The Indian government will focus on fiscal consolidation in its Feb. 1 budget, the last full one before a 2024 general election, according to a Reuters poll of economists who said slowing economic growth would limit it from spending more.
Breaking a tradition of government borrowing and spending, especially during an election year, Prime Minister Narendra Modi's government has, since coming to power in 2014, largely stuck to a path of fiscal consolidation.
The median forecast from 37 economists polled from Dec. 13 to Dec. 21 was for the government to limit borrowing to 6.0% of GDP in 2023-24 - well above the historic average of 4%-5%. Predictions ranged from 5.7% to 6.8%. More than 80% of the economists, 29 out of 35, who answered an additional question said fiscal consolidation was likely to be the dominant theme in the budget Finance Minister Nirmala Sitharaman is expected to announce on Feb. 1.made clear that despite external shocks and global uncertainties it intends to meet the fiscal deficit target of 4.5% of GDP by the end of the 2025/26 year.
Economic growth likely slowed sharply to an annual 4.6% in the December quarter from 6.3% reported in the preceding quarter. It was expected to slow to 4.4% in the next quarter, the poll found.
Singapore Latest News, Singapore Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Bolder, Bigger 2024 Hyundai Kona Electric Takes A Big Leap ForwardThe second-generation Hyundai Kona is longer and wider than the outgoing model, and also has an extended wheelbase, which results in a roomier interior.
Read more »
Afroman Announces He's Running for President in 2024Afroman is wading into the political fray for 2024 -- and not just for local office either ... the guy's going for the big enchilada as the potential future President of the United States!
Read more »
2024 Hyundai Kona takes on bigger, bolder designHyundai's second-generation Kona will offer more space and hopefully more performance.
Read more »
2024 Acura ZDX And ZDX Type S Take Shape Before Next Year's Unveiling | CarscoopsAs with its Honda Prologue brethren, the Acura ZDX utilizes GM's BEV3 platform and Ultium battery and drive systems
Read more »
2024 Audi Q5 SUV Spied Inside And Out Revealing Radical Interior Overhaul | Carscoops2024 Audi Q5 SUV Spied Inside And Out Revealing Radical Interior Overhaul | Carscoops carscoops ⬇️
Read more »