After the RBI surprised the Centre with a record Rs 99,122 crore in surplus transfer for FY21, analysts said this will help the government tide over the revenue losses from lockdowns and extend more support to the pandemic hit industries and to the poor people. In fiscal 2020, the RBI had paid only Rs 57,128 crore in dividend to the government and the finance minister had budgeted only Rs 45,000 crore from the central bank. The higher payout followed the Bimal Jalan panel report that had set a new economic framework capital buffer for the central bank along with the contingency risk buffer at 5.5 per cent.
The government would fall short of its target for direct tax collections for the second consecutive year, with the revenue department estimating its direct tax receipts at Rs 3,70,000 crore (Rs 3700 billion) for 2009-10.
Because of global economic meltdown and stimulus packages provided to industry.
'In equities, it has diversified portfolios.' 'So the short-term movement of individual stocks does not impact them.'
Finance Nirmala Sitharaman on Friday asked various ministries to try to spend more than their capital expenditure targets as well as explore public private partnerships for viable projects. During a meeting with senior government officials to discuss the infrastructure roadmap, she also urged the ministries and their CPSEs to ensure clearance of Micro, Small and Medium Enterprises (MSME) dues at the earliest. This was the fifth review meeting by the finance minister with ministries and departments on the infrastructure roadmap.
Only 80.6 per cent of the Rs 6-trillion allocation has been spent by February, data from the Controller General of Accounts shows.
'Short term volatility is likely due to various factors, global and domestic; investors may use this as an opportunity to increase the allocation to equities.'
The Budget gave a big boost to power reforms programme by increasing allocation to Rs 2,080 crore (Rs 20.80 billion), or a rise of 160 per cent from the previous fiscal.
They may be on the same side of political power, but that did not stop Railway Minister Mamata Banerjee and her predecessor Lalu Prasad from taking pot-shots at each other during the presentation of Railway Budget in the Lok Sabha.
True to word, here's a hotel chain that gives you more than your budget.
Rural budget set to increase; likely to enhance market linkages for agri commodities
Govt may tighten presumptive taxation norms and also do away with some deductions.
It is also likely to assume a deflator of around 4 per cent. That could take the nominal GDP outlook for FY21 to around 10 per cent. It is this nominal GDP forecast on the basis of which the finance ministry is calculating key Budget targets like the fiscal deficit as a percentage of GDP and tax revenue growth for the coming year.
If other states follow suit, it is going to become difficult for the GST Council to decide on the next stage of reforms.
Amid rising demand for coal freight and an aggressive push towards diversifying its freight basket, Indian Railways is planning to buy 100,000 more wagons over the next three fiscal years. The procurement plan will majorly comprise BOXN wagons, which are used to transport coal, said a senior Ministry of Railways official. Notably, the railways recently floated a sizeable tender worth Rs 35,000 crore of wagons, which had been in the pipeline since 2018. "Our Budget Estimates for freight increase were conservative.
Though India is one of the fastest growing economies, how big is the country's budget compared to other countries in the world?
Current account deficit in 2010-11 will be well below 3.0 per cent of GDP.
'Inter-ministerial coordination, information on the proposed PSUs, and due diligence are taking longer than expected to conclude the process.'
The capital outlay to cover the modernisation programmes have got a hike of 10.05 per cent.
Ramoji Rao lived as the interface between business and politics and was an active participant in both for most of his remarkable life.
Providing comfort to the government on the revenue front amid fiscal stress, direct tax collection is moving closer to the revised Budget target for 2021-21 and may get a further thrust from the last instalment of the advance tax payment, the deadline for which ended on Monday. The contraction in net direct tax collection narrowed to 5 per cent year-on-year as on March 15 compared to a 9 per cent decline seen in January. In absolute terms, net collection stood at Rs 8.2 trillion against Rs 8.67 trillion in the same period last year, according to the provisional numbers shared by a government official.
Business success often involves a combination of planning, implementation, and continuous learning, says rediffGURU Harsh Bharwani.
On the basis of Budget projections, the Centre needs Rs 7.3 trillion revenue during December-March and its expenditure must be limited to Rs 6.7 trillion.
'We will prioritise our requirements so that the country's maritime interests are not compromised.'
'The household sector, which is still the largest contributor of financial savings, has been experiencing a decline in the last six years, and it has fallen below 8% of GDP.'
Pranab Mukherjee proposed the enhancement of the overall plan budget for higher education by Rs 2,000 crore over the Interim Budget estimates. He further announced the allocation of Rs 2,113 crore for IITs and NITs, which includes a provision of Rs 450 crore for new IITs and NITs. The finance minister also proposed to allocate Rs 827 crore for opening one central university in each uncovered state.
Hindustan Unilever's Q3FY24 performance was lacklustre, with both sales and operating profit barely moving from the year-ago period due to price cuts and higher advertising costs. Besides weak demand, the FMCG (fast-moving consumer goods) major is facing increased competitive pressures, particularly from regional players, which, coupled with a slow recovery in rural markets, could put revenues under pressure going forward. Margins are expected to remain range-bound as benefits from falling raw material costs are expected to be neutralised by rising promotional budgets.
The immediate revenue loss could worsen the Centre's fiscal deficit, from the budgeted 3.3 per cent of gross domestic product (GDP) to 3.7 per cent of GDP -- a massive 40-basis-point increase. It was stabilised at 3.4 per cent since 2016-17, report Abhishek Waghmare and Dilasha Seth.
In a Q&A with Doordarshan, Jaitley discusses how he chose the areas on which he would spend more.
Actor Poonam Pandey is not being considered as the brand ambassador of the government's national campaign to spread awareness on cervical cancer, Union health ministry officials said on Wednesday.
The railways total earnings recorded an 8.3 per cent growth at Rs 33,900 crore (Rs 339 billion) up to December this year as compared to the corresponding period in the previous year.
The highest collection target has been given to Mumbai at Rs 4.39 trillion, followed by Delhi and Bengaluru.
'Most young taxpayers prefer income tax filing to be flexible yet straightforward.'
D R Dogra, managing director and CEO, Care Ratings, says that the finance minister should start the process of fiscal consolidation from his Budget 2010-11.
Reeling under a series of derailments, the Budget is likely to announce creation of a separate safety fund of about Rs 1 lakh crore over the next five years.
Moody's Investors Service on Wednesday raised India's economic growth estimate for 2023 to 5.5 per cent from 4.8 per cent pegged earlier, on the back of a sharp increase in capital expenditure in the Budget and a resilient economic momentum. It however revised downwards India's growth estimate for 2022 to 6.8 per cent from 7 per cent pegged in November last year. In its February update to Global Macro Outlook 2023-24, Moody's raised the baseline 2023 real growth projections "meaningfully" for several G20 economies, including the US, Canada, the Euro area, India, Russia, Mexico, and Turkiye, accounting for a stronger end to 2022.
Even if the same party returns to power, what is important to debate is that having introduced an entitlement, how challenging it is to reverse such decisions, says Mukesh Butani.
The finance ministry may succeed in collecting over Rs 2,52,900 crore (Rs 2,529 billion) in taxes to meet the revised estimate for 2003-04 despite hefty refunds.
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.
Sitharaman said the government will bring in a new national education policy to transform India's higher education system into one of the best in the world.
