inr Logo

Union Government has budgeted fiscal deficit at 5.1% of GDP for FY25

Union Government has pegged domestic fiscal deficit at 5.1% of GDP for FY25 while it revised fiscal deficit to 5.8% for current fiscal year

Dated 1 Feb 2024

By Team INRBonds

inr Logo

Union Government Revenue Analysis-Budget 2023-24

For FY24,income tax has been estimated to grow by 10.5% while corporation tax to rise by 10.50% during FY24 over the revised estimate for FY23. Rs 510 billion of collection from disinvestment has been kept as target for next fiscal year.

Dated 1 Feb 2023

By Team INRBonds

inr Logo

Union Government has budgeted fiscal deficit at 5.9% of GDP for FY24

For FY24, gross market borrowing to stand at Rs 15.45 trillion while net market borrowing estimated at Rs 12.3 trillion.

Dated 1 Feb 2023

By Team INRBonds

inr Logo

Union Budget Expenditure-FY2023-24

In fiscal 2022-23, total expenditure RE at Rs 41.8 trillion, posting an increase of 6.14% over budgeted estimates. Budgeted revenue expenditure in Fy24 is Rs 37.8 trillion which reflects an increase of Rs 0.4 trillion against FY23

Dated 1 Feb 2023

By Team INRBonds

inr Logo

10 -year g-sec yields to stay well above 7% on borrowing

For FY23, fiscal deficit has been pegged at 6.4% of GDP. Given the supply and inflation, 10-year g-sec yields will rise to well over 7% levels and stay high for a longer period of time.

Dated 1 Feb 2022

By Team INRBonds

inr Logo

Union Budget Expenditure-FY2021-22

In fiscal 2020-21, total expenditure RE at Rs 34 trillion, posting an increase of 13% over budgeted estimates. Budgeted revenue expenditure in Fy22 is Rs 16.8 trillion (excluding state grants) which reflects decrease of Rs 1.2 trillion against FY21. The revenue expenditure is estimated at 48% of the total expenditure. The major components of the revenue expenditure of the Government include Interest payments and debt servicing (23% of total expenditure), Subsidies (10% of total expenditure), Salaries and Pensions (5% of total expenditure), Defence expenditure (10% of total expenditure.

Dated 2 Feb 2021

By Team INRBonds

inr Logo

Fiscal deficit soared to 9.5% for FY21 while it has been set at 6.8% for FY22

Owing to higher government borrowing in FY21 to mitigate impact of Corona crisis, fiscal deficit for FY21 surged to 9.5% of GDP as per revised estimation. For next fiscal year it has been pegged at 6.8% of GDP.

Dated 1 Feb 2021

By Team INRBonds

inr Logo

Government Revenues – Union Budget 2021-22

The government has budgeted for a 16.67% increase in total taxes with corporation tax rising by 22.64% and personal income tax rising by 22.22% in the budget for fiscal 2021-22. On the indirect tax front, the government has budgeted for a 22.306% increase in GST collection, for FY2021-22. Union Excise duty is budgeted to decline by 7.20% and Customs duty is budgeted to grow by 21.429%.

Dated 1 Feb 2021

By Team INRBonds

inr Logo

Bond yields to surge on Rs 12 trillion borrowing for fiscal 2021-22 – Budget impact on markets

The finance minister, Nirmala Sitharaman unnerved the bond markets with additional borrowing of Rs 800 billion for this fiscal year and Rs 12 trillion gross borrowing for next fiscal year. Fiscal deficit was pegged at 9.5% of GDP for fiscal 2020-21 and 6.8% for fiscal 2021-22. Fiscal deficit in absolute terms is at Rs 19 trillion for last fiscal year and is budgeted at Rs 14.6trillion for this year.

Dated 1 Feb 2021

By Team INRBonds

inr Logo

Expenditure Budget 2019-20

The Union Budget 2019-20 presented by the FM Piyush Goyal to the Parliament on the 1st of February 2019 saw a 13.31% rise in total expenditure at Rs 27.84 trillion against Rs 24.57 trillion in fiscal 2017-18.

