• Investment World
• eWorld
• Brand Line
• Mentor
• Life
• Brand Quest
• The New Manager
• Smartbuy

Stocks

• Quotes
• SE Diary
• Scoreboard
• Open-End Mutual Fund

Cross Currency

• Rates
  
  

Shipping

• Ports
  
  

Archives

• Yesterday
• Datewise
• Resources
• In Focus
• In Depth
• Events 2007

Group Sites

• The Hindu
• The Hindu ePaper
• Business Line
• Business Line ePaper
• Sportstar
• Frontline
• The Hindu eBooks
• The Hindu Images

Economists said that the revenue loss from duty cuts would push up the Centre’s fiscal deficit for 2008-09.

The Centre had pegged the estimate for fiscal deficit for 2008-09 at Rs 1,33,287 crore, which was about 2.5 per cent of GDP.

According to Mr D.K. Joshi, Crisil’s Principal Economist, the estimated revenue loss of Rs 22,660 crore would push up fiscal deficit from 2.5 per cent of GDP to 2.9 per cent for 2008-09.

Moreover, the off-budget liability arising from planned oil bond issuance of Rs 94,600 crore for 2008-09 would be about 1.8 per cent of GDP, he said.

For 2007-08, the oil marketing companies (OMCs) have so far received oil bonds of the face value of Rs 20,333 crore covering the period April-December 2007. If one were to go by the understanding between Petroleum and Finance Ministries that oil bonds to the extent of 50 per cent of under recoveries would be covered for 2007-08, then the total value of oil bonds that would be issued for 2007-08 would stand at Rs 35,300 crore.

More Stories on : Economy | Petroleum | Excise and Customs

Article E-Mail :: Comment :: Syndication :: Printer Friendly Page

Stories in this Section
Auto cos smell an opportunity

Copyright © 2008, The Hindu Business Line. Republication or redissemination of the contents of this screen are expressly prohibited without the written consent of The Hindu Business Line