Fiscal pressures emerging for several states: RBI
Mumbai, July 12 : Fiscal pressures are emerging for several states on the expenditure side, under committed heads, said a Reserve Bank of India (RBI) report, released here on Thursday.
Entitled "State Finances: A Study of Budgets of 2017-18 and 2018-19", the report is an annual publication that provides information, analysis and an assessment of the finances of state governments.
"Visible fiscal pressures are emerging for several states on the expenditure side, particularly under the committed heads and other state-specific schemes like agricultural debt waivers," the RBI said.
According to the report, in 2018-19, states' revenue capacity is likely to be augmented with the stabilization of Goods and Services Tax (GST) and the consequent expansion of tax base and efficacy.
"With the implementation of the E-way bill for inter-state movement of goods from April 2018, states could also strive for generating more revenues by locking in efficiency in tax administration," the report said.
If the revenue receipts of the states end up again in shortfall relative to budgeted levels, then better fiscal marksmanship and efficiency of expenditure is needed for providing robustness to state finances, it added.
While states' consolidated gross fiscal deficit (GFD) overshot the budget estimates in 2017-18 due to shortfalls in own tax revenues and higher revenue expenditure, for 2018-19, states have budgeted for a correction, mainly emanating from a modest revenue surplus.
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India has agreed already to drop its tariffs to nothing: President Trump
New York/Washington, May 7 (PTI): US President Donald Trump on Tuesday said India has “agreed” to drop its high tariffs “to nothing”.
“I mean, India as an example, has one of the highest tariffs in the world. We’re not going to put up with that, and they’ve agreed already to drop it. They’ll drop it to nothing. They’ve already agreed. They would have never done that for anybody else but me,” Trump told reporters in the Oval Office.
Trump and visiting Canadian Prime Minister Mark Carney spoke to reporters as they met in the Oval Office to discuss the US-Canada trade.
“So we’re going to put down some numbers and we’re going to say our country is open for business and they’re going to come in and they’re going to pay for the privilege of being able to shop in the United States of America. It’s very simple. It’s very simple,” he added.
In the past, Trump has called India “tariff king” and a “big abuser”.
Last month, Trump had said that negotiations with India over a bilateral trade deal are “coming along great” and he thinks “we’ll have a deal with India”.