Dated 2 Nov 2020

By Team INRBonds

inr Logo

Explaining Government Borrowing for Fiscal 2019-20

The government has projected a fiscal deficit of 3.4% of GDP for the fiscal year 2019-20 from a similar fiscal deficit for the fiscal year 2018-19 (Revised Estimate from 3.3% of GDP) .

Dated 2 Nov 2020

By Team INRBonds

inr Logo

Budget for the Bond Market - Budget 2019-20

The full budget for fiscal 2019-20 presented by the Financial Minister, Nirmala Sitharaman, was largely favorable to the bond markets. Gross fiscal deficit was projected at 3.3% of GDP as compared to 3.4% projected in the interim budget. The gross and net borrowing numbers are largely unchanged from the interim budget.

Dated 15 Sept 2020

By Team INRBonds

inr Logo

Good on the Eye Budget, Positive for Sensex, Nifty, 10yr Gsec and INR - Budget 2018-19

The government did a fine balancing act in its budget for 2018-19. Despite revision of fiscal deficit targets upwards, the borrowing numbers look benign and this will appease bond markets that have been hit hard by weak sentiments.

Dated 27 Feb 2020

By Team INRBonds

inr Logo

Expenditure Budget 2018-19

The Union Budget 2018-19 presented by the FM Arun Jaitley to the Parliament on the 1st of February saw a 10.1% rise in total expenditure at Rs 24.42 trillion against Rs 22.44 trillion in fiscal 2017-18.

Dated 26 Feb 2020

By Team INRBonds

inr Logo

GST and Personal Income Tax to pull Up Revenues – Receipt Budget 2018-19

The government has budgeted for a 16% increase in total taxes with corporation tax rising by 10% and personal income tax rising by 19.9%.

Dated 25 Feb 2020

By Team INRBonds

inr Logo

Explaining Government Borrowing for Fiscal 2018-19

The government has projected a fiscal deficit of 3.3% of GDP for the fiscal year 2018-19 from a fiscal deficit of 3.5% of GDP for the fiscal year 2017-18 (Revised Estimate).

Dated 24 Feb 2020

By Team INRBonds

inr Logo

Government Revenues – Union Budget 2019-20

The government will present an interim budget for fiscal 2019-20 to the parliament on the 1st of February 2019.

Dated 23 Feb 2020

By Team INRBonds

inr Logo

Government Can Stick to Fiscal Deficit Target of 3.3% for Fiscal 2018-2019

The government will present an interim budget for 2019-20 to the parliament on 1st February 2019. The

Dated 22 Feb 2020

By Team INRBonds

inr Logo

Bond Markets to Focus on Supply and Equity Market to Focus on Spending – Interim Budget 2019-20

The interim budget 2019-20 saw the government increasing expenditure by around 13% largely driven by spending on providing income to small farmers at Rs 800 billion.

Dated 21 Feb 2020

By Team INRBonds

inr Logo

Expenditure Budget 2019-20

The Union Budget 2019-20 presented by the FM Nirmala Sitharaman to the Parliament on the 5th of July 2019 saw a 13.39% rise in total expenditure at Rs 27.86 trillion against Rs 24.57 trillion in fiscal 2017-18.

Dated 20 Feb 2020

By Team INRBonds

inr Logo

Government Revenues – Interim Union Budget 2019-20

The government has budgeted for a 13% increase in total taxes with corporation tax rising by 13% and personal income tax rising by 17% in the interim budget for fiscal 2019-20.

Dated 19 Feb 2020

By Team INRBonds

inr Logo

Explaining Government Borrowing for Fiscal 2019-2020

The government has projected a fiscal deficit of 3.3% of GDP for the fiscal year 2019-20 from a similar fiscal deficit for the fiscal year 2018-19 (Revised Estimate from 3.3% of GDP) .

Dated 18 Feb 2020

By Team INRBonds

inr Logo

Government Revenues – 2019-20

The government has budgeted for a 11% increase in total taxes with corporation tax rising by 14% and personal income tax rising by 7.56% in the budget for fiscal 2019-20.

Dated 17 Feb 2020

By Team INRBonds

inr Logo

Budget For The Bond Market

Reduction in fiscal deficit as percentage of GDP and borrowing in overseas markets will bring down yields on government bonds and also strengthen the INR.

