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The fiscal glide path is the government’s plan to gradually reduce the fiscal deficit over time. The idea is to get the deficit under control to avoid harming the economy in the future.
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Depositors are now more likely to park their monies in attractive bank fixed deposits, instead of government-backed savings schemes, where rate adjustments tend to happen with a lag
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Finance Minister Nirmala Sitharaman will seek to shrink the shortfall to less than 6% of gross domestic product in the year starting April 1, the people said, asking not to be identified as the deliberations are private.
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The US Treasury said the $1.400 trillion reduction in the deficit was still the largest-ever single-year improvement in the US fiscal position as receipts hit a record $4.896 trillion, up $850 billion, or 21 percent from fiscal 2021
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The Treasury Department says the December budget deficit was USD 27.5 billion, nearly double the USD 14 billion in December 2015.
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The government had a deficit of USD 149 billion in July 2015, according to Treasury's monthly budget statement.
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The Federal Reserve last month trimmed its GDP forecast from 2.2 percent to 2 percent and economists at JPMorgan Chase are even more pessimistic, expecting the economy to grow by just 1.8 percent this year, down from last year's 2 percent gain.
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India claims to be the world's fastest-growing major economy, yet the government might break its budget deficit targets to stimulate demand, potentially undermining the central bank's fight against inflation.
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The flash HSBC/Markit Purchasing Managers' Index (PMI) dipped to 49.2 in March, below the 50-point level that separates growth in activity from a contraction on a monthly basis.
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The government had yesterday raised excise duty on petrol by Rs 2.25 per litre and by Re 1 a litre on diesel but retail pump rates will not be increased as oil firms decided to absorb the duty change for the time being.
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The government plans to divest some of its stake in four more state companies including Steel Authority of India Ltd and National Aluminium Company Ltd by the end of next month, a junior finance minister said on Friday.
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US lawmakers have made little progress in the past 10 days toward a compromise to avoid the harsh tax increases and government spending cuts scheduled for January 1, a senior Democratic senator said on Sunday.
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Worried over high budget deficit derailing growth, Finance Minister P Chidambaram today unveiled a five-year road map for fiscal consolidation to promote investments, contain inflation and take India to high growth trajectory.
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Spain's borrowing costs shot up at a bond auction on Thursday, after economic data confirmed the country is back in recession and reports that nationalised Bankia SA had suffered an outflow of deposits hammered its share price.
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Fierce debate is growing in Europe over whether austerity or growth offers the best strategy to overcome the continent's sovereign debt crisis. As if it were that simple.
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The first thing an average citizen of India thinks about before any Government Budget is about his/her personal income tax.
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HDFC's chairman and chief executive Keki Mistry tells CNBC-TV18 that the Reserve Bank is in no hurry to cut rates, but will inject liquidity into the system soon.
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Robert Doll of BlackRock says that the risk around European debt crisis has increased now. Speaking to CNBC-TV18, he says that there is an urgent need for some policy action in Europe as the banks there face risk of potential failure.
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Greece will miss its budget deficit target this year, the government and its international lenders said on Thursday, but they disagreed on how big the fiscal derailment will be and what is to blame.
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Moody's repeated a warning on Monday it could cut the US rating before 2013 if the fiscal or economic outlook weakens significantly but said it saw the potential for a new debt agreement in Washington to cut the budget deficit before then.
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Speaking to CNBC-TV18 in an exclusive, James Glassman, Senior Economist, JPMorgan Chase Bank, says that he doesn’t see any reason for the US downgrade. “The US budget deficit will soon be down to a sustainable range of 1-2% GDP level,” he says.
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The United States is poised to step back from the brink of economic disaster on Tuesday as a bitterly fought deal to cut the budget deficit is expected to clear the Senate and President Barack Obama's desk.
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President Barack Obama and Republican leaders failed on Sunday to mend rifts over tax increases and social spending cuts in talks aimed at cutting the US budget deficit and averting a debt default.
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Greece agreed with its EU and IMF lenders to impose yet deeper austerity and speed up state selloffs in exchange for fresh funds to avert a debt default, a senior official said on Thursday.
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Greece is set to impose a deeper bout of austerity on its struggling economy and promise to speed up a privatisation drive in return for a new international bailout to avoid a debt default.
