A Rs 1.35 trillion hole in the Budget
Finance Minister urges China to adjustterms of loans
In the hot seat
by Kumar David-October 24, 2015, 7:54 pm
by Kumar David-October 24, 2015, 7:54 pm
The government has tabled estimates of expenditure for 2016, the first reading of the Budget, and a short summary dated 9 October is available on the Finance Ministry website (Appropriation Bill for year 2016 approved by the Cabinet of Ministers). A deficit of Rs 1.35 trillion (million-million) is expected; at 11.8% of GDP this is appalling! The number is so large that it is more comprehensible in dollars - $ 9.51 billion at Rs 142 to a $. The job of finance minister Ravi Karunanayake and the government in the second reading on 20 November, the always much awaited Budget Speech, is to lay out proposals to bridge the gap.