Dated 14 Feb 2020

By Team INRBonds

inr Logo

Government Expenditure Budget

In fiscal 2020-21, total expenditure is budgeted at Rs 30.42 trillion, posting an increase of 12.7% over fiscal 2019-20.In fiscal2020-21, the total expenditure of the Government is estimated to be at 13.52% of GDP while it was 15.8% of GDP in fiscal 2009-10.

Dated 12 Feb 2020

By Team INRBonds

inr Logo

Government Revenues

The government has budgeted for a 9% increase in total taxes with corporation tax rising by 11% and personal income tax rising by 14% in the budget for fiscal 2020-21.

Dated 11 Feb 2020

By Team INRBonds

inr Logo

Explaining Government Borrowing for Fiscal 2020-2021

The government has projected a fiscal deficit of 3.5% of GDP for the fiscal year 2020-21 against 3.8% for the fiscal year 2019-20.

Dated 10 Feb 2020

By Team INRBonds

inr Logo

Pedestrian Budget in an Highly Uncertain Environment - Union Budget 2020-21 Review

Union budget 20-21 highlights the challenges to fiscal consolidation from slower real and nominal growth, which may continue for longer than the government forecasts. The modest narrowing of the deficit to 3.5% in the fiscal year 2020-21 from 3.8% in the fiscal year 2019-20, sustained weaker growth and tax cuts would make gross revenue targets difficult to achieve.

Dated 1 Feb 2020

By Team INRBonds

inr Logo

Understand Debt Switches

In FY20 the Government of India conducted the conversion/switch of its securities through auction operations of Rs 2.249 trillion.

Dated 20 Aug 2019

By Team INRBonds

inr Logo

Budget 2018 Cheat Sheet

The Budget 2018 Cheat Sheet gives you the numbers that are relevant and helps you focus on the impact of the numbers on the market.

Dated 31 Jan 2018

By Team INRBonds

inr Logo

10 Key Focus Areas in Budget 2018-19 – Economic Survey 2017-18

Economic Survey 2017-18 suggests higher economic growth for fiscal 2018-19 with fiscal consolidation as per the FRBM act taking a marginal step backward.

Dated 29 Jan 2018

By Team INRBonds

inr Logo

Net Borrowing of Rs 4.3 tm and Gross of Rs 6.4 tm Expected in Budget 2018-19 – Fiscal Deficit & Government Borrowing 2017-18

The government has overshot it’s budgeted borrowing for fiscal 2017-18 by RS 200 billion for this fiscal year, taking up gross borrowing to Rs 6000 billion.

Dated 25 Jan 2018

By Team INRBonds

inr Logo

How Will Revenues Rise in 2018-19? – Receipt Budget

Government is expected to show a 14% rise in tax revenues going by its target of a tax to GDP ratio of 11.6% for fiscal 2018-19.

Dated 23 Jan 2018

By Team INRBonds

inr Logo

Budget 2017 Cheat Sheet

The Budget 2017 Cheat Sheet gives you the numbers that are relevant and helps you focus on the impact of the numbers on the market.

Dated 6 Feb 2017

By Team INRBonds

inr Logo

Net Borrowing of Rs 3482 billion Explained - Fiscal Deficit & Government Borrowing 2017-18

The government has projected a fiscal deficit of 3.2% of GDP for fiscal year 2017-18 from a fiscal deficit of 3.5% of GDP for fiscal year 2016-17.

Dated 2 Feb 2017

By Team INRBonds

inr Logo

Strong Optics of Rise in Capex – Expenditure Budget 2017 -18

The Union Budget 2017-18 presented by the FM Arun Jaitley to the Parliament on the 1st of February saw the government deliver a good expenditure budget, with increase in capital expenditure and keeping down overall expenditure.

Dated 2 Feb 2017

By Team INRBonds

inr Logo

Demonetization to Increase Tax to GDP Ratio - Receipt Budget 2017- 18

Gross Central Government Tax Revenues to GDP Ratio has increased to 11.3% of GDP in fiscal 2016-17 from around 10% levels over the last three years.

