Saturday, April 5, 2025
News

CAD may continue to widen, put pressure on fiscal deficit: Congress

   SocialTwist Tell-a-Friend    Print this Page   COMMENT

New Delhi | Wednesday, 2023 2:45:09 AM IST
The Congress on Tuesday said the Economic Survey cautions about the challenge of the depreciating rupee persisting with the likelihood of further increases in policy rates by the US Fed.

"Global commodity prices remain elevated, Current Account Deficit (CAD) may continue to widen. Rupee may come under pressure in FY 24, if CAD widens, and there might be more pressure on fiscal deficit in FY 24," party spokesperson Gourav Vallabh said.

"As per Economic Survey 2023, the nominal GDP growth is projected at 11 per cent for FY 24. With this nominal GDP, for FY 24, our Gross Tax Revenue growth will be expected to be around 8-8.5 per cent compared with 15.5 per cent in FY 23.

"This dip in the Gross Tax Revenue growth rate will put further pressure on the fiscal deficit for FY 24," he added.

"Reduction of $36/bbl ($116 to $80) in crude oil prices (Indian Basket) in last 6 months. But no benefit to final consumers. As a result, 6.8 per cent inflation this FY (22-23), which is outside RBI's upper limit of 6 per cent," the Congress leader said.

He also noted that India's Human Development Index ranking in 2021 was 132/191 countries - against 130 in 2020 - and its score was 14 per cent lower than the global average.

--IANS miz/vd

( 233 Words)

2023-01-31-20:40:04 (IANS)

 
  LATEST COMMENTS ()
POST YOUR COMMENT
Comments Not Available
 
POST YOUR COMMENT
 
 
TRENDING TOPICS
 
 
CITY NEWS
MORE CITIES
 
 
INDIA WORLD ASIA
'Prayed for well-being of people of stat...
Woman dies after being allegedly denied ...
Tripura Govt working to preserve indigen...
Meghalaya CM launches digital Disaster a...
Parliament passes 16 bills during budget...
AIMIM Chief Asaduddin Owaisi approaches ...
More...    
 
 Top Stories
"Russia, India developed immunity a... 
Digvesh Rathi credits Sunil Narine ... 
Lucknow Super Giants batter David M... 
Lucknow Super Giants outsmart Mumba... 
Sri Lankan community expresses joy ... 
India, Thailand to enhance physical... 
Rajnath Singh to inaugurate Indian ... 
Tripura Govt working to preserve in...