India’s Finance Minister Vows Not To Overspend
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Finance disciplinary body delays first cases
Lower Hutt adviser Stephen Musaphia was also due to appear before the committee today but his case was adjourned until August 16. At this time, two Christchurch advisers, Rod Bourke-Shaw and Graham Beecroft, are due to appear before the committee. According to official records, Bourke-Shaw has already deregistered as a financial adviser. To get authorisation, an applicant needs to provide proof of competence and pass a “good character” test.
It is a red line and it will not be breached, he said on a day that economic data out of the country showed the government had run up a fiscal deficit of nearly half the budgeted amount in the first quarter. The fiscal deficit for April-June quarter was 48.4% of the budgeted amount compared with 37.1% in the same period last year, the ET reported Thursday. Chidambaram had unveiled a new fiscal consolidation road map soon after taking over as finance minister last year and managed to contain fiscal deficit at 4.9% of GDP by effecting aggressive expenditure cuts, joining countries around the world trying to streamline government. Investors have turned away from India this year, though. The Wisdom Tree India (EPI) exchange traded fund, one of the favorite ways into that market for the retail investor and day trader, is off 19.5% year to date, while the MSCI Emerging Markets Index is down 12.03%.