Advertisement
Sunday, Oct 24, 2021
Outlook.com
Outlook.com

Credible steps necessary for return to fiscal rectitude: Finance Commission Chairman

According to 15th Finance Commission Chairman N K Singh it is imperative to be mindful of the debt situation while seeking more fiscal stimulus

Credible steps necessary for return to fiscal rectitude: Finance Commission Chairman
Credible steps necessary for return to fiscal rectitude: Finance Commission Chairman
outlookindia.com
2021-09-13T21:05:18+05:30

India must seek credible steps to ensure that it returns to the path of fiscal rectitude once the pandemic is over, 15th Finance Commission Chairman N K Singh said on Monday. He was speaking at the CSEP-World Bank Seminar on fiscal governance, news agency PTI reported. 

According to him, the country's debt profile is neither worrisome nor comforting. He suggested being mindful of the debt situation while seeking more fiscal stimulus. "If you look at the total fiscal stimulus of the... government which is upwards of 12-13 per cent, when some people advocate greater fiscal stimulus, I think we need to be careful", Singh said.

The gross borrowing from the market for the current fiscal would be around Rs 12 lakh crore. The Budget pegged fiscal deficit at 6.8% of the GDP for the current fiscal year, lowering it from 9.5% in the previous financial year.

India's fiscal deficit stood at 9.3% of the Gross Domestic Product in FY 2020-21. This was 0.2% lower than the revised estimate of 9.5%. The Budget 2020-21, presented before the COVID-19 lockdowns, had set a fiscal deficit target of 3.5 per cent of GDP.  

The Government proposed to bring down the fiscal deficit to 4.5% of the GDP by FY 2025-26 in its recent budget. 

Advertisement

Outlook Newsletters

Advertisement
Advertisement
Advertisement

Read More from Outlook

'Phir Bhi Dil Hai Hindustani': Shah Rukh Khan As The Symbol Of Indianness

'Phir Bhi Dil Hai Hindustani': Shah Rukh Khan As The Symbol Of Indianness

SRK’s persona evokes the kind of Indianness that denies categorisation into singular, exclusive identities. And thrives on making others feel welcome.

Army Jawan, Two Cops Wounded In Heavy Exchange Of Fire In Valley

Army Jawan, Two Cops Wounded In Heavy Exchange Of Fire In Valley

Police detenue to identify hideouts in Poonch fail to extract arrested Pak militant used as guide, after coming under heavy fire from militants

T20 World Cup: India Have Edge Over Pakistan - Stats Preview

T20 World Cup: India Have Edge Over Pakistan - Stats Preview

So far India have won all their five matches against Pakistan in T20 World Cups since 2007 - all of them under the leadership of Dhoni.

Global Desi: Raj Or Rahul, SRK Is Equally At Home In New York Or Patiala

Global Desi: Raj Or Rahul, SRK Is Equally At Home In New York Or Patiala

Marking the transition between old and new India, SRK’s characters and his stardom represent Bollywood as simultaneously Indian and global.

Advertisement