Modi's BJP has promised more revdis or freebies for these assembly elections than ever before, points out N Sathiya Moorthy.
In a relief to industry, the government has accepted a parliamentary panel's recommendation on allowing cartels to opt for the settlement scheme under the Competition Amendment Bill, according to official sources. The proposed Bill seeks to introduce a clause for settlement and commitment that offers any enterprise against which an inquiry has been initiated to file an application for settlement. The Parliamentary Committee on Finance had suggested including cartels in the scope for settlement "as a pragmatic recourse to the whole process".
The Planning Commission projected the Centre's fiscal deficit to come down to three per cent of the gross domestic product.
The government has constituted a high-powered committee, headed by Planning Commission Member NK Singh, to set new guidelines for regulating film financing.
Corporation tax is the single largest source of income, contributing 21 paise to each rupee earned.
The unidentified youths shot Nijjar, a designated terrorist, inside the premises of Guru Nanak Sikh Gurdwara Sahib, of which he was the head, at Surrey at 8:27 pm (local time) on Sunday, they said.
Policymakers should aspire to restore the pre-Independence environment where the rupee was trusted and used all over South Asia, in Southeast Asia, in West Asia, and in East Africa, suggests Ajay Shah.
Union Home Minister Rajnath Singh on Thursday said B R Ambedkar had never thought of leaving the country despite being subjected to insult and discrimination.
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 ED carried out searches against two former auditor firms of IL&FS -- BSR and Associates and Deloitte Haskins and Sells -- on Wednesday in connection with its money-laundering probe into alleged financial irregularities at the infrastructure development and finance company, official sources said. The premises linked to the two auditors in Mumbai were searched under the provisions of the Prevention of Money Laundering Act (PMLA), they added. The action came a week after the Supreme Court set aside a Bombay High Court verdict that quashed an SFIO probe against the two companies, both former auditors of IL&FS Financial Services, paving the way for action against them under the Companies Act and allowing the National Company Law Tribunal (NCLT) to take forward its enquiry against them.
Chary also says some government officials have played an important role in favouring organisations that MCX competes with.
Economists say there aren't many options with the government at present, given the drought-like situation which would only spur its spending.
In line with the recommendations of the 12th and 13th Finance Commissions and the second Administrative Reforms Commission, the operational guidelines suggest shifting from the present cash-based accounting system to an accrual basis of accounting.
Current account deficit in 2010-11 will be well below 3.0 per cent of GDP.
Budget-makers in North Block are looking to maintain this fiscal status quo, in spite of tax revenues nowhere close to where the government wants and in spite of possible higher expenditure commitments.
Various indicators make it amply clear that there are grave challenges facing the new government of Chief Minister Nitish Kumar, reports Indivjal Dhasmana.
A 14-year-old girl was allegedly murdered and her body was burnt in a coal furnace in Rajasthan's Bhilwara district, the police said on Thursday.
For Yoginder, it is a release from pain. But for us, his friends, it is the loss of a warm and generous life companion, says Nitin Desai of his 50-year association with the eminent economist who passed into the ages on December 6, 2022.
The empowered committee of state finance ministers has virtually trashed the Thirteenth Finance Commission taskforce's Goods and Services Tax report.
An eight-member Pakistani judicial commission team crossed into India from the Wagah border check post in Punjab on Saturday to conduct the much-delayed cross-examination of witnesses in the 2008 Mumbai attacks, which claimed 166 lives.
The 7th Pay Commission has recommended more than doubling the 'Military Service Pay' to defence personnel, and suggested that Short Service Commissioned Officers should be allowed to exit the Armed Forces at any point in time between 7 and 10 years of service.
The Opposition on Monday charged the government with trying to promote crony capitalism, creating fear by giving "unbridled power" to taxmen, trying to snoop into people's lives through increased use of Aadhaar through the provisions of the Finance Bill.
A day before unveiling the Budget, Finance Minister Pranab Mukherjee will table the Economic Survey in Parliament on Thursday which will take stock of the economy and also the impact of stimulus on industry.
The BJP chief exuded confidence that the party would retain power at the Centre in the 2019 Lok Sabha polls with more strength.
There has been criticism of the official statistics ever since MoSPI came out with new methodology to estimate the GDP on the base year of 2011-12 compared to earlier 2004-05.
Sales tax continues to top the state's largest source of income.
Gujarat will host the next round of G20 meetings from March 27 to April 4, during which three conclaves will be held in the state on a range of issues, where delegates from different countries will converge for participation, an official said.
She said Prime Minister Narendra Modi has received the highest civilian awards from 13 countries, including six with predominantly Muslim population.
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 GST anti-profiteering complaints would be dealt with by the Competition Commission of India (CCI) from December 1 as the extended tenure of National Anti-profiteering Authority ends this month, an official said on Tuesday. A notification in this regard is expected to be issued by the finance ministry later this month, the official added. The National Anti-profiteering Authority (NAA) was set up in November 2017 under Section 171A of Goods and Services Tax (GST) law to check unfair profiteering activities by registered suppliers.
Concerned over rising incidence of mis-selling, the finance ministry has directed heads of public sector banks to put in place strong mechanisms to avoid unethical practices for selling insurance policies to customers. The Department of Financial Services has received complaints that fraudulent and unethical practices are adopted by banks and life insurance companies for procuring policies from the bank customers, a letter addressed to chairpersons and managing directors of public sector banks said. There have been instances where life insurance policies were sold to customers aged above 75 years in Tier II-III cities.
Ajay Banga was on Wednesday appointed the next president of the World Bank, becoming the first-ever Indian-American to head the global financial institution which said it looks forward to working with him at a time when it's tackling the toughest development challenges facing developing countries. "The executive directors of the World Bank today selected Ajay Banga as president of the World Bank for a five-year term beginning June 2, 2023," the bank said in a press statement. In February, President Joe Biden announced that the US would be nominating Banga, 63, to lead the World Bank because he is "well equipped" to lead the global institution at "this critical moment in history."
The 14th Finance Commission had recommended that states' share in the divisible tax pool be raised to 42 per cent, from 32 per cent earlier.
Structural changes to government finances could be focus of the Union Budget, says Mihir S Sharma.
'Within a short span, it increased attendance, improved children's physical fitness, and led to a rise in the enrolment ratio.'
For every rupee in the government coffer, 70 paise will come from direct and indirect taxes, while the government will spend 23 paise towards the states' share of taxes and duties.
Brand India's societal divisions and distortions have remained as much relevant in 'liberal' America and Europe as it still is in the structurally stratified Indian society of the 21st century, observes N Sathiya Moorthy.
State industries minister Uday Samant and party leader Ramdas Kadam gave information about the resolutions passed in the meeting.
Bihar Chief Minister Nitish Kumar asked the prime minister not to make new promises to Bihar but "show moral courage" and ensure implementation of all the promises made till date.
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