Dated 2 Feb 2017

By Team INRBonds

inr Logo

Budget 2017-18 – Largely Positive for markets but Fed Policy will determine trends

The Union Budget 2017-18 presented by the FM to the parliament today on the 1st of February 2017 is a pragmatic budget though the question of how the government will achieve lower fiscal deficit target remains.

Dated 1 Feb 2017

By Team INRBonds

inr Logo

INR, Gsec, Sensex & Nifty Outlook as per Economic Survey 2016-17

Economic Survey outlook suggests that bond yields will trend down, INR will stay stable while its outlook on growth suggests muted equity markets.

Dated 31 Jan 2017

By Team INRBonds

inr Logo

Three Years of Dr.Rajan -Thumbs Up by the Market, Thumbs Down by the Government?

Dr. Raghuram Rajan, the RBI governor, will address his last monetary policy review on the 9th of August 2016.

Dated 7 Aug 2016

By Team INRBonds

inr Logo

Budget 2016 Cheat Sheet – Government Delivers on Fiscal Deficit, which is highly Positive for Bonds and INR

The Budget 2016 Cheat Sheet gives you the numbers that are relevant and helps you focus on the impact of the numbers on the market.

Dated 29 Feb 2016

By Team INRBonds

inr Logo

Union Budget 2016-17 -Focus on RBI to cut rates

The Finance Ministry Arun Jaitley has delivered a budget that met the expectations of the bond market

Dated 29 Feb 2016

By Team INRBonds

inr Logo

Economic Survey 2015-16 -RBI to ease Policy, Recapitalize Bank and Buy Gsecs????

The Economic Survey 2015-16, which was tabled in the Parliament today, the 26th of February 2016, enumerates the challenges faced by the Indian economy in a period of high global economic turbulence.

Dated 26 Feb 2016

By Team INRBonds

inr Logo

Railway Budget 2016-17- No Additional Burden on Union Budget 2016-17

The Railway Budget 2016-17 impact on government budget is a total of Rs 400 billion, which is the same for fiscal 2015-16.

Dated 25 Feb 2016

By Team INRBonds

inr Logo

Fiscal Deficit-Falling inflation Levels creates headache for the Government in managing the Fiscal deficit

The fact that the government fiscal deficit as a percentage of GDP has come down over the last three years does not mean the absolute levels of fiscal deficits is down.

Dated 22 Feb 2016

By Team INRBonds

inr Logo

Understand the Union Budget 2016-17 Part 2 -Receipt Budget -Government is likely to fall fall short of its of its Non Tax Revenue targent in fiscal 2015-2016

Non Tax Revenue that contributes around 20% of total central government revenues is likely to miss targets in this fiscal year.

Dated 19 Feb 2016

By Team INRBonds

inr Logo

Understand the Union Budget 2016-2017 -Expenditure Budget

Government Salaries and Bank Recapitalization more than compensate savings in subsidies

Dated 18 Feb 2016

By Team INRBonds

inr Logo

RBI Bond Switch with the Government is Sending out Wrong Signals to the Market

On 20th March 2015 bonds worth Rs 302.28 billion maturing in 2015-16 were switched by RBI from its own account to longer maturity 2026-27 bonds with government.

Dated 24 Mar 2015

By Team INRBonds

inr Logo

RBI Bond Switches Bonds with the Government - Understand Debt Switches of Rs 500 billion

The government announced a debt switch of Rs 500 billion in Budget 2015. What are debt switches?

Dated 23 Mar 2015

By Team INRBonds

inr Logo

Union Budget 2015-16 – Markets to overlook a budget weak on reforms

The markets were expecting a lot from the Union Budget 2015-16 presented to the parliament by the Finance Minister Arun Jaitley, today the 28th of February 2015.

Dated 28 Feb 2015

By Team INRBonds

inr Logo

Economic Survey 2014-15 – Calls for relaxation of fiscal deficit target of 3.6% of GDP in Union Budget 2015-16

The Economic Survey 2014-15 paints a bring picture for the Indian economy in the coming years, forecasting double digit growth, falling inflation expectations and improved macro economic framework. One factor, however, could move bond markets negatively is the survey’s call for a bit of flexibility on fiscal deficit, which could increase government borrowing.

