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The government has already received ₹40,000 crore during FY19. In February, RBI had
announced a ₹28,000 crore interim dividend, taking the total dividend transfer to the government
to ₹68,000 crore. The RBI central board is yet to approve the ₹28,000 crore interim dividend.
he government has set a fiscal deficit target of 3.3% of gross domestic product for the current
fiscal, revised downward from 3.4% pegged in the interim budget in February. Sen said the
sensible thing for the government would be to reduce the balance sheet and off-balance sheet
borrowings using the additional transfer from RBI, such as the recapitalization bonds issued for
public sector banks and huge borrowing by the Food Corporation of India from the small savings
fund. Aditi Nayar, principal economist at Icra India, said the transfer of surplus from RBI should
help offset the expected shortfalls in various tax revenues in 2019-20 and aid the government in
meeting its fiscal deficit target. So I argue that the fund given by RBI to government will be
useful in order to tackle current economic depression.