Several speakers noted that Budget carried the weight of expectations.
FM may increase income-tax exemption limit to Rs 3 lakh
From a surge in airfares to rattled aircraft lessors to thousands of employees staring at uncertainty, it has been a month of continued turbulence since cash-strapped Go First suspended flights from May 3. As the government and other stakeholders hope that Go First restarts operations at the earliest, plans are being worked out for the budget airline's revival. A section of Go First staff are optimistic about restarting of operations, another section are pessimistic about the airline's future course considering what had happened to erstwhile Kingfisher Airlines and Jet Airways, according to employees who spoke to PTI.
Chief economic advisor Arvind Subramanian discusses the Budget, goods and services tax, Centre-state relationship and larger issues facing the economy
In a relief to industry, the government has accepted a parliamentary panel's recommendation on allowing cartels to opt for the settlement scheme under the Competition Amendment Bill, according to official sources. The proposed Bill seeks to introduce a clause for settlement and commitment that offers any enterprise against which an inquiry has been initiated to file an application for settlement. The Parliamentary Committee on Finance had suggested including cartels in the scope for settlement "as a pragmatic recourse to the whole process".
This may lead to the states' combined fiscal deficit to widen much faster, while the Centre may show a smaller or insignificant slippage in meeting its deficit target. The Centre will celebrate over its fiscal prudence, but the states would suffer, A K Bhattacharya points out.
This is the BJP's first full-year Budget.
However, the budget arithmetic is slightly optimistic.
The argument that India is going towards a 'Hindu rate of growth' is "ill-conceived, biased and pre-mature" when weighed against the respective data on savings and investments, said SBI Research in its Ecowrap report. The term Hindu rate of growth was coined by economist Raj Krishna in 1978, which denoted the economic growth of about 3.5-4.0 per cent in terms of GDP during 1947-1980. "India's quarterly sequential Y-o-Y GDP growth has been in a declining trend in FY23.
As a percentage of the aggregate Budget expenditure, it is 12 per cent.
Siddaramaiah announces free LGP gas, universal health scheme in budget
An asset swap can simultaneously boost public investment, reduce the fiscal deficit and keep fiscal policy from being pro-cyclical.
The road ministry has put forward two proposals before the Prime Minister's Office and the finance ministry.
'The power sector accounts for much of the financial burden of state governments in India.'
Capex for next year expected to be up 25% to Rs 3 lakh crore
Besides advancing the presentation of the Budget to perhaps the first week of January, , there are four new initiatives that could be rolled out from the next Budget, says A K Bhattacharya.
The NITI Aayog has recommended privatisation of state-owned insurer United India Insurance Company as the government aims to move ahead with its new public sector enterprise (PSE) policy for Atmanirbhar Bharat. The policy think tank has suggested that the public sector insurer be considered for privatisation in the banking, insurance and financial services sector, which has been classified as 'strategic' in the PSE policy, said an official. The policy proposes the "bare minimum" presence of government-owned companies in strategic sectors, and privatisation, merger or closure of remaining public sector undertakings (PSUs).
Jaitley has announced increasing the super-rich surcharge to 12%.
RBI is likely to have reached broadly similar conclusions since it did cut rates, presumably to stimulate activity.
The United States Army has announced to reduce its strength by a whopping 80,000 by 2017 as part of a budget-cutting plan, making it one of the largest force reductions since World War II.
The Economic Survey released before next year's Budget could become a single volume, reverting to the practice followed till FY14. "There is so much to write about the Indian economy's performance in the past year. "Most of the exciting themes will be covered in what used to be considered Part II," said a senior government official who is part of the preparations for the Survey.
5G ambulances will not just allow remote consultation, but would also be able to transit data and video to hospitals in real time, saving precious time for critical patients. 5G technology would also support the development of new educational applications, improve agriculture productivity, and aid search and rescue missions with high resolution cameras in disaster recovery zones.
'Each state and central government body may be asked to update its system to ensure PAN is used as a common identification to access its services.'
'There are many options before opposition parties and this nation has a wealth of leadership.'
Given the prevailing uncertainties, investors must maintain a 10-15 per cent allocation to gold in 2023.
Room for rise of up to 2 percentage points, move to help meet higher expenditure need in FY17
With this, India joins 60 other countries that collect PNR details of international passengers.
Project Vivaan won big at the Solar Decathlon, placing second overall (and missing the first position by a whisker). Members of the award-winning Team Shunya tell Mrigank Warrier how they built a carbon-neutral, water-neutral, energy-positive home for a family of four.
In a Q&A with Doordarshan, Jaitley discusses how he chose the areas on which he would spend more.
The Nifty IT has been one of the worst-performing indices on the bourses this calendar year. Rising concerns of a potential global recession, which investors fear can dampen demand for export-facing domestic information technology (IT) giants, have sent the index down over 30 per cent on a year-to-date basis. By comparison, the Nifty50 Index has shed 2.8 per cent during the period, reveals data by ACE Equity.
With the first quarter gross tax mop-up reaching Rs 5.6 lakh crore, Icra Ratings on Friday said the government is set to exceed the budgeted tax collection target of Rs 22.2 lakh crore for 2021-22, led by indirect taxes. The government has budgeted a modest 9.5 per cent growth in tax collections at Rs 22.2 lakh crore for FY22, over FY21 collections of Rs 20.2 lakh crore. However, despite the second wave of the pandemic, the April-June quarter tax collections rose to Rs 5.6 lakh crore, which is 39 per cent higher than Q1 of FY20.
The former Union home minister claimed that the provisions in the bill can be misused as the police can arrest and take fingerprints and DNA samples of even those who are taking part in political rallies.
Shortage of ICU beds, oxygen, ventilators, vaccines, doctors, nurses and crematorium space in India has dominated headlines around the world in the past few weeks with Covid-19 cases surging beyond control and the government failing to deliver. Yes, election rallies, Kumbh Mela, blatant flouting of social distancing and mask protocols coupled with a messy vaccination process are said to be responsible for the health crisis of colossal proportions that India is facing today. But an analysis of Budget speeches made by finance ministers over 75 years also offers a glimpse of how low on the priority list healthcare has featured for the political class and policy-makers, which is a significant reason for the current situation.
Decoding four important provisions in the Finance Bill 2018.
Budget is a populist one, wil lbeneift common people
The negative balance is largely on account of pending material cost for the work done under the programme during the year and even earlier.
With a focus on direct, indirect, and corporate tax structures, the Budget 2016-17 offers a balanced taxation structure
States' spending doesn't improve the public image of the police, so where is the money going?
If booster shots are given on priority, the pace of vaccination may slow further. In the worst case scenario, the country will take till mid-March to vaccinate its entire adult population partially.
'We would advise investors to invest in a disciplined way in equities for the long term.'
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