{"id":587,"date":"2018-08-01T05:02:15","date_gmt":"2018-08-01T05:02:15","guid":{"rendered":"https:\/\/ncrfrontlinenews.com\/?p=587"},"modified":"2018-08-01T05:02:16","modified_gmt":"2018-08-01T05:02:16","slug":"economic-shock-for-modi-fiscal-deficit-out-of-control","status":"publish","type":"post","link":"https:\/\/ncrfrontlinenews.com\/?p=587","title":{"rendered":"Economic shock for Modi.. fiscal deficit out of control"},"content":{"rendered":"<p><strong>New Delhi, <\/strong>\u00a0India&#8217;s budgetary fiscal deficit rose further in June and stood at Rs 4.29 lakh crore touching 68.7 per cent of the current year&#8217;s target, official data showed on Tuesday.<\/p>\n<p>The government has budgeted a fiscal deficit target of Rs 6.24 lakh crore for the financial year 2018-19.<\/p>\n<p>As per data from the Controller General of Accounts (CGA), the fiscal deficit up to the like period of the previous fiscal had stood at 80.8 per cent.<\/p>\n<p>The 2018-19 deficit &#8212; the difference between revenue and expenditure &#8212; has been pegged at 3.3 per cent of the country&#8217;s gross domestic product, or Rs 6.24 lakh crore, as compared to the revised estimates of Rs 5.94 lakh crore for the previous fiscal.<\/p>\n<p>According to the CGA data, net tax revenue during the period under review was Rs 2.37 lakh crore, or 16 per cent of the budget estimated target.<\/p>\n<p>The total receipts &#8212; from revenue and non-debt capital &#8212; during the fiscal&#8217;s first quarter (April-June) were Rs 2.68 lakh crore, or at 15.5 per cent of the estimates for the current financial year.<\/p>\n<p>The data revealed that total expenditure &#8212; incurred on revenue and capital &#8212; during the April-June period was Rs 7.08 lakh crore, or at 29 per cent of the entire fiscal&#8217;s estimate.<\/p>\n<p>In this connection, American ratings agency Moody&#8217;s said that the recent cut in Goods and Services Tax (GST) rates effected by the GST Council on 88 consumer goods will weigh on the Central government&#8217;s revenue collections and fiscal consolidation efforts.<\/p>\n<p>&#8220;We estimate revenue loss from the most recent tax cuts to be about 0.04 per cent-0.08 per cent of GDP annually,&#8221; Moody&#8217;s Investor Service said in a research note.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>New Delhi, \u00a0India&#8217;s budgetary fiscal deficit rose further in June and stood at Rs 4.29 lakh crore touching 68.7 per cent of the current year&#8217;s target, official data showed on Tuesday. The government has budgeted a fiscal deficit target of Rs 6.24 lakh crore for the financial year 2018-19. As per data from the Controller [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":588,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[13],"tags":[],"class_list":{"0":"post-587","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-business"},"_links":{"self":[{"href":"https:\/\/ncrfrontlinenews.com\/index.php?rest_route=\/wp\/v2\/posts\/587","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/ncrfrontlinenews.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/ncrfrontlinenews.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/ncrfrontlinenews.com\/index.php?rest_route=\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/ncrfrontlinenews.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=587"}],"version-history":[{"count":1,"href":"https:\/\/ncrfrontlinenews.com\/index.php?rest_route=\/wp\/v2\/posts\/587\/revisions"}],"predecessor-version":[{"id":589,"href":"https:\/\/ncrfrontlinenews.com\/index.php?rest_route=\/wp\/v2\/posts\/587\/revisions\/589"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/ncrfrontlinenews.com\/index.php?rest_route=\/wp\/v2\/media\/588"}],"wp:attachment":[{"href":"https:\/\/ncrfrontlinenews.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=587"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/ncrfrontlinenews.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=587"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/ncrfrontlinenews.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=587"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}