Grasim Industries has announced a rights issue of around Rs 4,000 crore with the promoters committed to fully subscribing to their entitlements and to covering any unsubscribed portion. This is to part-fund capital expenditure (capex) of Rs 10,000 crore in a new foray into the paints business. The company has already invested Rs 3,640 crore in the paints business (by Q1FY24). The management has outlined a capex of Rs 5,700 crore for FY24, which includes Rs 4,280 crore allocated for the paints business, of which Rs 1,050 crore has already been spent in Q1FY24.
The Reserve Bank of India (RBI) booked massive gains on its foreign currency sales and needed to provide much lesser for its reserves in 2020-21 (FY21), helping it to carve out a significant Rs 99,122-crore dividend for the government, revealed the RBI's annual report for FY21. By doing so, the central bank's risk buffers have reduced to the bare minimum, which may restrict some of RBI's scale of operations, and would likely hamper dividend payout for financial year 2021-22, said analysts. The annual accounts are for nine months ended March 31, 2021 since the RBI changed its accounting year from July-June to April-March from FY21.
Prabhu hoped that during this 3-4 years period, railways would be able to absorb the impact from their resources
FinCom prescribes scrapping of effective revenue deficit.
By any economic theory or doctrine, this is no Budget that supports economic recovery, whether through supporting aggregate demand, or through expansionary stimulus, declares Rathin Roy.
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.
Being mandatory, these recommendations will have to be immediately built into the Budget for 2015-16.
Budget for 2022-2023 has returned to its agenda for protectionism in the name of creating a self-reliant India, points out A K Bhattacharya.
There are several welcome standalone reforms, but these do not add up to a coherent strategy to achieve a $5 trillion economy or secure Aatmanirbharta, observes Rathin Roy.
Will the new Congress government implement the five 'guarantees' that helped it in part to wrest power from the Bharatiya Janata Party in toto or will they now add a "conditions apply" clause?
The obvious temptation for Mr Jaitley would be to achieve a better fiscal deficit figure than what he had promised in July.
The finance minister defended the change in the tax rates.
Pradhan Mantri Jan Dhan Yojana and Make in India -- are not covered here.
Most expect the Budget to be path-breaking.
Notwithstanding expectations of a pick-up in construction activity during a seasonally strong January-March quarter (fourth quarter) of 2022-23 (FY23), analysts are cautiously optimistic about the building material sector - encompassing paints, pipes, wood panels, tiles, metals, and cement - as volatile input costs, coupled with fears of a global slowdown, are making demand projections uncertain. Against this backdrop, analysts suggest investors stay selective and pick stocks of companies with stronger brand recall, expanding distribution network, diversified product profile, healthier balance sheet, and sustainable cash flow. "The government's various proposals under Budget 2023-24 (FY24) may lead to the building material segment growing between 8 per cent and 12 per cent for the next five years.
Ahead of the Union Budget 2023, insurers are hoping that the Centre will act on their recommendations, which includes increasing the limit for tax deduction under 80D of the Income Tax Act. Also among them are issuance of long-term bonds, tax incentives for home insurance premiums, and a separate section to claim deduction for term-insurance premium, among others. These suggestions would help improve the penetration of insurance in the country.
Will the EC would make an example of the RK Nagar by-election, either by ensuring free and fair polls or by countermanding the same, asks N Sathiya Moorthy.
The Economic Survey states that the rationalisation and reprioritisation of subsidies through better targeting would play a vital role in fiscal consolidation and in targeting expenditure more towards inclusive development.
There are some 20-odd schemes with this default provision, or something close to it.
The Income-Tax (I-T) Department nowadays provides pre-filled forms to make the filing of income-tax return (ITR) easier. Nonetheless, you must have a number of documents handy at the time of filing return so that you can cross-check the data in the pre-filled form. "Filing ITR doesn't require you to upload any document. But in case an assessing officer makes an inquiry, you will need to present documents and certificates as proof," says Deepak Jain, chief executive, TaxManager.in.
The NHRC said that it has received several complaints regarding the ongoing farmers' protest.
Days after cutting the salaries and other allowances of MPs and ministers, the government has passed instructions to all departments to reduce their expenditure by as much as 60 per cent from their first-quarter spending plans.
The problems facing India and its economy are far too severe and deep to be fixed in 100 days, and an excessive focus on the first 100 days might have indicated that the government had failed to understand that.
Government looking at cushioning slowdown due to demonetisation with sops and higher outlay for micro, small and medium enterprises, agriculture, and affordable housing.
India is now much ahead of other large railway networks in the world in terms of electrification -- with the US at just 1 per cent, China at 72 per cent and Europe at 60 per cent.
The RBI expects change, presumably commencing in the next Budget, but must hold its current view until this actually happens.
Ahead of the general elections, a slew of states and also the Centre had doled out sops to the marginalised sections, including the farmers and the poor.
Credibility of fiscal promises is a virtue that no finance minister can afford to lose.
This is not her first stint in North Block or in leading a major economic ministry. She started Prime Minister Narendra Modi's first term as minister of state for finance, was made the commerce minister, and then became the defence minister.
The new Companies Bill will boost such spending by both public and private companies. Praful Patel, Union minister for heavy industries & public enterprises, speaks to Business Standard on the issue.
The finance minister said the economy had been slowing.
Expressing commitment to augment the country's infrastructure, Finance Minister Nirmala Sitharaman on Monday proposed to significantly enhance capital expenditure to Rs 5.54 lakh crore in the next fiscal, besides creating institutional structures and giving a big thrust to monetizing assets to achieve the goals of the National Infrastructure Pipeline (NIP). Sitharaman said NIP, that was launched in December 2019 with 6,835 projects, has now been expanded to 7,400 projects and around 217 projects worth Rs 1.10 lakh crore under some key infrastructure ministries have been completed. "For 2021-22, I propose a sharp increase in capital expenditure and thus have provided Rs 5.54 lakh crores which is 34.5% more than the BE of 2020-21," the finance minister said.
The PM-CARES fund, which has been set up to provide relief during the coronavirus pandemic, has contributed over Rs 2,200 crore for the first phase of vaccination drive, which is looking to inoculate frontline healthcare workers, the Expenditure Secretary said on Tuesday.
The Budget is remarkably coherent.
The ministry sought to allay the rating agency's concerns and said economic growth was on an upward swing.
Complaints were received by the Commission on possibilities of inducement of electors by distributing cash and gifts in innovative forms like tokens, prepaid phone recharge coupons, newspaper subscription, milk tokens.
Simultaneous elections to Lok Sabha and state assemblies can help reduce difficulties in terms of expenditure and management, President Pranab Mukherjee said on Wednesday and asked the Election Commission to take the initiative in bringing political parties on one platform to discuss the issue.
The current estimate, however, largely covers only the cost of infrastructure such as pipes, construction of borewells, overhead costs among others and not the expenditure to be incurred on operation and maintenance.
Finance Minister Nirmala Sitharaman on Monday presented the Budget for 2021-22 in the Lok Sabha that is expected to provide relief to the pandemic-hit common man as well as focus more on driving economic recovery through higher spending on healthcare, infrastructure and defence amid rising tensions with neighbours, As India emerges from the COVID-19 crisis, the ninth Budget under the Modi government, including an interim one, is widely expected to focus on boosting spending on job creation and rural development, generous allocations for development schemes, putting more money in the hands of the average taxpayer and easing rules to attract foreign investments.
The panel will also recommend a fiscal consolidation road map for the central and state governments, study the impact of GST on the divisible pool, and propose performance-based incentives for states.
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