Rains were 26 per cent above normal across the country.
From April onwards, the government have sensitised the ministries to live within the Budget.
Those conducting their businesses predominantly in cash and evading income tax have reasons to worry.
Leaving behind apprehensions of a rise in interest rates and petro duty cut impacting budget numbers, the officials are now confident of keeping the fiscal deficit within the targeted 4.6 per cent of the gross domestic product.
As the country grapples with a string of corruption issues, the approach paper to the 12th Five-Year Plan, which is in final stages of preparation by the Planning Commission, will focus prominently on governance issues.
The wheat procurement season has ended in most big foodgrain-growing states with an all-time high purchase of almost 28 million tonnes (mt), creating a problem of storing such huge stocks.
Empowered CIB to play lead role in recovering tax evaded.
Empowered CIB to play lead role in recovering tax evaded.
Officials said the Centre would have to bear an additional subsidy burden of Rs 4,161 crore this financial year, if this proposal was implemented.
Officials from the food ministry said if the situation continued, the country could face a problem of plenty, as grain stocks this year are at a high level of 65 million tonnes (mt), while the total storage space available with the Food Corporation of India and state agencies, both covered and uncovered, is estimated at 63 mt as on June 1.
A big change in the new IIP data, taking 2004-05 as the base year against 1993-94 in the old series, is its classification of items and the weights assigned to these.
"It is felt there should be an arm's-length distance between the fund manager and the custodian of securities. There should be separation between fund manager, banker and the custodian," a senior labour ministry official said.
A senior CBDT official said the idea was to use TDS as a major driver to meet the stiff direct tax collection target of Rs 5.33 lakh crore in the current financial year.
India is pushing for speedy implementation of a globally networked customs (GNC) platform, which envisages an interconnected customs-to-customs information sharing system.
New census will include questions about religion and castes.
Implementation of GST demands full support from all states.
The data, to be compiled by the ministry of statistics and programme implementation, will bring out the proportion of population actively contributing to production of goods and services, also known as the labour force participation ratio, every quarter.
Agencies to help get data on assets of taxpayers.
As part of the stepped-up efforts to track transfer of funds parked overseas in India, the investigating agencies have brought Cross Border Bank Guarantees (CBBGs) and Standby Letters of Credits (SLOCs) under the scanner.
Economy grew by 8.6 per cent in 2010-11.
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