MOSL: Morning India (27/April/17)-1. Economy (Is fiscal policy reaching limits?)-2. Axis Bank-3. LIC Housing; 4. IDFC Bank-5. Zensar Technologies
​MOrning India (27/April/17): 1. Economy (Is fiscal policy reaching limits?); 2. Axis Bank; 3. LIC Housing; 4. IDFC Bank; 5. Zensar Technologies
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Today’s top research theme
Economy: Is fiscal policy reaching limits?
- ​Over the past few years, states' tax receipts have weakened sizably, increasing their reliance on the center. The combined tax-to-GDP ratio budgeted for 2017-18 is still meaningfully lower than the peak seen over a decade ago. Not surprisingly then, the states have budgeted 13-year lowest growth in their total spending, in line with the 12-year lowest growth budgeted by the center.
- Not only the center, but the states too are focused on investments. Consequently, the states have budgeted for 15-year lowest growth in consumption spending. As per the second advance estimates, government consumption spending is estimated to have grown 17% in FY17 and contributed one-fourth to real GDP growth of 7.1%.
- With flows from fiscal taps slowing and private investments remaining lackluster, it might be difficult for private consumption to offset the entire adverse effect. We would not be surprised if real GDP growth fails to pick up in FY18.
Piping hot news
Sebi allows options trading in commodities
- ​Capital market regulator the Securities and Exchange Board of India (Sebi) on Wednesday announced the much-awaited commodity market reform of permitting exchanges to launch options contracts.
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