India's March wholesale price index rises to 3.2%
India's annual rate of inflation based on wholesale prices rose to 3.18 per cent in March, from a rise of 2.93 per cent in February, official data showed on Monday.
 
Even on a year-on-year basis, the Wholesale Price Index (WPI) data for March furnished by the Commerce Ministry showed that wholesale prices rose at a faster rate than the rise of 2.74 per cent reported for the corresponding month of 2018.
 
"The annual rate of inflation, based on monthly WPI, stood at 3.18 per cent (provisional) for the month of March, 2019 (over March, 2018), as compared to 2.93 per cent (provisional) for the previous month and 2.74 per cent during the corresponding month of the previous year," the Ministry said in its review of "Index Numbers of Wholesale Price in India".
 
"Build up inflation rate in the financial year so far was 3.18 per cent compared to a build up rate of 2.74 per cent in the corresponding period of the previous year," it added. 
 
Disclaimer: Information, facts or opinions expressed in this news article are presented as sourced from IANS and do not reflect views of Moneylife and hence Moneylife is not responsible or liable for the same. As a source and news provider, IANS is responsible for accuracy, completeness, suitability and validity of any information in this article.

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Fitch affirms India's rating at 'BBB-'; outlook stable
Credit rating agency Fitch on Thursday affirmed India's 'Long-Term Foreign-Currency Issuer Default Rating' (IDR) at 'BBB-' with a stable outlook.
 
"India's ratings balance a strong medium-term growth outlook and relative external resilience stemming from strong foreign reserve buffers, against high public debt, a weak financial sector and some lagging structural factors," Fitch said in a statement.
 
"A robust growth outlook continues to support India's credit profile."
 
The credit rating agency expects a growth of 6.8 per cent in the fiscal year ending March 2020 (FY20) and 7.1 per cent in FY21, supported by accommodative monetary policy, an easing of bank regulations, and government spending.
 
"We estimate real GDP growth to have slowed slightly to 6.9 per cent in FY19 from 7.1 per cent a year earlier. A deceleration in recent quarters has mainly been domestically driven, from weak manufacturing performance and low food inflation weighing on farmers' incomes," the statement said.
 
"Limited available indicators also point to a rise in unemployment," it added.
 
According to recently revised official Gross Domestic Product (GDP) data, growth averaged 7.5 per cent in the five years up to and including FY19, which is more than twice as fast as the historical 'BBB' peer median of 3.6 per cent.
 
As per the statement, general elections to be carried out from April 11 to May 19 result in some temporary uncertainty about the policy agenda.
 
"Over the past 30 years, governments of different political persuasions have been generally reform-minded," the statement said.
 
"The current government has implemented some ambitious and transformative reforms, notably the Goods and Services Tax (GST) and the Insolvency and Bankruptcy Code, while some other reforms so far seem to have had less traction."
 
Disclaimer: Information, facts or opinions expressed in this news article are presented as sourced from IANS and do not reflect views of Moneylife and hence Moneylife is not responsible or liable for the same. As a source and news provider, IANS is responsible for accuracy, completeness, suitability and validity of any information in this article.

 

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April-Feb fiscal deficit up to 134% of target
Lower tax collection pushed India's budgetary fiscal deficit for April-February 2018-19 period to 134.2 per cent or Rs 8.51 lakh crore of the Rs 6.34-lakh crore annual target, official data showed on Friday.
 
The Controller General of Accounts (CGA) data showed the fiscal deficit during the corresponding 11 months of the previous fiscal was 120.3 per cent of that year's target.
 
Till February, the government's total expenditure stood at Rs 21.88 lakh crore (89.1 per cent of the budget estimates) and total receipts were Rs 13.37 lakh crore (73.4 per cent of the budget estimates).
 
In the same period of 2017-18, it was 79.1 per cent of budgeted estimates received.
 
Of the total expenditure in this period, Rs 19.15 lakh crore was on revenue account and Rs 2.73 lakh crore on capital account.
 
Total receipts comprised Rs 10.93 lakh crore of net tax revenue, Rs 1.71 lakh crore of non-tax revenue and Rs 71,662 crore of non-debt capital receipts.
 
Devendra Kumar Pant, Chief Economist, India Ratings and Research (Fitch Group), said: "FY19 (April-February) fiscal deficit at 134.2 per cent of revised estimate is originating mainly from receipt side. Bharat ETF and PFC buying government's stake in REC has resulted in government over achieving Rs 800-billion disinvestment target."
 
"Space available in capital expenditure in March 2019 and Rs 50 billon over achievement of disinvestment will provide some buffer to government. However, slow pace of tax collection would keep pressure on fiscal deficit."
 
Disclaimer: Information, facts or opinions expressed in this news article are presented as sourced from IANS and do not reflect views of Moneylife and hence Moneylife is not responsible or liable for the same. As a source and news provider, IANS is responsible for accuracy, completeness, suitability and validity of any information in this article.

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