The ruling Bharatiya Janata Party in poll-bound Karnataka on Friday sought to woo farmers, women and younger generation with a slew of welfare measures in its last budget in the current term, also earmarking Rs 1000 crore towards development and renovation of various temples and maths in the state.
The case has been handed over to the state CID from Baguiati police station under Bidhannagar police commissionerate, the official said.
The size of Delhi's Budget is close to Rs 55,000 crore, or about 6 per cent of its gross state domestic product (GSDP). What set the state apart is that in the last decade, its fiscal deficit hardly crossed 1 per cent of GSDP, while many other states grappled to contain it within 3 per cent. This was largely possible due to the revenue surplus position, reports Abhishek Waghmare.
There has been a decline in foreign direct inflow from China in the last three years, with FDI coming down to USD 163.77 million in 2019-20, Minister of State for Finance Anurag Singh Thakur informed the Lok Sabha on Monday. Giving details of the total foreign direct investment (FDI) inflow from Chinese companies in India, he said, it was USD 350.22 million in 2017-18, while it declined to USD 229 million in the following year.
There's an entire gurdwara dedicated to immigration. People present tiny airliner models here in the hope that Waheguru will soon give them a ticket, passport and visa to leave, reveals Shekhar Gupta.
No longer Bengal's finance minister, Amit Mitra, Mamata's principal chief advisor, will still advise and aid the 'chief minister and finance department on all matters relating to management of state finance', represent the 'state government in national and international events/meetings/committees' and examine 'important proposals/files and policy issues relating to financial matters referred to him for advice/views'.
The state's revenue receipts might not afford various freebies announced by the parties, unless revenue deficit and hence fiscal deficit is widened.
These conditions are implementation of the 'One Nation, One Ration Card' scheme, ease of doing business, power sector reforms, and urban local body reforms.
India's economy continues to be robust, but downside risks such as rising crude oil prices, adverse weather conditions, and the global banking crisis outweigh the upside potential in gross domestic product (GDP) growth in the current financial year (FY24), the finance ministry said on Tuesday in its Monthly Economic Review for March. "We reiterate that downside risks to our official forecast of 6.5 per cent for real GDP growth in FY24 dominate upside risks," the review said. "Opec's surprise production cut has seen oil prices rise in April, off their lows of low-seventies per barrel in March.
The farmers' agitation against new agri laws will lead to economic loss of over Rs 70,000 crore in the December quarter owing to supply chain disruptions, particularly in Punjab, Haryana and border areas of Delhi, the PHD Chamber of Commerce and Industry said on Thursday. The chamber's president Sanjay Aggarwal said "the 36 days farm agitation so far will have more than Rs 70,000 crore economic loss in the Q3 FY 2020-21 due to...disruption in supply chains and day-to-day economic activities particularly in the progressive states of Punjab and Haryana and border areas of national capital Delhi."
Per capita income has more than doubled to Rs 1.97 lakh in around nine years. Indian economy has increased in size from being 10th to 5th largest in the world in the past nine years. Seven priorities of the Budget, 'Saptarishi', are inclusive development, reaching the last mile, infrastructure and investment, unleashing the potential, green growth, youth power and financial sector.
Speaking in the assembly, Fadnavis said a pen drive he had submitted contained a conversation between Waqf Board members Mohammad Arshad Khan and Mudasir Lambe.
The idea of three capitals has not been abandoned, even as the state lurches from financial crisis to crisis.
Going by the strict criteria set, only Maharashtra, Tamil Nadu, Gujarat, Karnataka, Uttar Pradesh, Andhra Pradesh, Madhya Pradesh, and Haryana qualify for such extra borrowing, as of now.
The budget underscores government's previous emphasis on capex to sustain near-term recovery from the pandemic, while simultaneously paving the way for longer-term restructuring of the economy, it stated. But the various spending initiatives are not offset by any significant announcements related to further increase revenue generation; rather, the announced revenue-related measures are aimed at other objectives such as fostering startup innovation, ensuring more equitable treatment for cooperatives and state employees, and promoting tax compliance through simplification, Christian de Guzman, a senior vice-president, sovereign risk group, Moody's Investors Service, said.
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.
Every patriot should learn from our history and recognise that celebrating size will neither negate nor obscure the huge economic challenges that India faces, asserts Rathin Roy.
Mann stares at a twin-headed monster: Resuscitating the state's debilitated public-sector enterprises and controlling the spiralling debt to keep the state machinery and his poll-fuelled populist schemes running.
It, however, lags other states on crucial parameters such as health care and rural poverty.
