Only 80.6 per cent of the Rs 6-trillion allocation has been spent by February, data from the Controller General of Accounts shows.
International investors will source internationally and most merchandise sold, in the first instance, would be sourced from the low-cost economies of the world.
The Centre and states are likely to budget for higher market borrowings to the tune of Rs 2.3 lakh crore next fiscal even though the Union budget may peg a lower-than-expected fiscal deficit for the Centre at 5.8 per cent of GDP, says a report. Icra Ratings anticipates higher redemptions will lead to gross market borrowings of the Centre to rise to Rs 14.8 lakh crore and of the states to jump by Rs 1.6 lakh crore to Rs 9.6 lakh crore, taking the combined borrowings (of the Centre and the states) to Rs 24.4 lakh crore in FY2024, up by 2.3 lakh crore from FY23 combined. In FY23, the Centre's gross borrowings are budgeted at Rs 14.1 lakh crore and of the states at Rs 8 lakh crore, or a combined borrowing of Rs 22.1 lakh crore, according to the agency.
Of these, the extra expenditure proposals involve net cash outgo aggregating Rs 42,480.10 crore (Rs 424.8 billion). The demands were laid in the Rajya Sabha by Minister of State of Parliamentary Affairs V Narayanasamy.
In spite of the recent spate of exposes in the media detailing alleged corruption and scams in the preparations for the Commonwealth Games in Delhi, the Centre has decided to release additional funds for the Games.The Opposition will get yet another chance to attack the government and the Suresh Kalmadi led Commonwealth Games Organising Committee when Finance Minister Pranab Mukherjee presents the supplementary demand for grants in Lok Sabha.
Ailing Air India may get about Rs 520 crore (Rs 5.2 billion) for carrying out VVIP operations if Parliament approves the supplementary demand for grants for the current year.
The spending will erode the surplus generated through the sale of spectrum and could put pressure on fiscal deficit management.
The Budget for 2010-11 estimates the fiscal deficit, which represents excess government expenditure over its revenue, at Rs 3,81,408 crore or 5.5 per cent of GDP.
Amendments would be required in the Banking Companies (Acquisition and Transfer of Undertakings) Act, 1970 and the Banking Companies (Acquisition and Transfer of Undertakings) Act, 1980 for privatisation, sources said.
The Union government on Monday sought Parliament approval for an additional cash outgo of Rs 1,05,613 crore (Rs 1056.13 billion) to meet the extra financial liabilities expected to arise during the ongoing fiscal year.
After the government sought Parliament's nod for a second batch of supplementary demand for grants that will cause a hit of Rs 2.99 trillion to the exchequer, doubts suddenly arose about the government's ability to meet the Budget projections of reining in its fiscal deficit at 6.8 per cent of gross domestic product (GDP), or Rs 15.06 trillion, for the current financial year. Till now, many were of the opinion that the government would succeed in checking the deficit at a much lower figure than what was given in the Budget Estimates (BE). The government had sought Parliament's approval to spend Rs 3.74 trillion extra, but Rs 74,517.01 crore will be matched by equal savings on other heads.
The Lok Sabha on Tuesday approved the Interim Railway Budget with a vote-on-account for Rs 26,000 crore for expenditure in the first four months of the next financial year.
She also took a swipe at the Bharatiya Janata Party over its defeat in the just-concluded Himachal Pradesh assembly elections, saying the ruling party's president could not hold on to his home state. "Who is the Pappu now?" she asked.
The Opposition on its part wants to corner the government by raising issues like alleged shortcomings in the healthcare system during the second wave of the coronavirus pandemic and the distribution of Covid vaccines to states.
Finance Minister P Chidambaram said on Wednesday that he did not apprehend built up of any bubble in the stock markets but said the government was keeping a close watch on the Sensex, which has crossed the record 6400 mark.
The additional expenditure includes a payment of Rs 4.38 billion to the Unit Trust of India for meeting a shortfall in its flagship scheme, US-64.
Both Houses of Parliament were adjourned sine die on Wednesday, bringing the Monsoon Session of Parliament to an end eight days ahead of schedule.
NDA under Mr Modi is as focused on the rural poor with doles and hand-outs as the UPA under Dr Singh was.
The government has budgeted for total expenditure of Rs 34.83 lakh crore or 6.8 per cent of GDP. While the net tax revenue rose from Rs 5,75,697 crore in October 2020 to Rs 10,53,135 crore till October 2021, a growth of 82.93 per cent annualized, total expenditure rose only by 9.95 per cent, led by infra spending to Rs 18,26,725 crore from Rs 16,61,454 crore during the same period, the RBI said in the financial stability report.
The Budget and related appropriation bills were passed by the Lok Sabha on Monday.
In a bid to check generation of domestic black money, the government will soon issue a notification making quoting of PAN mandatory for all cash transactions beyond Rs 200,000.
Rajya Sabha will sit for late hours in last week of the first half of the budget session from Monday to clear the pending legislative and other businesses.
Sources said the rural development ministry has sought an additional Rs 20,000 crore for MGNREGA for 2019-20 over and above the budgeted Rs 60,000 crore for 2019-20. Though, all of the PM-KISAN savings may not be transferred to fund MNGREGA's extra needs, sources said a part of this could be transferred.
Brent crude oil prices have risen to about $116 a barrel from about $103 a barrel on July 1.
Since no insurance companies share data on their claims with each other, the finance ministry and Irdai suspect that a lot of the resultant claims are duplicates.
Rural outlay may go up 23% to reduce pains of demonetisation
Venkaiah Naidu said 'let there be a discussion... November 8 is a historic day'.
Parrikar was being treated in Mumbai for pancreatitis since February 15.
While most economies contracted in the second quarter of 2020, the Chinese economy grew by 3.2 per cent.
It should be noted that the CPC allocation is provisional.
Jaitley was replying to a debate in the Lok Sabha on Supplementary Demands for Grants for an additional expenditure of over Rs 12,500 crore (Rs 125 billion).
The government also sought approval from Parliament for equity infusion worth Rs 2,345 crore into struggling Air India and another Rs 1,300 crore for Air India Asset Holding.
Govt has no plan to divest stake in Air India.
Jaitley has pledged to narrow the deficit to 3.9 per cent of GDP in this fiscal year from 4.0 per cent in 2014/15.
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