Fiscal Policy for Equitable Growth

Gil Sander, Frederico; Shome, Saurabh; Seth, Smriti; Misra, Jaba

Fiscal Policy for Equitable Growth | India Development Update, October 2015

2015

Gil Sander, Frederico | Shome, Saurabh | Seth, Smriti | Misra, Jaba

Indias economy expanded by 7.3 percent in FY14-15 and 7.0 percent in Q1 FY15-16 (y/y). Industrial growth increased and despite government services slowing down, services expanded. Domestic drivers increased, while exports declined. Private consumption growth stayed strong and investments gained momentum. Gross domestic product is expected to increase gradually to 7.5 percent in FY15-16. The positive outlook is dependent upon the implementation of important domestic reforms which include: boosting the balance sheets of the banking sector through a sustainable solution of the debt overhang of primarily power and road infrastructure firms, continuing to improve the ease of doing business and enacting the crucial Goods and Services Tax, and enhancing capacity of state and local governments to deliver public services as more resources are devolved from the centre.

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accounting agricultural commodities auctions balance sheets bank loans budget capital formation commercial banks contracts currencies debt deficit devaluation developing countries equity exchange rate expenditure external debt finance fixed capital foreign investment gross domestic product income tax inflation information technology instrument instruments insurance interest rates investment investment requirements lending levies levy liabilities liability liquidity loans local government market prices markets poverty private investment public finance public investment remittances returns stock stock market stocks taxes transaction costs valuation wealth tax working capital

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World Bank, Washington, DC

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Illiquidity; Return on assets; Deficits; Tax credits; Lender; Capital shares; Goods; Cash transfer; Share; Disbursements; Corporation bank; Current account deficit; Industry credit; Banking sectors; Investment fund; Debts; Emerging economies; Tax regime; Transactions; Government assets; Economic developments; Corporate bond; Trade balance; Remittance; Export performance; National bank; Guarantee; Tax credit; Corporate tax rates; Government support; Banking system; Oil prices; Bond; Recurrent expenditures; Infrastructure investment; Treasury bills; Current account deficits; Foreign currency; Short-term external debt; Institutional investor; Currency depreciation; Consumer price index; Holding; Currency; Macroeconomic conditions; Future; Exchange rates; Short-term debt; Treasury; Public sector banks; Share of assets; Capital stock; Emerging markets; Expenditures; Credibility; Banking sector; Small businesses; Finances; Exchange; Macroeconomic variables; Portfolio; Inflationary pressures; T-bills; Transactions costs; Credit growth; Central bank; Bond markets; Transition economies; Interest rate; Reserves; Asset value; Federal reserve; Emerging market; Local currency; Bank rate; Capital raising; Beneficiaries; Foreign currency debt; Reserve bank; Regulatory forbearance; Return; Public investments; Holdings; Tax collections; Capital flows; International settlements; Tax rate; Free bonds; Savings schemes; Deposits; Assets ratio; Equity markets; Fiscal deficit; Capital requirements; Equity flows; Government debt; Legal framework; Liquidity ratio; Portfolio flows; Bank credit; Foreign capital; Export growth; Commercial bank loans; Contingent liabilities; Maturities; Government deficit; Investments; Private banks; Global economies; Commercial bank; Debt overhang; Personal income; Host countries; Transparency; Budget deficits; International finance; Public banks; Foreign exchange reserves; Basis points; Foreign exchange; Financial management; Domestic credit; Tax collection; Micro finance; Withdrawal; Interest; Investors; Shares; Tax rates; Government bonds; Repo; Bank accounts; Real interest; Income growth; Tariff; Monetary policy; Portfolio inflows; Local governments; Developing country; Capital base; Turnover; Private investments; Government spending; State bank; Deposit; Global trade; Fiscal policy; Repo rate; Investor; Asset-liability management; Global economy; Infrastructure development; Purchasing power; Financial stability; Market; Bond index; Oil price; Financial markets; Micro finance institutions; Bank financing; Direct investment; Consumption expenditure; Liability management; Foreign investors; Commodity prices; Investor confidence; Bonds; Bond spreads; Transaction; Loan; Debt service; Non-performing loans; Financial health; Personal loans; Portfolio allocations; Market reforms; Disbursement; Fixed investment; Financial flows; Foreign direct investment; Revenue; Reserve; Foreign banks; Monetary fund; Infrastructure investments; Revenues; Domestic market; Tax; Bank deposit; Asset values; Real interest rates; Capital inflows; Capital markets; Asset quality; Debt markets

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Fiscal Policy for Equitable Growth | India Development Update, October 2015

2015

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