Union Budget
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 Subhasis Mishra
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 Subhasis Mishra
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 Arjun Parthasarathy
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 Arjun Parthasarathy
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 Arjun Parthasarathy
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 Arjun Parthasarathy
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 Arjun Parthasarathy
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 Arjun Parthasarathy
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 Arjun Parthasarathy
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 Arjun Parthasarathy
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 Arjun Parthasarathy
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 Arjun Parthasarathy
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 Arjun Parthasarathy
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 Arjun Parthasarathy
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 Arjun Parthasarathy
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 Arjun Parthasarathy
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 Arjun Parthasarathy
Understand the Union Budget 2016-2017 -Expenditure Budget
Government Salaries and Bank Recapitalization more than compensate savings in subsidies
Dated 18 Feb 2016
By Arjun Parthasarathy
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 Arjun Parthasarathy
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 Arjun Parthasarathy
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 Arjun Parthasarathy
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 Arjun Parthasarathy
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 Arjun Parthasarathy
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 Arjun Parthasarathy
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 Arjun Parthasarathy
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 Arjun Parthasarathy
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 Arjun Parthasarathy
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 Arjun Parthasarathy
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 Arjun Parthasarathy
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 Arjun Parthasarathy
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 Arjun Parthasarathy
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 Arjun Parthasarathy
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 Arjun Parthasarathy
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 Arjun Parthasarathy