Share of external financing of fiscal deficit soars to 4.5% in Q1: Report

The share of external financing has jumped to 4.5 per cent in Q1 FY21 from 1.6 per cent in the same quarter last fiscal, which in terms of the quantum has skyrocketed by 325 per cent Y-o-Y, says a report analysing the fiscal numbers of the government.

The government has run 83 per cent of its borrowing target as of June, according to official numbers released on July 31, due to the impact of the pandemic that crippled the economy.

The massive spike in the share of external source of funding the comes even as it has been continuing financing primarily through domestic sources — as much as 96 per cent, according to an analysis by CARE Ratings.

“The share of external financing in the current financial year has jumped from 1.6 per cent as of Q1 of FY20 to 4.5 per cent in Q1 of the current fiscal. In terms of the quantum of external financing, this is a massive 325 per cent higher year-on-year during the first quarter,” says the report without quantifying the actual numbers.

When it comes to domestic financing of

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KPIT Technologies net profit dips 22% to Rs 24 crore in June quarter

IT company on Monday reported around 22 per cent fall in consolidated net profit to Rs 24.2 crore for the June 2020 quarter.

It had posted a net profit of Rs 31 crore in the corresponding period a year ago, according to a BSE filing by the company.

The firm’s consolidated revenue from operations during April-June 2020 dropped 2.6 per cent to Rs 492.7 crore, compared with Rs 505.7 crore in the year ago period.

“The performance of this quarter is in line with our expectations in the face of the global pandemic,” KPIT co-founder, CEO and MD Kishor Patil said in a statement.

He added that the mobility industry is stabilising and the company is witnessing increased interest from its strategic clients with prioritising of investments in electric powertrain, autonomous driving and digital cockpit.

Patil said the firm closed two large deals in consecutive quarters now and remains optimistic about growth and gradual improvement in other operating parameters in the second half and beyond.

“Our priority during the last quarter was to keep the well-being of our employees in the

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Google Unveils Cheaper Pixel Smartphone, Teases 5G

Google on Monday unveiled a new. more affordable Pixel smartphone and said it would launch models tailored for super-fast 5G networks later this year.

The Pixel 4a boasts core features popular that made its top-of-the-line predecessor popular, like a sophisticated camera system.

But its starting price of $349 is about half that of the flagship Pixel 4 model.

The new phone will be available in the United States starting August 20.

While still a bit player in the smartphone hardware market, Alphabet-owned Google found success with the release last year of the Pixel 3a, which bucked the trend of sky-high prices for top-tier handsets.

“Last year, Pixel 3a gave people a chance to get the helpful features of Pixel at a more affordable price,” said Google product management vice president Brian Rakowski.

“This year, Pixel 4a and the first 5G-enabled Pixels, Pixel 4a (5G) and Pixel 5 coming this fall, will continue to bring the features people love packaged in sleek new hardware at more affordable prices.”

The coming Pixel 4a synched to 5G networks still being built will start at $499, and be available in Australia, Britain Canada, France, Germany, Ireland, Japan, Taiwan, and the US, according to Rakowski.

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