07-06-2009, 10:36 PM
<b>India Will Borrow Record $93 Billion to Fund Budget; Stocks, Rupee Decline</b>
<b>Indiaâs Mukherjee to Borrow Record to Fund Budget</b> Gap <!--QuoteBegin-->QUOTE<!--QuoteEBegin-->Unveiling the budget for the year to March 2010, Mukherjee said Indiaâs fiscal deficit is expected to widen to a 16-year high of 6.8 percent of gross domestic product from a revised 6 percent. Indirect taxes will be streamlined through a goods and services tax, he said in his speech in New Delhi today.
Prime Minister Manmohan Singhâs government is spending more to speed up economic growth and reduce poverty in a nation where malnutrition is worse than Sub-Saharan Africa. Stocks and the currency weakened on investor disappointment that Mukherjee didnât announce major asset sales and concerns a ballooning budget deficit may lead to a credit-rating cut.
<!--QuoteEnd--><!--QuoteEEnd--><!--QuoteBegin-->QUOTE<!--QuoteEBegin-->Credit Rating
<b>Moodyâs Investors Service has a rating of Ba2, two levels below investment grade</b>, on Indiaâs local-term local currency bonds, while <b>Fitch Ratings have a BBB- long-term rating on India, their lowest investment-grade level.</b>
Prime Minister Singhâs government plans to overhaul subsidies and is banking on 8 percent to 9 percent economic growth in the next two years to boost tax revenue and reduce the budget deficit to 5.5 percent of GDP by March 2011 and to 4 percent in the following 12 months.
<b>âThe proof of the pudding will be in the eating on this one,â</b> said Robert Prior-Wandesforde, regional economist at HSBC Group Plc in Singapore. <b>âIndia remains a long way from achieving a 9 percent growth rate on a sustained bases and will need a lot more in the way of infrastructure spending.</b>â<!--QuoteEnd--><!--QuoteEEnd-->
As expected, how long they can hide under cooked books.
Sorry state is because of free dole before election, now borrow and destroy country slowly. Congress will take back country to 2% growth rate.
<b>Indiaâs Mukherjee to Borrow Record to Fund Budget</b> Gap <!--QuoteBegin-->QUOTE<!--QuoteEBegin-->Unveiling the budget for the year to March 2010, Mukherjee said Indiaâs fiscal deficit is expected to widen to a 16-year high of 6.8 percent of gross domestic product from a revised 6 percent. Indirect taxes will be streamlined through a goods and services tax, he said in his speech in New Delhi today.
Prime Minister Manmohan Singhâs government is spending more to speed up economic growth and reduce poverty in a nation where malnutrition is worse than Sub-Saharan Africa. Stocks and the currency weakened on investor disappointment that Mukherjee didnât announce major asset sales and concerns a ballooning budget deficit may lead to a credit-rating cut.
<!--QuoteEnd--><!--QuoteEEnd--><!--QuoteBegin-->QUOTE<!--QuoteEBegin-->Credit Rating
<b>Moodyâs Investors Service has a rating of Ba2, two levels below investment grade</b>, on Indiaâs local-term local currency bonds, while <b>Fitch Ratings have a BBB- long-term rating on India, their lowest investment-grade level.</b>
Prime Minister Singhâs government plans to overhaul subsidies and is banking on 8 percent to 9 percent economic growth in the next two years to boost tax revenue and reduce the budget deficit to 5.5 percent of GDP by March 2011 and to 4 percent in the following 12 months.
<b>âThe proof of the pudding will be in the eating on this one,â</b> said Robert Prior-Wandesforde, regional economist at HSBC Group Plc in Singapore. <b>âIndia remains a long way from achieving a 9 percent growth rate on a sustained bases and will need a lot more in the way of infrastructure spending.</b>â<!--QuoteEnd--><!--QuoteEEnd-->
As expected, how long they can hide under cooked books.
Sorry state is because of free dole before election, now borrow and destroy country slowly. Congress will take back country to 2% growth rate.