Take the pledge to vote

For a better tommorow#AajSawaroApnaKal
  • I agree to receive emails from News18

  • I promise to vote in this year's elections no matter what the odds are.
  • Please check above checkbox.

    SUBMIT

Thank you for
taking the pledge

Vote responsibly as each vote counts
and makes a diffrence

Disclaimer:

Issued in public interest by HDFC Life. HDFC Life Insurance Company Limited (Formerly HDFC Standard Life Insurance Company Limited) (“HDFC Life”). CIN: L65110MH2000PLC128245, IRDAI Reg. No. 101 . The name/letters "HDFC" in the name/logo of the company belongs to Housing Development Finance Corporation Limited ("HDFC Limited") and is used by HDFC Life under an agreement entered into with HDFC Limited. ARN EU/04/19/13618
LIVE TV DownloadNews18 App
News18 English
News18 » Business
1-min read

Have No Reason to Double Govt Commitment on Fiscal Targets, Says RBI

The budget has set the fiscal deficit target at 3.3 percent of GDP for the current fiscal but the steeply falling GST collections and the historic cut in corporate taxes have raised concern over the maintainability of the target.

PTI

Updated:October 4, 2019, 1:35 PM IST
facebookTwitterskypewhatsapp
Have No Reason to Double Govt Commitment on Fiscal Targets, Says RBI
File photo of RBI Governor Shaktikanta Das. (Reuters)

Mumbai: Governor Shaktikanta Das on Friday said the Reserve Bank has no doubt over government commitment to meet the fiscal deficit target this fiscal after, despite the massive tax giveaways of Rs 1.45 lakh and falling indirect tax collections.

The budget has set the fiscal deficit target at 3.3 percent of GDP for the current fiscal but the steeply falling GST collections and the historic cut in corporate taxes have raised concern over the maintainability of the target. Many analysts have pegged that the government will miss the target by a wide margin of 70-80 bps.

"The government has made a statement that they will adhere to the fiscal deficit target. Therefore, we have no reason to doubt the commitment to maintain the numbers as given in the budget," Das told reporters after announcing the fourth bi-monthly monetary policy where the central bank lowered the rate by 25 bps to 5.15 percent--the fifth in 2019.

He said the government has several sources of revenue to meet the fiscal target.

"So whatever short fall is expected because of corporate tax rate cuts, the government has the option of increasing or making it up from other sources," he said.

Last month, the finance minister had announced tax cuts for corporates by 10-12 percent to 25.17 percent, involving a revenue loss of Rs 1.45 lakh crore this fiscal.

Get the best of News18 delivered to your inbox - subscribe to News18 Daybreak. Follow News18.com on Twitter, Instagram, Facebook, Telegram, TikTok and on YouTube, and stay in the know with what's happening in the world around you – in real time.

Read full article
Next Story
Next Story

Also Watch

facebookTwitterskypewhatsapp
Most Active
Company Price Change %Gain
ICICI Lombard 1,207.25 -4.63
Reliance 1,372.35 0.60
BPCL 512.40 4.51
Bajaj Finance 4,016.40 3.53
Indiabulls Hsg 173.05 -8.49
Company Price Change %Gain
ICICI Lombard 1,206.75 -4.77
Indiabulls Hsg 172.90 -8.54
Larsen 1,424.80 -0.58
HDFC 2,050.05 1.83
Yes Bank 41.15 1.35
Top Gainers
Company Price Change %Gain
BPCL 512.40 4.51
Grasim 730.85 3.86
Zee Entertain 259.65 3.57
Bajaj Finance 4,016.40 3.53
ONGC 141.65 2.16
Company Price Change %Gain
Bajaj Finance 4,018.75 3.57
ONGC 141.60 2.05
HDFC 2,050.05 1.83
Coal India 194.65 1.75
HCL Tech 1,100.85 1.55
Top Losers
Company Price Change %Gain
Hero Motocorp 2,602.35 -2.74
Hindalco 187.95 -2.39
Vedanta 149.90 -2.35
Asian Paints 1,765.70 -2.07
NTPC 117.40 -1.68
Company Price Change %Gain
Hero Motocorp 2,603.00 -2.73
Vedanta 149.70 -2.44
Asian Paints 1,765.70 -2.04
NTPC 117.50 -1.63
ITC 243.70 -1.54

Live TV

Countdown To Elections Results
To Assembly Elections 2018 Results