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.
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.
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.
The Budget is remarkably coherent.
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 ministry sought to allay the rating agency's concerns and said economic growth was on an upward swing.
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.
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.
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.
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 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.
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.
The ripples from November 8 may be seen in next year's state budgets.
Chief Economic Advisor Arvind Subramanian's interview.
The government has unleashed a slew of reforms to attract greater investments including higher foreign direct investment in defence and opening up the railways infrastructure sector, relaxed labour laws, launched campaigns like the Make in India for re-invigorating manufacturing, Clean India and Digital India, among others.
FY16 GDP growth was seen at 7.5%, against 8.1-8.5% earlier.
The government is trying to promote infrastructure development through PPP projects and has suggested the state should pick projects under this mode in a big way.
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.
There are many collateral advantages of taking the tough decision.
An international seminar on accounting practices opened on Monday with Finance Commission chairman C Rangarajan asking the government to ensure better expenditure control for containing fiscal deficit.\n\n\n\n
In fact, no other recent Union Budget has held so much significance for the Indian economy as the one to be presented in about six weeks from now, notes A K Bhattacharya.
Money allocated for rural India has increased, but expenditure of panchayats is not adequate and inconsistent
The "load shedding", which entails compulsory power cuts in select areas, will be carried out both in urban and rural areas, the Maharashtra State Electricity Distribution Company said in a statement.
'Let us hope that this Budget delivers.' 'It needs 10 per cent plus real GDP growth in 2021-22, the rebound year,' notes Omkar Goswami.
The first spending item on the chopping block is capital expenditure, followed by operating costs and overheads, including sales and marketing expenses.
The Centre had set up a Commission under former Reserve Bank of India Governor Bimal Jalan to suggest steps to rationalise subsidy and help the government in effectively bringing down the fiscal deficit.
The dairy major is transforming into a full-fledged F&B and fast moving consumer goods (FMCG) player, reports Vinay Umarji.
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.
The panel may include or seek inputs from former RBI Governor Urjit Patel, former chief economic advisor Arvind Subramanian, Sajjid Chinoy of the PM-EAC, Rathin Roy, among others.
All these measures will revitalise the manufacturing sector, which has been in doldrums.
Maharashtra is facing trouble on two fronts: economic development and fiscal management.
'Event management can distract from, but not permanently mask, execution failures,' points out Rathin Roy, director, National Institute of Public Finance and Policy.
Jaitley's team presents a quintessential mix of foreign-educated, intellectual technocrats and seasoned bureaucrats
Ebix had signed the agreement last year to acquire Gurugram-based Yatra Online for an enterprise value of $338 million (about Rs 2,327 crore) in an all-stock deal. The deal was supposed to conclude in the October-December quarter after regulatory approvals but went through several extensions, according to regulatory filings with the US Securities and Exchange Commission.
The Union Cabinet on Wednesday approved 'Mission Karmayogi', dubbed as the biggest bureaucratic reform initiative, aimed at capacity building of government employees to make them more "creative, proactive, professional and technology-enabled". The core guiding principles of the competency-driven programme will be to support a transition from "rules based to roles based" HR management to prepare the Indian civil servant for the future, according to a government statement.
US e-commerce giant Amazon has written to the independent directors of Future Retail Limited (FRL), including Gagan Singh, Ravindra Dhariwal and Jacob Mathew, and its audit committee, providing data and alleging that there have been significant financial irregularities to the prejudice of public shareholders, banks, creditors, and third-party suppliers. Amazon has said this warrants a thorough and independent examination of all relevant facts and related-party transactions, including of past financial years, by an independent agency. Separately, Amazon has written to Securities and Exchange Board of India Chairman Ajay Tyagi, seeking the withdrawal of the regulator's conditional approval granted to FRL related to the merger deal between the Future group and Reliance.
The government had committed to increasing spending in infrastructure
G C Murmu rarely speaks in public and when he does, his statements are always in lockstep with the thinking within this government.
Government auditor CAG has flagged "undue favour" to Wipro Ltd by UIDAI.
