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

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Report; Economic & Sector Work :: Economic Updates And Modeling; Economic & Sector Work

En AGRIS desde: 2016-03-15

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

2015

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