Outlay for infra is also expected to see a significant increase in view of the government's Rs 111-trillion investment plan under the national infrastructure pipeline to develop social and economic infrastructure over five years.
States may face a GST compensation shortfall of Rs 3 lakh crore in the next financial year, a situation that will force them to borrow more from the markets, says a report. The states may face a shortfall of Rs 2.7-3 lakh crore as Goods and Services Tax (GST) compensation from the Centre next fiscal. Out of that amount, the shortfall from cess collections will be at Rs 1.6-2 lakh crore, according to an Icra report released on Monday. In FY21, the states were facing a shortfall of Rs 1.1 lakh crore in GST compensation from the Centre but over 90 per cent of that amount has been cleared now.
Voting came to an end for the Karnataka assembly elections on Wednesday at 6 pm with data showing a voter turnout of 65.69 per cent an hour ago.
Kumar said the Commission will follow the time-tested methods of consultations and consensus building in bringing about any reforms and will not shy away from tough decisions, according to an Election Commission (EC) statement.
The submissions were made by the CBI in a short written reply while opposing the senior Aam Aadmi Party leader's bail plea, which it said was devoid of any merit and was an attempt to misuse the intricacies of law to thwart the progress of investigation in the case.
He also said that the focus will be on developing infrastructure in a big way and bring the state out of the debt trap if the BJP wins the assembly polls that are likely to be held in April-May this year.
'The Budget numbers presented severely underestimate the magnitude of the unstated fiscal crisis that we went through in 2018-2019, which cannot be conceivably be fully reversed in 2019-2020,' points out Rathin Roy, director, National Institute of Public Finance and Policy.
Maharashtra Nationalist Congress Party (NCP) president Jayant Patil appeared before the Enforcement Directorate (ED) in Mumbai on Monday in a money laundering case linked to alleged financial irregularities in the now bankrupt financial services firm Infrastructure Leasing and Financial Services Limited (IL&FS), an official said.
The National Company Law Tribunal's (NCLT's) declaration that Zee Entertainment is bankrupt adds a new measure of uncertainty to the proposed merger with Sony. Three entities -- Aditya Birla Finance, IndusInd Bank and YES Bank -- have filed appeals in the NCLT for recoveries of Rs 130 crore, Rs 90 crore and Rs 540 crore, respectively. The money was borrowed by a related party - Siti cable - and not returned. Zee was a corporate guarantor.
Pakistan has been on the grey list of the Paris-based Financial Action Task Force since June 2018 for failing to check money laundering, leading to terror financing, and was given a plan of action to complete it by October 2019.
'He will go to any extent, and he will have the full support of the Union government as they may not like a Left government to continue here.'
A homemaker in every family would get a monthly assistance of Rs 1,000, the manifesto said.
Law Minister H R Bhardwaj told delegates that the Centre also plans to introduce a bill in Parliament to set up mobile rural courts known as 'Gram Nyayalayas' to make justice available at doorsteps to people in villages.
Solicitor General Tushar Mehta, appearing for the Centre, assured the court that everything is under consideration.
There are over 1.36 lakh employees, including employees and pensioners under the new pension scheme.
Vodafone Idea's (Vi's) search for a lifeline has turned longer and tougher even as it continues to lose customers and delay vendor payments. Vi's much-needed Rs 1,600-crore fundraising plan got stuck due to the government's silence on picking up a proposed 33 per cent equity in the financially stressed telco. The development spells further trouble for the company, which has an overall debt pile of Rs 2.2 trillion, including hefty dues to the government.
Of the total cash outgo Rs 40,000 crore is towards enhanced expenditure under Mahatma Gandhi National Rural Employment Guarantee Program and Rs 33,771.48 crore have been sought for direct benefit transfer under Pradhan Mantri Jan Dhan Yojana and National Social Assistance Programme.
The reason behind issuing new bank licences is to allow more private sector entities to set up banks
Niti Aayog has come out with an initiative to improve governance in states.
Suggestions made by the different experts have been noted and would be forwarded to Prime Minister Narendra Modi.
'If the FYUP is making the child employable, then we will have to ensure that learning on the job is integrated.' 'And also ensure that by the time they end FYUP they are completely employable.'
Shah said a BJP government would protect and promote the cultural heritage and values of tribals.
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
A section of the media on Thursday reported, quoting an unnamed EC official, that it may not allow RBI to go ahead with the plan before the polls and that they need more clarity from the Mint Road on certain aspects.
The nodal officer for EVMs in Varanasi, a returning officer (RO) in Sonbhadra district and an additional election officer in Bareilly district have been pulled out from election duties, a day ahead of the counting of votes in UP.
The government has proposed to implement GST from April 1, 2016, and the new Finance Commission may be set up ahead of its schedule to look into the issues related to the new indirect tax regime.
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.
A panel will examine the merits and demerits of various dates for the commencement of the financial year.
IThe fiscal deficit target for 2020-2021 was originally set at 3.5 per cent of GDP. But the government's revenues have collapsed and its expenditure burden will only increase over the Budget estimates.' With the government having already planned for an additional borrowing of over Rs 4 trillion, the fiscal deficit for the current year would be much higher than the Budget estimate, notes A K Bhattacharya.
West Bengal Chief Minister Mamata Banerjee on Saturday tore into Narendra Modi government, accusing it of bulldozing the federal structure and running a Presidential form of government, drawing sharp reaction from the Bharatiya Janata Party.
'We need to look after each other during these difficult times.'
The income tax department on Wednesday conducted raids in multiple states as part of a pan-India tax evasion probe against certain registered unrecognised political parties (RUPP) and their alleged dubious financial transactions, official sources said.
Uddhav Thackeray and his followers have the option to stop riding a tiger and commence work around a more meaningful and enduring political ideology. It is an option Eknath Shinde's side may not have, supported as they were by the BJP, to maintain continuity of the old Sena, argues Shyam G Menon.
He will be the first bureaucrat to head the central bank in almost five years.
The Niti Aayog is preparing 15-year vision document that will replace the Five-Year Plan from the next financial year
The BJP government in the state violated the Indian Government Accounting Standard.
Greenwashing is making misleading or false environment-friendly claims about a product. Consumers in India currently do not have any way of telling whether a claim is authentic or greenwashing. And one never hears of action against any company for making false claims of being environment-friendly.
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