The finance ministry on Wednesday reimposed expenditure curbs on ministries and government departments for July-September quarter. There will be no spending restrictions on the ministries of health, rural development, agriculture, MSME (micro, small and medium enterprises) and railways as part of a two-pronged strategy. "The existing guidelines for expenditure control have been reviewed. "Keeping in view the evolving situation arising out of Covid-19 and anticipated cash position of the government, it is felt essential to regulate Quarterly Expenditure Plan (QEP)/Monthly Expenditure Plan (MEP) of specific ministries/departments for July-September, 2021," the Department of Economic Affairs in the finance ministry said in a notification.
16% jump in unrealisable tax demands that are not under dispute.
Chief economic advisor V Anantha Nageswaran on Tuesday said Indian economy will grow at over 7 per cent, down from above 8 per cent of growth rate projected in January. He, however, said that the economic momentum and the animal spirits are "unmistakable". "India's own growth rates have come off the projections made in January down to about 7-plus per cent for the current financial year," Nageswaran said speaking at Global Fintech Fest event in Mumbai.
Railway Minister Lalu Prasad presented the Railway Budget 2007-08 in the Lok Sabha on Monday.
A substantial expected increase in the Treasury Bill floatation could also contribute to a tightening liquidity situation, the report said. These included a 0.50 per cent cut in cash reserve ratio with effect from January 17, a 1 per cent reduction in the reverse repo rate with immediate effect and a slashing of the repo rate by 1 per cent from 6.5 per cent to 5.5 per cent.
The government is likely to revise downwards indirect tax collections target for the current financial year by at least Rs 20,000 crore.
The bid for pan-India spectrum for 3G telephony on Thursday crossed Rs 15,000 crore (Rs 150 billion) and is still rising.
Seeking to enhance green mobility, the Union Cabinet on Wednesday approved the 'PM-eBus Sewa' scheme under which 10,000 electric buses will be provided to 169 cities under the public-private partnership (PPP) model.
India's rank in the World Bank's ease of doing business index cannot get better unless more attention is paid to bringing about procedural reforms in the way states run their governments and provide various approvals for trade and industry, says A K Bhattacharya.
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