India is likely to peg its nominal gross domestic product (GDP) growth at around 11% in the annual budget next week, marking a slowdown from its estimate for the current fiscal year due to the prospect of weak exports, two government officials said.
Nominal GDP growth — which includes inflation and is the benchmark used to estimate tax collections — could be pressured by suppressed external demand next year due to a likely U.S. recession, said the sources, who declined to be named as discussions are not yet public.With nominal GDP of 10.6%-11%, India's gross tax collection growth rate is likely to be around 8% in 2023/24, compared with 14.5% in the current year, due to base effect, said Gaura Sengupta, an economist at IDFC First Bank.
India's CAD was 4.4% of GDP in the July-September quarter, higher than 2.2% a quarter ago and 1.3% a year ago, as rising commodity prices and a weak rupee increased the trade gap. The Economic Survey is the government's review of how the economy fared in the past year and precedes the budget presentation by a day. The budget is due on Feb. 1.
India aims to achieve a fiscal deficit of 4.5% of GDP by 2025/26. The current year's fiscal deficit target is pegged at 6.4%.
Australia Latest News, Australia Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Indian govt to borrow a record 16 trillion rupees in fiscal 2023/24 - Reuters pollThe Indian government will borrow a record 16 trillion rupees ($198 billion) in the fiscal year to March 2024, according to a Reuters poll of economists, who said infrastructure spending and fiscal discipline ought to be its highest budget priorities.
Read more »
India blocks BBC documentary on Modi from airing in IndiaIndia has blocked the airing of a BBC documentary which questioned Prime Minister Narendra Modi's leadership during the 2002 Gujarat riots, saying that even sharing of any clips via social media is barred.
Read more »
WATCH: Police rescue overheated baby from mom’s stolen carPolice say a mother's car was stolen then abandoned with her 11-month-old daughter still inside.
Read more »
Apollo 11 astronaut Buzz Aldrin married on 93rd birthday to Anca FaurOn Jan. 20, 2023, Apollo 11 astronaut Buzz Aldrin turned 93 and married Anca Faur in Los...
Read more »
No. 11 Arizona ends No. 5 UCLA’s 14-game win streakOumar Ballo scored 16 points, Azuolas Tubelis had a double-double and No. 11 Arizona withstood a late rally to end No. 5 UCLA’s 14-game winning streak with a 58-52 victory on Saturday.
Read more »
Republican Justifies MTG on Homeland Security Committee: 'She's Matured' Out of Being 9/11 Truther“She realizes she doesn’t know everything,” Rep. Michael McCaul said when defending Rep. Marjorie Taylor Greene’s appointments
Read more »