their supply chains with automation, AI and analytics. Given that ‘inclusive development’ and ‘financing of investments’ are two of the seven pillars of the Union Budget, provisions have also been made to increase the disposable capital available for both businesses and individuals through faster financial inclusion and expanding the credit ecosystem. Along with this, the Budget also builds on the government’s focus towards fostering an easy environment for business in India, through the adoption of ‘One Nation, One Registration’, which will be established for anywhere registration to facilitate overall ease of living and conducting business. Ultimately, the goal is to bolster consumption sentiment across the country through an array of opportunities for future entrepreneurs, current market incumbents, and consumers through well-thought out mechanisms. The Atmanirbhar Bharat vision is the common factor in the various policies, which support the long-standing motive of consumer empowerment and improving domestic manufacturing and consumption. This Budget, if implemented correctly, can lead to more job opportunities, better healthcare and greater economic activity – the very things that can enable a smoother recovery for the economy and ensure long-term stability and growth for the nation. The author is MD & CEO, Marico [ad_2] Source link

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[ad_1] Oil rises after draw in U.S. stocks, eyes on OPEC+ decision [ad_2] Source link

[ad_1] By Sujeet Kumar, This is a ‘pro-growth’ Budget aimed at all-round development and addresses all the key levers to further drive economic growth. While focusing on technology-enabled growth, the Budget also takes into consideration the interests of every section of society, including farmers. With economic growth as the central theme, the finance minister has looked beyond just exemptions to focus more on digitisation infrastructure and future tech — all key drivers towards making India a $5 trillion economy by 2024-25.One of the key highlights of the Budget has been a sharp increase in expenditure towards world-class infrastructure creation. The PM Gati Shakti masterplan announced to achieve economic growth and sustainable development clearly lays the foundation for infrastructure development for the next 25 years. This is not only essential for the growth of traditional industries, but will also play a critical role for new-age industries where logistics and supply chain form a major part of their operations and cost. Also Read: Industry Speak | Focus on tech shows progressive mindset One underlying message which clearly stems from this year’s Budget is the government’s intent to create more jobs as India emerges from the shadows of the pandemic. While all economic indicators suggest it is on the cusp of a revival, the slew of industry-friendly measures to boost growth will help India again become the fastest-growing major economy in the world. The Emergency Credit Line Guarantee Scheme extension with a total cover of over `5 lakh crore to micro, small & medium enterprises (MSME) is a step in the right direction and will further help in achieving inclusive growth and making an Atmanirbhar Bharat. The incentive to further extend the existing tax redemption benefit to start-ups by an additional one year and the surcharge on long-term capital gains (LTCG) tax capped at 15% for all listed and unlisted companies in this year’s Budget is a welcome step. This has been a long-standing demand of the industry and we are delighted this has been addressed by the Finance Minister. The introduction of the fund under the co-investment model facilitated through NABARD to finance start-ups for agriculture and rural enterprise will further aid and provide the much-needed support and access to capital, machinery, and technology. In my opinion this is a major step that will result in massive employment generation while providing a major boost to the rural economy. To sum it up, this is a very progressive, bold and growth-oriented Budget that lays the roadmap for Bharat’s next 25 years of growth led by a decisive Prime Minister. The author is co-founder, Udaan. Views are personal. [ad_2] Source link