Terming India's fiscal decentralisation as 'flawed', the World Bank has mooted six broad strategies, including strengthening the state finance commissions, broadening tax base and greater devolution of power to Panchayati Raj institutions.
Advising judiciary to avoid "perception-driven" verdicts, Prime Minister Narendra Modi on Sunday said it should have an internal mechanism of "self-assessment" as judges are considered "divine" and seldom face any criticism unlike the political class.
The recommendation was for imposing a cess of Rs 60 a year for families above the poverty line and Rs 25 for families below the poverty line, its report said.\n\n
In a soon to be published book, 'Of Counsel: The Challenges of the Modi-Jaitley Economy,' former chief economic advisor Arvind Subramanian says though RBI has a good reputation, it does not mean it's always right, as for years, the RBI was unable to grasp the seriousness of the loan repayment problems or identify the prolonged frauds of Nirav Modi and the likes.
Divestment also was not covered. One would have expected divestment to be a major instrument for raising fund for various projects, as was the case in the last 3-4 budgets but we did not see it at all.
An international seminar on accounting practices opened on Monday with Finance Commission chairman C Rangarajan asking the government to ensure better expenditure control for containing fiscal deficit.\n\n\n\n
Prasar Bharati has approved a scheme of self financed commissioning under which the outside producers would be required to produce programmes at his own risk and cost, Information and Broadcasting Minister S Jaipal Reddy said on Monday.
The finance minister defended the change in the tax rates.
This move will enable it to incur higher-than-mandated borrowing, and possibly spending, till the 2024 Lok Sabha election cycle.
Assam chief minister Tarun Gogoi has stated that backward state of Assam and the Northeast region as a while need more fund from the Centre instead of frequent visits of Union ministers, a new and unprecedented trend since Independence.
The Centre's revenue deficit is expected to go up by 0.75 per cent of the GDP this fiscal following the implementation of the 12th Finance Commission recommendations, RBI said.
When did Urjit Patel really resign? When did Shaktikanta Das get the mandate to take over as RBI governor?
The Centre will take a hit of Rs 26,000 crore (Rs 260 billion) in 2005-06 by implementing the twelfth finance commission's proposal of a higher share of central taxes, grant and debt relief to states.
C Rangarajan, chairman, 12th Finance Commission, will head the committee, J&K Finance Minister Muzaffar Hussain Baig said in Srinagar.
The extra borrowing implies Jaitley will have extra spending space in the Union Budget for FY19, the last full one before the 2019 general election
BJP's reversals in rural Gujarat has prompted many policy watchers to predict that the Budget would have incentives for the agriculture sector and the rural economy.
The Twelfth Finance Commission chairman C Rangarajan said on Tuesday that he was in favour of an early implementation of the value added tax regime.
The government on Tuesday extended the term of Twelfth Finance Commission by five months till December 31 this year.
India opened up its economy to the private sector in 1991.
The finance minister has labelled about 65 per cent of the fuel excise revenue as cess, including the restructured road and infrastructure cess
The 12th Finance Commission report on sharing of funds between Centre and states, scheduled for submission by July end, is likely to be delayed due to the elections, C Rangarajan, chairman of the commission, said on Friday.
International Monetary Fund on Friday warned the Centre of high fiscal deficit that could come in the way of sustaining high growth in the economy, which clocked 8.4 per cent rise in the second quarter of 2003-04.
Finance Minister Arun Jaitley more than halved the central government's financial support.
Telugu film star and Jana Sena Party chief Pawan Kalyan has launched a vitriolic attack on the Centre for denying special category state status to Andhra Pradesh.
The Twelfth Finance Commission on Monday warned that rising fiscal deficit of the Centre and the states at over 10 per cent of GDP in 2002-03 may have an "adverse" impact on debt, developmental expenditure and growth.\n\n\n\n
The Biju Janata Dal will not oppose the government simply for the sake of opposing it, BJD Member of Parliament Bhratruhari Mahtab tells Aditi Phadnis.
Deficits could come under more pressure in coming years as states implement their own Pay Commissions.
The 13th Finance Commission had last year set a capital expenditure-to-GDP target of 4.5 per cent by FY15.
This Budget plans for an increase to 10.3% of GDP from 9.9%.
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