The size of Delhi's Budget is close to Rs 55,000 crore, or about 6 per cent of its gross state domestic product (GSDP). What set the state apart is that in the last decade, its fiscal deficit hardly crossed 1 per cent of GSDP, while many other states grappled to contain it within 3 per cent. This was largely possible due to the revenue surplus position, reports Abhishek Waghmare.
While many are getting stranded because of lack of clarity regarding the visa rules following the novel coronavirus outbreak, others are stranded in transit as even OCI cardholders are being turned away
Covering 37 different legislations such as the Partnership Act of 1932, Insolvency and Bankruptcy Code, and laws on environmental protection, consumer protection and labour interests, the recommendations have been shared with Prime Minister Narendra Modi and Finance Minister Nirmala Sitharaman.
The impact of economic slump was visible in the Budget's fine print, as this step-by-step explanation show how the Budget math was worked out, reports Abhishek Waghmare.
A string of measures includes specific provisions in rules governing anti-dumping, safeguards, and basic Customs duties.
With exporters' claim for over five months still pending, liquidity has been wiped out and the process of finalising new contracts has been held up.
The Asean secretariat hopes the meet may be able to iron out existing wrinkles raised by India. Since there had been no significant progress on the matter over the past two years on most issues, New Delhi is yet to decide on the invite.
In comparison to other asset classes, globally, gold rallied significantly after many years to deliver 18.4 per cent returns in 2019.
'I suggest a cut in the GST rates and an infusion of Rs 1.2 trillion into the economy in six months.'
Spurring the economy, currently in the throes of a slowdown, remains the prime focus for most ministries, but the government is also looking to make women's welfare and environmental protection key to policymaking in this term.
If the protected growth in GST revenue is reduced to 10 per cent, the Centre would save more than Rs 25,000 crore in 2020-21 if none of the states show any revenue growth. This would nearly amount to 0.1 per cent of the gross fiscal deficit and help the government in avoiding fiscal slippage to some extent in subsequent years.
Banks will also consider requests from MSMEs for restructuring their stressed standard assets. So far, only 25 per cent of the around 1 million eligible MSMEs have taken benefit of the RBI's special dispensation.
Industry players said they were indeed seeing a serious fall in capacity usage, though some sectors were seeming to prevent further fall in the overall capacity utilisation.
While manufacturing firms cut jobs for the first time in 20 months to sharply reduce costs, services providers continued their hiring spree.
Only one of the three drivers of the economy has performed in the way it should: government spending grew at 15.6 per cent, reports Abhishek Waghmare.
A look at six indicators shows all of them have collapsed from positive growth in April to contraction in September.
It shows that states would require a compensation to the tune of at least Rs 1.67 trillion in 2024-25, as none of them would be able to achieve a 14 per cent growth every year.
While experts pointed out the impact of corporation tax cuts cannot yet figure in collections as most companies are yet to decide on their choice, government officials said a part reason for slow collection is the tax cut.
What could be the reason for the successive downward revisions across the board? Some key indicators make it evident, reports Abhishek Waghmare.
Among the major ones are fewer restrictions on market access for US medical device manufacturers, as well as access for other key products.
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