Fitch Ratings joins S&P and Moody’s in trimming India outlook to `negative’

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Fitch Ratings retained its sovereign rating for India at the lowest investment grade of BBB negative, and trimmed its outlook to ‘negative’ from ‘stable’, citing a sharp Covid-induced deterioration of the country’s growth and fiscal metrics. In a statement, Fitch said: “The coronavirus pandemic has significantly weakened India’s growth outlook for this year and exposed […]

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India’s Apr-Sep 2019 fiscal deficit (half-yearly) reaches 92.6% of FY20 target

India’s fiscal deficit touched nearly 93 per cent of the budget estimate at Rs 6.52 lakh crore during April-September period of the current financial year, according to latest government data. The fiscal deficit amounts to 92.6 per cent of the budgeted target for the current fiscal year. In absolute terms, the fiscal deficit, the gap […]

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India’s interim budget 2019-20 offers cash dole to small farmers before general election

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Pitching a strong re-election bid, India’s BJP-led NDA government announced the biggest income tax sops for middle class, including complete exemption for income up to Rs 5 lakh, and Rs 6,000 annual cash dole to poor farmers in a scheme that will cost Rs 75,000 crore per year. Converting a vote on account speech into […]

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Saudi 1Q deficit narrows, some allowance cuts reversed, says Fitch

Saudi Arabia’s sharply narrower first quarter deficit highlights the positive fiscal impact of higher oil prices, but the partial reversal of a cut in public sector allowances shows reforms are not yet well entrenched, Fitch Ratings said. Saudi Arabia’s Ministry of Finance published the government’s first-ever quarterly budget performance update on 11 May as part […]

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