State finances a study of budgets of 2008-09

Contributor(s): Reserve Bank of India
Publisher: Mumbai Reserve Bank of India 2008Description: xiii, 430 p.Subject(s): Finance, Public - India | Budget - IndiaDDC classification: 352.10954 Summary: The Study highlights the noticeable improvement in the consolidated fiscal position of the State Governments evident during the recent years. The revenue account of States turned around from deficit to surplus during 2006-07 after a gap of two decades. The revenue surplus position has been proposed to be maintained in the revised estimates (RE) for 2007-08 as well as the budget estimates (BE) for 2008-09 at 0.5 per cent of GDP. Reflecting the improvement on the revenue account, the ratio of gross fiscal deficit to GDP was 1.9 per cent in 2006-07 (accounts). The gross fiscal deficit as a ratio to GDP was estimated higher at 2.3 per cent in 2007-08 (RE) on account of higher capital outlay, but is budgeted to decline to 2.1 per cent during 2008-09 though capital outlay to GDP ratio would be maintained at 2.7 per cent. The State Governments also generated a primary surplus (0.4 per cent of GDP) during 2006-07 (accounts), which is estimated to turn into deficit of 0.1 per cent of GDP in line with increase in gross fiscal deficit, notwithstanding the increase in interest outgo in 2007-08 (RE) as well as 2008-09 (BE)
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Books Vikram Sarabhai Library
Slot 1119 (0 Floor, East Wing) Non-fiction 352.10954 R3S8/2008-09 (Browse shelf) Available 177437

The Study highlights the noticeable improvement in the consolidated fiscal position of the State Governments evident during the recent years. The revenue account of States turned around from deficit to surplus during 2006-07 after a gap of two decades. The revenue surplus position has been proposed to be maintained in the revised estimates (RE) for 2007-08 as well as the budget estimates (BE) for 2008-09 at 0.5 per cent of GDP. Reflecting the improvement on the revenue account, the ratio of gross fiscal deficit to GDP was 1.9 per cent in 2006-07 (accounts). The gross fiscal deficit as a ratio to GDP was estimated higher at 2.3 per cent in 2007-08 (RE) on account of higher capital outlay, but is budgeted to decline to 2.1 per cent during 2008-09 though capital outlay to GDP ratio would be maintained at 2.7 per cent. The State Governments also generated a primary surplus (0.4 per cent of GDP) during 2006-07 (accounts), which is estimated to turn into deficit of 0.1 per cent of GDP in line with increase in gross fiscal deficit, notwithstanding the increase in interest outgo in 2007-08 (RE) as well as 2008-09 (BE)

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