Dated 27 Feb 2015

By Team INRBonds

inr Logo

Railway Budget 2015-16 and its Impact on Union Budget 2015-16

The Railway Budget impact on government budget is a total of Rs 416.45 billion.

Dated 26 Feb 2015

By Team INRBonds

inr Logo

Budget 2015 Cheat Sheet - 42% Tax Devolution to States has impacted Fiscal Deficit Negatively

The Government has accepted the Fourteenth Finance Commission recommendation to devolve 42% of Union Government’s net taxes to States, as against 32% being followed at present, which was the recommendation of the Thirteenth Finance Commission.

Dated 24 Feb 2015

By Team INRBonds

inr Logo

Understand the Union Budget 2015-16 – part 3 Fiscal Deficit

Fiscal deficit is the difference between total revenues and total expenditure of the government.

Dated 19 Feb 2015

By Team INRBonds

inr Logo

Union Budget 2015-16 can do wonders if FM delivers on Fiscal Consolidation

The FM, Arun Jaitley will present the Union Budget for fiscal 2015-16 to the Parliament on the 28th of February 2015.

Dated 19 Feb 2015

By Team INRBonds

inr Logo

Understand the Union Budget 2015-16 – Part 2 Receipt Budget

India’s revenue growth is weak and that is leading to a self-fulfilling factor of curbing spending on value creation, which in turn is leading to slowing economic growth and that in turn is leading to slowing revenue growth.

Dated 18 Feb 2015

By Team INRBonds

inr Logo

Understand the Union Budget 2015-16 - Part 1 Expenditure Budget

Interest payment on government debt is the single largest and most crippling of government expenditure.

Dated 17 Feb 2015

By Team INRBonds

inr Logo

Budget 2014 – Dear FM, cut arbitrage on FMP but do not penalize bond fund investors

Dear FM, you have announced changes in the Dividend Distribution Tax and Capital Gains Tax in budget 2014.

Dated 11 Jul 2014

By Team INRBonds

inr Logo

Budget 2014-Please do not expect quick returns from markets

The first budget of the Modi government for fiscal 2014-15 was presented by the FM, Arun Jaitley on the 10th of July 2014 was strong on intent to control inflation, fiscal deficit and bring about long term stable economic growth.

Dated 10 Jul 2014

By Team INRBonds

inr Logo

Mutual Fund DDT and Capital Gains Tax, What does it Imply?

Three and half years back, budget 2014 saw two changes in the tax applicable to mutual fund investments.

Dated 10 Jul 2014

By Team INRBonds

inr Logo

Features Of Union Budget 2014-15

The FM, Arun Jaitley presented a budget for fiscal 2014-15, that has shown a growth in total expenditure of 12.9% and growth in total revenues of 17.9% over fiscal 2013-14 numbers.

Dated 10 Jul 2014

By Team INRBonds

inr Logo

Economic Survey 2013-14 – Language is just right for INR Bonds

The FM, Arun Jaitley released the Economic Survey for fiscal 2013-14 in the parliament today. The survey is a document on the state of the economy and is presented one day before the budget.

Dated 9 Jul 2014

By Team INRBonds

inr Logo

IRFC bond spreads to be low this fiscal – Railway budget 2014

The Railway Minister Sadananda Gowda, presenting the first Railway Budget of the Modi government, announced a lower borrowing program for IRFC (Indian Railway Finance Corporation) in this fiscal year.

Dated 8 Jul 2014

By Team INRBonds

inr Logo

Dear FM, Suppressed Inflation is your key enemy, PUT IT DOWN

Dear Mr. Arun Jaitley, this is yours and your Prime Minister Mr. Narendra Modi’s first union budget.

Dated 7 Jul 2014

By Team INRBonds

inr Logo

Modi Budget 2014-Cheat Sheet for your Reference on Budget Day

The first budget of the Modi government is to be presented to the parliament on the 10th of July 2014 and Sensex, Nifty, INR and INR Bonds will show high volatility as numbers unfold in the budget.

Dated 4 Jul 2014

By Team INRBonds

inr Logo

Modi Budget 2014- Flat Yield Curve, where should you invest your fixed income corpus?

