Budget: FM ignores rating agencies, goes for massive fiscal expansion to boost growth

Nirmala Sitharaman’s fiscal deficit estimates announced in the budget have surprised the economists and analysts. The fiscal deficit for financial year (FY) 2020-21 is revised to a staggering 9.5% of GDP.

A poll by Bloomberg had put consensus estimates at 7.25% of GDP. The budget for 2020 had put the number at 3.5% of GDP before the pandemic struck

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