Union Budget

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.

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

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

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.

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.

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.

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%.

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.

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.

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) .

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.

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.

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.

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%.

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).

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

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

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.

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.

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.

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) .

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.

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.

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.

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.

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.

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.

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

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.

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.

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.

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.

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.

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.

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.

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.

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.

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

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

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

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.

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.

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

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.

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

Government Salaries and Bank Recapitalization more than compensate savings in subsidies

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.

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

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.

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.

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

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.

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

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

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.

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

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

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.

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

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.

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.

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.

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

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.

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.

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.

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

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

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

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

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.

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

The reaction by the markets to the budget was negative.

The Economic Survey is released one day prior to the budget

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

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

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.

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

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.