Australia has said it would not pursue the case of Wikileaks founder Julian Assange with the United States any further as it no longer serves the country's interests.
Country's fiscal deficit touched Rs 516,390 crore or 95.2 per cent of the annual target during April-December, the Controller General of Accounts said.
This comes at a time when the COVID-19 crisis is expected to derail the government's revenue maths for 2020-21, hitting the mop-up from sources such as taxes and divestment.
The government has budgeted to cut the fiscal deficit to 3.3 per cent of GDP or Rs 6.24 lakh crore in 2018-19, from 3.53 per cent in the previous financial year.
India's fiscal deficit reached 4.11 trillion rupees ($61.67 billion) during April-October or 74 per cent of the full-year target, government data showed on Monday.
Benchmark indices closed higher on the last day of August, amid volatile trading session led by FMCG and IT shares.
The 30-share Sensex ended up 219 points at 18,620 and the 50-share Nifty ended up 63 points at 5,472.
The main gainers on the Sensex were Bajaj Auto, TCS, Cipla, HDFC, HDFC Bank.
Pakistan's outgoing government has acknowledged that it provided grants of Rs 687 billion to the powerful military for security-related spending that were in addition to the annual defence budgets.
As much as Rs 3.64 lakh crore has been collected as advance tax, which is 14.5 per cent higher than the advance tax collections during the same period last year.
Spectrum auction and divestment proceeds likely to disappoint, subsidies are likely to overshoot the Budget target and there might also be some shortfall in tax collections.
A government official said out that with hardly any economic activity, an immediate duty hike will not be productive and could be announced once the lockdown eases and demand revives.
'I do not believe that you would have a booming economy when you go into elections if you had a budget which did not answer the fiscal deficit concerns.'
During financial year 2011-12, MTNL was able to use only 14.66 per cent of the Budget estimate, while BSNL reported a better performance, according to a report by the standing committee on information technology.
While the ratio determines the extent to which the government is able to finance its expenditure, it is also an indicator of tax compliance. Developed countries have a higher contribution of tax to their GDP.
'It is entering growth territory on a month-on-month basis.'
In 2009, FinMin proposed to move regulators' reserves into public account. These accounts were finally opened in 2013-14. However, no funds have been deposited in it so far.
Parrikar, who is suffering from pancreatic ailment, presented a revenue surplus state budget sitting on his chair in the state assembly, with a tube inserted through his nose.
Govt looks at more taxes, dividends to meet deficit target.
While most economies contracted in the second quarter of 2020, the Chinese economy grew by 3.2 per cent.
This is slightly better than the fiscal deficit position last year when it was 85.6 per cent of the Budget target.
The tax collections are down by Rs 60,000 crore (Rs 600 billion) over budget estimates for 2008-09, Pranab Mukherjee said.
Fiscal deficit in the first four months of 2012-13 stood at 51.5 per cent of the budget estimates -- slightly better compared to 55.4 per cent in the same period a year ago -- according to Controller General of Accounts (CGA) data released on Friday.
According to the figures released on October 31, the deficit till September had inched down to 65.6 per cent of the budget estimate for 2012-13, compared with 65.7 per cent till August.
Overall, small savings have amassed Rs 1.17 trillion from April-September - 26 per cent more than the previous year. But in those six months, the economy lost 24 per cent in the first three months, and is slated to lose 10 per cent in the second quarter.
As part of the plan, government departments may have to surrender the unspent project-linked component of the Rs 70,000-crore (Rs 700-billion) additional gross Budgetary support at the end of the financial year.
While the finance minister had a great opportunity to come out with flying colours while presenting this last Budget of his government, he didn't, says Omkar Goswami.
MGNREGA scheme: A significant Rs 17,370.58 crore has been carried forward over to the next financial year as unpaid dues as demand for work continued unabated for the scheme in rural areas.
In the corresponding period of the last financial year, fiscal deficit was 39.4 per cent of the estimates.
The finance ministry plans to work out its borrowing calendar.
The government was exploring options to secure higher dividend payment from state-run companies.
Finance Minister Nirmala Sitharaman has brought down the budgetary allocation for the fertiliser subsidy for FY21 to Rs 71,309 crore, from the RE of Rs 79,998 crore for FY20, while increasing food subsidy to FCI through "ways and means advance" to Rs 50,000 crore for FY21, from Rs 36,000 crore in RE for FY20, and under the National Food Security Act (NFSA) to Rs 77,982 crore, from Rs 75,000 crore.
When emerging from this crisis, the govt must consider a fresh approach to reviving growth, revisiting the Centre-state fiscal balance, and devising a re-imagined GST 2.0, suggests T N Ninan.
The Economic Survey states that the rationalisation and reprioritisation of subsidies through better targeting would play a vital role in fiscal consolidation and in targeting expenditure more towards inclusive development.
When Finance Minister Nirmala Sitharaman tables her Budget on February 1, the numbers could be something to cheer.
The fiscal deficit, estimated at 4.6 per cent of the gross domestic product, is expected to be around 5.6 per cent, mainly on account of factors like subdued revenue collection, poor disinvestment receipts, high global commodity prices and increasing subsidy bill.
The amount allocated for 'Tour Expenses' has been fixed at Rs 259 crore.
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