The lack of clarity on who is next in line, when the time comes, as indeed it will one day some day, reflects poorly on the management of the world's largest political party. It scarcely need be said that a squabble between the contenders, Shah and Yogi, is exactly what the doctor ordered for the Opposition, notes Krishna Prasad.
'The 2024 election results will lead to much intense targeting of Modi, more intense debates, many more breakdowns in Parliament and many more movements on the streets.' 'The results have hit Modi's standing, and the politics of the Opposition parties will be sharply focused to ensure that Modi doesn't get back his charisma of being 'invincible' with help of State power.' Sheela Bhatt looks at the political situation through the prism of 2024 Lok Sabha election results.
The BSE 30-share index after a positive opening stretched to 31,772.41, but could not stay there for long buffeted by the selling pressure. It hit a low of 31,562.25 before settling lower by 79.68 points, or 0.25 per cent, at 31,592.03.
The budgeted indirect tax collection target is Rs 9.26 trillion, and the Centre has collected around Rs 5 trillion in the first 8 months. So it needs another Rs 4.2 trn in the last four months
Mitra also said currency demonetisation has led to closure of small industries and left hundreds jobless across the country
Experts have flagged issues regarding the levying of new cess/tax, especially those related to complications in administering the cess.
The rates of price rise in many services used by the common man, including hospital and nursing, cook, domestic help and bus (fare), among others, have also touched double digits during the last four years, putting a burden on disposable income.
The 30-share barometer remained up throughout and hit a high of 29,070.20, powered by a rally in RIL and other blue-chips. The index ended 215.74 points up, or 0.75 per cent, at 29,048.19 -- its highest closing since March 5, 2015, when it had closed at 29,448.95.
As per SIAM data, vehicle sales across categories, including passenger vehicles and two-wheelers and commercial vehicles stood at 18,21,490 units last month as against 23,82,436 units in August 2018, a fall of 23.55 per cent.
'I would like to convey the message to your readers that the prime minister himself is directly seized of the situation on the ground. He periodically reviews the situation on the ground and how it is moving forward, taking inputs from economists, business leaders, chambers of commerce.'
Accounting for the first Advance Estimates for 2017-18, an additional planned borrowing of Rs 200 billion, the fiscal deficit could come in at 3.35 per cent of GDP.
Falling private sector investment and farm distress are problems that call for immediate attention, says T N C Rajagopalan.
'If because of El Nino, the monsoon is affected adversely in the current year, naturally it will affect income projections and consequently Budget numbers.'
FinMin does not expect tax or non-tax revenue to reach anywhere close to the targets set in the interim Budget. Sources say that the challenge before the new government will be either to accept the reduced projection and tailor the Budget accordingly or set a more ambitious target.
Top gainers in the Sensex pack include Yes Bank, TCS, Infosys, IndusInd Bank, HCL Tech, Bharti Airtel, HDFC, Sun Pharma, Bajaj Auto, ICICI Bank, Vedanta, Hero MotoCorp, ITC, Bajaj Finance, M&M and Tata Steel, surging up to 3.24 per cent.
Broader market underperformed with the BSE Midcap and the BSE Smallcap indices losing up to 0.2%
In another round of economic booster, Sitharaman announced steps to help homebuyers and push exports.
Jaitley said the Indian Army and the Border Security Force are "dominating" the Line of Control irrespective of where the troubles are being created by foreign insurgents or domestic terrorists.
It was not immediately known if Modi acceded to Jaitley's request.
'Challenges will come but we will stay the course. No big step can be taken if one is afraid of criticism. We will not flinch from criticism,' says Railways Minister Piyush Goyal.
Its governing allies are not happy on the economy and complain of ignored concerns but find themselves unable to be assertive.
Exporters on Thursday demanded fiscal incentives, tweaking in customs duties on certain products and credit at affordable rates in the forthcoming Budget to boost exports and create jobs. In a pre-budget virtual meeting with Finance Minister Nirmala Sitharaman, the Federation of Indian Export Organisations (FIEO) said the depreciation of the rupee against the US dollar is affecting exports' competitiveness and the sector requires more support. "Creation of employment is the biggest challenge faced by the country...We would urge the government to provide fiscal support to units which provide additional employment in the export sector," the exporter's body said.
Market breadth turned negative with 1,779 declines over 884 advances on the BSE
India's growth presents a win-win partnership for the country and the US, and American companies have a great opportunity to contribute to that, Modi told the CEOs.
The CAG audit may look into expenditure on printing of notes, RBI dividend payout and banking transaction data.
Chief economic advisor Arvind Subramanian discusses the Budget, goods and services tax, Centre-state relationship and larger issues facing the economy
'Our automakers export 50 per cent of what they manufacture and once the policy comes into play, which is in the next 2-3 years, we would become a Rs 10 trillion industry.'
Room for rise of up to 2 percentage points, move to help meet higher expenditure need in FY17
"The Congress in a way is in the grip of urban Naxals. That is why its thought has become negative," Modi alleged in his 90-minute speech.
The government is mulling changes in the income tax laws to bring cryptocurrencies under the tax net, with some changes that could form part of the Budget next year, a top official said. Revenue secretary Tarun Bajaj said that in terms of income tax, some people are already paying capital gains tax on the income from cryptocurrency, and in respect of Goods and Services Tax (GST) also the law is "very clear" that the rate would be applicable as those in case of other services.
Measures may include tax slab and rate revisions for individuals, companies.
Cash flow-based analysis should throw up businesses better able to survive the transient effects of a working capital crunch, says Devangshu Datta.
Also on the anvil is abolition of distinction between Plan and non-Plan expenditure and replacing it with capital and revenue expenditure
Besides urging the Centre for extension of loan moratorium, the hotel and travel industries have also demanded deferment of GST and advance tax payments and waiver of fees for all forthcoming licences and permits.
A Ganesh Nadar/Rediff.com attends Finance Minister Nirmala Sitharaman's presser in Chennai to tom-tom the government's achievements in its first 100 days in office.
'We have promised to ensure reduced tax rates.'
'... the government provides adequate cash and kind support for the poorest of the poor for survival... ...conditional cash and skilling support for the economically poor to raise their incomes to adequate levels... ...and make functional arrangements for providing unemployment allowance to the vulnerable poor during disasters like the present one.'
In its essence, GST is a national level system of value added taxation of goods and services, says Shankar Acharya.
From opposing the NPR and NRC to demanding special status for Bihar to staying out of the Union Cabinet on principle to showing the BJP who was boss in Bihar, Nitish Kumar has wasted no opportunity at cocking a snook at the BJP leadership. But how long can he continue, asks Gopal Krishna.
The Nifty rose 176.50 points, or 1.74 per cent, during the week.
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