India's budget for the fiscal beginning April focuses on giving a boost to the ongoing economic recovery through a sharp increase in capex spending but is short on major growth-enhancing structural reform announcements, Fitch Ratings said Wednesday. The deficit targets present in the Union budget 2022-23 by Finance Minister Nirmala Sitharaman on Tuesday "are a bit higher than our forecasts when we affirmed India's 'BBB'/Negative sovereign rating in November," said Jeremy Zook, director and primary sovereign analyst for India, Fitch Ratings. While it was widely expected that the fiscal deficit will be lower than the targeted 6.8 per cent of the GDP in the current fiscal year ending March 31, 2022, Sitharaman put the number at 6.9 per cent.
'Since the NDA took office in 2014, and aggressively since 2019, the Union government seems hell bent on centralising all power and resources, only to fail spectacularly.'
The Planning Commission of India has released the official Gross State Domestic Product figures. The map above shows the GSDP of each state in the year 2013-14 in Rs crore.
The Planning Commission of India has released the official Gross State Domestic Product figures. The map above shows the GSDP of each state in the year 2013-14 in Rs crore.
The Make in India Week has become a platform for two Bharatiya Janata Party (BJP)-ruled states to jostle for the number one destination in India for investor funds.
The Centre on Tuesday permitted 20 states to raise Rs 68,825 crore through open market borrowings to bridge the GST revenue shortfall.
With 56,000 dollar-millionaire households, Maharashtra leads the country in wealth creation followed by Uttar Pradesh, Tamil Nadu, Karnataka and Gujarat, says a report. These states together account for 46 per cent of the 4.12-lakh millionaire households in the country. According to a wealth report by Hurun India, known for its annual rich list, there were 4.12 lakh dollar-millionaire households last year in the country, which has been one of the fastest wealth-creating economies producing the third-most number of billionaires annually.
Given the sheer size of the state, achieving a similar turnaround in Punjab as promised could be a different ball game altogether, reports Sai Manish.
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Puducherry recorded the second highest per capita income in the country at Rs 1,75,006.
Maharashtra's "radical" lockdown move will have an economic impact of Rs 40,000 crore, with the trade, hotels and transport sector to bear the biggest dent, Care Ratings said on Monday. The rating agency said the loss of economic activity will have a 0.32 per cent impact on the gross value added (GVA) growth at the national level. It revised down its national GDP growth estimate to 10.7 - 10.9 per cent from the 11 - 11.2 per cent given a week ago. Maharashtra has been contributing nearly 60 per cent to the daily COVID-19 infections nationally and had over 57,000 new cases on Sunday.
'The finance ministry's decision to accept the deficit target of 4.5 per cent in 2025-2026 appears to have emanated from its endorsement of the Finance Commission's view that the Indian economy will continue to remain impacted by the pandemic, adversely undermining its growth potential,' notes A K Bhattacharya.
To minise wasteful administrative costs, number of enterprises in strategic sectors will ordinarily be only one to four; others will be privatised/merged/brought under holding companies, she said.
Karnataka has registered a lower rate of growth in its gross state domestic product (GSDP) compared to the national average in 2007-08. It logged a 7 per cent growth in its GSDP as against the national advance estimates of 8.7 per cent. Inflation was more or less the same as that of the country. The performance of secondary and tertiary sectors (comprising industry and services) has turned out to be a major disappointment unlike the agriculture sector, which has fared better.
Power and money are at the heart of the sordid story -- and it isn't over yet.
Despite some sluggishness during 2009-10, the growth was largely on track during 2008-09 to 2012-13.
Vaccinating all citizens above the age of 18 years against COVID-19 will cost Rs 67,193 crore, of which states together will incur Rs 46,323 crore, India Ratings and Research (Ind-Ra) said on Thursday. As the second wave of COVID-19 sweeps the country with alarming speed and severity, the government has announced a liberalised and accelerated Phase 3 strategy of COVID-19 vaccination. Under this scheme, all persons above 18 years of age will be eligible to get COVID-19 vaccine doses from May 1.
Tamil Nadu now has India's lowest fertility rate - lower than Australia, Finland and Belgium - second best infant mortality and maternal mortality rate; records among the lowest crime rates against women and children; and has more factories and provides more industrial employment than any other Indian state.
'Is baar vote jati par nahi, kaam par milega.'
Bihar has been the top performer among the major states in terms of economic growth during the 11th Five Year Plan which ended on March 31, 2012.
Prime Minister Narendra Modi had announced a relief package of Rs 20 lakh crore or about 10 per cent or GDP last week. However, many of the measures unveiled have been in the form of moves like loan guarantees which do not entail an immediate fiscal cost.
The coming elections seem a tough battleground for the BJP in the wake of anti-incumbency, Patidar and Dalit agitations and implementation of the GST.
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