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Business Standard
03-06-2025
- Business
- Business Standard
Govt has scope to increase capital expenditure this fiscal, says ICRA
The government has the scope to increase total expenditure by ₹0.8 trillion, given the fiscal buffers and the upward revision in the FY2025 nominal GDP number, which bodes well for the deficit and debt-to-GDP targets for FY2026, a report by ICRA said on Tuesday. 'If this entire amount (₹0.8 trillion) goes for additional capex, it would push up the headline figure to nearly ₹12.0 trillion and take its growth to a healthy 14.2 per cent from 6.6 per cent currently.' Capital expenditure for April 2025 surged by 61 per cent year-on-year to ₹1.6 trillion, according to the latest data by the Controller General of Accounts. This was 14.3 per cent of the FY2026 Budget Estimate (BE), as against 9.4 per cent of FY2025 provisional estimates. ICRA said that this was well above the average monthly required rate of ₹0.9 trillion for the fiscal. 'This implies that capex needs to grow by a mere 0.9 per cent in the remaining 11 months of the fiscal to meet the FY2026 BE of ₹11.2 trillion,' it added. The report noted that the additional cushion on the receipts side—on account of the higher-than-budgeted RBI dividend transfer—provides comfort on the fiscal front amidst heightened global uncertainties. The dividend pay-out, ICRA said, could provide room to push capex above the target of ₹11.2 trillion in FY2026. 'The fiscal deficit-to-GDP ratio can be contained at 4.4 per cent in FY2026, while also accommodating a marginal fiscal slippage to the tune of ₹300–350 billion, given the larger base,' the ICRA report said. The CGA data also showed miscellaneous capital receipts for April 2025 amounting to ₹214.1 billion, which is 46 per cent of the FY2026 budget estimate of ₹470 billion. 'This gives us confidence that the target for the fiscal is unlikely to be missed. This provides some relief, given that a shortfall in miscellaneous capital receipts has been a recurring phenomenon,' the report said. The government's revenue receipts increased by 21 per cent to ₹2.6 trillion (7.5 per cent of FY2026 BE) in April 2025 from ₹2.1 trillion in the corresponding month last year. 'Compression in revenue deficit and healthy non-debt capital inflows contained the fiscal deficit at ₹1.9 trillion in April 2025, despite the surge in capex,' ICRA said. With the capex overshooting the FY2025 Revised Estimate (RE), the embedded growth in the same for FY2026 is now pegged at 6.6 per cent, lower than the 10 per cent seen in the Budget.
The Sun
14-05-2025
- Entertainment
- The Sun
King Charles and Willie Mullins strike historic deal over ‘impressive' horse bred by his late mum Queen Elizabeth II
KING Charles and Willie Mullins have struck an historic deal - which will see the legendary handler train a hugely 'impressive' horse bred by the monarch's late mum. The amazing link-up, reported by The Irish Field, means Mullins will look after the brilliantly-bred Reaching High in a first-of-its-kind agreement. 3 3 3 It is believed Reaching High will be the first horse ever owned by a reigning monarch to be trained in Ireland. Formerly with the now-retired Sir Michael Stoute, Reaching High blew punters away with a seven-length rout of rivals in the Racing League at Wolverhampton last August. That was his sole win in eight starts - but it looks like there is so much more to come from the four-year-old gelding. And King Charles and Mullins - who was crowned Irish and British champion jumps trainer last season - are targeting Royal Ascot. Reaching High's mum is Estimate, the late Queen's favourite horse who won the Ascot Gold Cup in 2013. Video of Queen Elizabeth II celebrating the monumental victory alongside trusted confidante and racing adviser John Warren was played the world over. And Reaching High's dad is none other than the awesome Sea The Stars - one of the greatest racehorses ever who won the 2000 Guineas, Derby, Coral-Eclipse, Juddmonte, Irish Champion Stakes and Prix de l'Arc de Triomphe in 2009. Mullins said he and King Charles, who owns horses alongside wife Queen Camilla, were introduced at last year's Royal Ascot. And a deal was done then that would ultimately lead to him being sent the hugely promising Reaching High. Mullins - who could gatecrash the Gold Cup with another £100,000 monster - told The Irish Field that they have already set out which race at Royal Ascot they want to win. That's providing all goes well with his debut at Leopardstown on Friday, when he will be ridden by Champion Bumper winner Jody Townend, sister to Mullins' No1 jockey Paul. Mullins, whose wins in Britain this year included the Grand National, where he had the 1-2-3 at Aintree, said: "He could be a contender for the Ascot Stakes over two-and-a-half miles on the opening day of Royal Ascot. "His pedigree is all stamina so those kind of races should suit him." King Charles actually rode at Cheltenham Festival but the Royal runners have tended to focus on the Flat. Of them, Estimate was by far the best but the King and Queen did have big success in 2023 with Desert Hero. Alsy by Sea The Stars and bred by the late Queen, he was a thrilling 18-1 Royal Ascot winner, reducing the King to tears. He then won the Group 3 Gordon Stakes at Glorious Goodwood before finishing third in the St Leger - the final Classic of the season - at Doncaster. There had been fears King Charles would drastically cut back the multi-million pound Royal racing operation after he inherited it. But Queen Camilla remains a huge supporter of the sport and the couple still have a lot of horses in training with the likes of Nicky Henderson over jumps and William Haggas, Ralph Beckett and John and Thady Gosden on the Flat. Commercial content notice: Taking one of the offers featured in this article may result in a payment to The Sun. You should be aware brands pay fees to appear in the highest placements on the page. 18+. T&Cs apply. Remember to gamble responsibly A responsible gambler is someone who:
