Let there be a rule that if the Budget is not passed and funds cannot be drawn from the Consolidated Fund of India, there will be a government shutdown as it happens in the United States, says A K Bhattacharya.
The Tejas Mark 1A outperforms the Sino-Pakistan JF-17 Thunder in avionics and weaponry, but the finance ministry's tax burden makes the Indian LCA costlier and hurts it in the export market.
Finance Minister announced the approval of the scholarship scheme for students of minority communities. The scheme will be effective during 11th Five Year Plan.
The government is examining a proposal for the merger of IDBI with the IDBI Bank, Union Minister of State for Finance Anandrao Adsul said in Jaipur on Friday.
At $37 per dose, the Pfizer vaccine is much more expensive compared to $3 per dose for the Covishield.
A panel will examine the merits and demerits of various dates for the commencement of the financial year.
Deficits could come under more pressure in coming years as states implement their own Pay Commissions.
Food subsidy bill rises 20% in April-January
'The rupee falling from 69 to 72 was not normal or justified by the fundamentals.' 'And therefore I treat this as temporary.'
The banks argue since the scale of credits is unforeseen, they will have to bear an unknown cost of servicing these accounts.
The probe into selections for banks such as Bank of Baroda and Canara Bank followed the arrest of Syndicate Bank CMD S K Jain for alleged graft.
India should take 'measured approach' with stimulus packages to deal with COVID-19 by limiting interventions to the provision of food, shelter and basic necessities of life for all; forbearance on payments of outstanding loans; and extra provision of working capital including what will be necessary to cover outstanding wages from lockdown period to enterprises.
Finance minister Arun Jaitley has delivered a Arun Jaitley delivered a bold, far sighted budget
The decision to permit the third child came after this month's once-in-a-decade census showed that China's population grew at the slowest pace to 1.412 billion amid official projections that the decline may begin as early as next year.
The reforms will help FPOs procure directly from farmers, something that they have been pressing for long.
Tightening the procedure for official foreign visits by bureaucrats, the Centre has said that proposals for trips abroad should go through the Prime Minister Office and screening committee of secretaries for approval.
'The CEA suggested that could be as high as 19 per cent.'
The salary hike for government employees is likely to put an additional burden of Rs 24,000 crore on the state excheque.
'There are deliberations on whether there can be lowering of income taxes and other sops to keep more money in the hands of taxpayers, enabling them to spend more and boost demand.'
Tamil Nadu, Kerala, West Bengal, Assam and the Union Territory of neighbouring Puducherry are likely to go to polls in April or May.
Terming the ambitious eight per cent Tenth Plan growth target as achievable, President A P J Abdul Kalam on Monday indicated that the Budget would restructure the tax system on the basis of the roadmap laid out by the Kelkar Panel.
If receipts from disinvestment, tax buoyancy and black money scheme offset shortfall in spectrum sale, higher expenditure due to pay commission's recommendations and capital expenditure, then the government would be able to meet the target of controlling fiscal deficit at 3.5 per cent of GDP this financial year.
Many argue there's a mismatch between Prime Minister Narendra Modi's focus on international exposure and his government's diktat to officials on limiting travel.
Chief Economic Advisor Arvind Subramanian's interview.
'There is a misconception that gold is a dead asset in India.' 'Around 30 per cent of agriculture loans are collateralised by gold, Soumya Kanti Ghosh and Saket Hishikar, economists at the SBI, point out.
'We are probably working with flawed data on household finance.'
All these measures will revitalise the manufacturing sector, which has been in doldrums.
However, independent economists are not as gung-ho as the finance ministry over the likelihood of deficit target being met this time around, says Indivjal Dhasmana.
It would be a good idea to create independent oversight committees for each regulatory institution and indeed, even for their appellate bodies, says A K Bhattacharya.
The Raghuram Rajan committee report for evolving a composite development index of states, submitted to the finance ministry today, has a note of dissent from member Shaibal Gupta.
'Defence does not new 'planning commissions'; it needs an implementation commission.'
'The Modi regime is not willing to use its huge political capital for taking any economic policy measure that it fears might undermine that political strength, says A K Bhattacharya.
With less than five months left for the report of the Fifteenth Finance Commission to be submitted, its chairman N K Singh said the report will have fiscal road map for states, depending on their current situation.
Jaitley also hinted that these very economic realities could decide whether the government sticks to a fiscal consolidation roadmap or not.
Amidst Finance Ministry raising prospects of forcing Reliance Industries to sell gas at old price of $4.2, Oil Minister M Veerapa Moily on Thursday said there was no rethinking in the government on the decision to double gas rates from April 1, 2014.
The FRBM report, to be submitted on Tuesday, is likely to have 'excuse clauses', absolving the government of meeting its fiscal commitments under certain conditions such as war or conflict, global economic meltdowns or natural disasters.
'If the government spends Rs 10 lakh crore this year then you would be looking at a GDP growth of minus 5 per cent.' 'If you do not do this, you will be looking at GDP growth between minus nine and minus 10 per cent.'
'We are looking at the Budget with the hope that it will address all issues even at the cost of exceeding the fiscal deficit target.'
The Centre is likely to cut budgetary support to the railways by around Rs 5,000-10,000 crore for 2018-19, out of the total budgeted GBS of Rs 53,060 crore. Due to this cut in GBS, the railways is likely to depend more on borrowings, asset monetisation, and internal generation to meet the capex target of Rs 1.465 trillion for the current year.
Relax fiscal consolidation, boost public capex and reduce cost of finance, industry tells Centre