The first budget of the Modi government is to be presented to the parliament on the 10th of July 2014 and bond markets are pricing in a period of slow growth and inflation coming off down the line.

Dated 2 Jul 2014

By Team INRBonds

inr Logo

Modi Budget 2014- FII limits in G-Secs will have to be increased to fund fiscal deficit

The first budget of the Modi government to be presented to the parliament on the 10th of July 2014 will have to address the issue of financing the fiscal deficit.

Dated 1 Jul 2014

By Team INRBonds

inr Logo

How Will the New Government pay back Bond Investors

The fiscal profligacy of the UPA government is starting to hurt when it comes to repayment of borrowings.

Dated 19 Feb 2014

By Team INRBonds

inr Logo

Vote-on-Account 2014-15 - Receipts and Expenditures, No change in pattern

The government is showing a fiscal deficit of 4.1% of GDP for 2014-15 against 4.6% of GDP seen in 2013-14.

Dated 17 Feb 2014

By Team INRBonds

inr Logo

Net government borrowing for 2014-15 is lower than that of 2013-14

The government in its interim budget for 2014-15 has projected a fiscal deficit of 4.1% of GDP.

Dated 17 Feb 2014

By Team INRBonds

inr Logo

Vote On Account 2014-15: Government is Selling its house to buy a car- Revenue and Expenditure 2013-14

Would you sell your house to buy a car? A house typically appreciates in value over many years, earns rent income or provides a strong foundation for a family.

Dated 10 Feb 2014

By Team INRBonds

inr Logo

Vote On Account 2014-15: GDP, Fiscal Deficit and Market Borrowings explained with actual numbers for fiscal 2012-13 and fiscal 2013-14

India’s budget for a fiscal year is usually scheduled in February every year at the budget session of the parliament.

Dated 6 Feb 2014

By Team INRBonds

inr Logo

RBI transfers surplus profit to Government of India

The Reserve Bank’s Central Board on 08th August 2013 approved the transfer of surplus profit to the Government of India amounting to Rs 330.10 billion for the year ended June 30, 2013 as against Rs 160.10 billion for the year ended June 30, 2012.

Dated 8 Aug 2013

By Team INRBonds

inr Logo

Budget 2013-14 Reality Show Part 8-Performance Monitor Tables

The Union Budget 2013-13 estimates a nominal GDP growth of 12.8%.

Dated 1 Mar 2013

By Team INRBonds

inr Logo

Budget 2013-14 Reality Show Part 7-Post Budget Analysis

The reaction by the markets to the budget was negative.

Dated 28 Feb 2013

By Team INRBonds

inr Logo

Budget 2013-14 Reality Show Part 6- Economic Survey 2012-13 in Pictures

The Economic Survey is released one day prior to the budget

Dated 27 Feb 2013

By Team INRBonds

inr Logo

Budget 2013-14 Reality Show Part 5 - Weak investment demand will mark fiscal 2013-14

The union budget 2013-14 is a media event and once it is over the economy goes back to business.

Dated 25 Feb 2013

By Team INRBonds

inr Logo

Budget 2013-14 Reality Show Part 4 -Cheat Sheet for Budget Presentation

The budget 2013-14 documents will have thousands of numbers floating around and the numbers are bound to confuse even a seasoned budget analyst.

Dated 21 Feb 2013

By Team INRBonds

inr Logo

Budget 2013-14 Reality Show Part 3 – Revenue

The government is likely to close 2012-13 with a revenue shortfall on the back of slowdown in GDP growth and on the back of lower collections in spectrum auction.

Dated 20 Feb 2013

By Team INRBonds

inr Logo

Budget 2013-14 Reality Show Part 2- Non Plan Expenditure

The Non-Plan expenditure of the government constitutes 65% of total government expenditure that was budgeted for fiscal 2012-13.

Dated 19 Feb 2013

By Team INRBonds

inr Logo

Budget 2013-14 Reality Show Part1 - Forecasts

The Union Budget for 2013-14 is to be tabled in the Parliament on the 28th of February 2013. This budget will be the last full budget of the UPA government before elections in 2014.

Dated 15 Feb 2013

By Team INRBonds