The President's address to Parliament on January 31 will contain the government's report card on the state of the economy, and will be no less important than the interim Budget announcements, says A K Bhattacharya.
16 Indian Army divisions face China, 20 face Pakistan and two divisions are reserves. This powerful signal can hardly be missed in China or Pakistan, notes Ajai Shukla.
The Supreme Court on Wednesday asked stakeholders like the Centre, Niti Aayog, Finance Commission and the Reserve Bank of India, to brainstorm on the 'serious' issue of freebies announced during elections and put forth 'constructive suggestions' to tackle it, saying no political party will oppose such handouts or like to debate it in Parliament.
Economy to grow by 7.2-7.5 per cent in second half of current fiscal, says FM.
Lakhs of employees of public sector banks continued their strike on the second day on Friday as well to protest against proposed privatisation of banks by the government impacting normal operation across the country. Shutters of branches across many parts of the country on Friday were down following the strike call given by the United Forum of Bank Union (UFBU), an umbrella body of nine bank unions including All India Bank Officers' Confederation (AIBOC), All India Bank Employees Association (AIBEA) and National Organisation of Bank Workers (NOBW). As a result, services such as deposits and withdrawal at branches, cheque clearance and loan approvals remains paralaysed due to the two-day strike ending later in the day.
Even as the Congress tired to shield Rahul Gandhi's surprise sabbatical ahead of the crucial Budget session, senior party leader Digvijaya Singh questioned his timing openly.
The Reserve Bank on Friday said it will soon commence the pilot launch of e-rupee for specific use cases with a view to bolstering India's digital economy, making payment systems more efficient, and checking money laundering. In a concept note on Central Bank Digital Currency, the RBI said CBDC is aimed to complement, rather than replace, current forms of money and is envisaged to provide an additional payment avenue to users, not to replace the existing payment systems. "Supported by state-of-the-art payment systems of India that are affordable, accessible, convenient, efficient, safe and secure, the Digital Rupee (e?) system will further bolster India's digital economy, make the monetary and payment systems more efficient and contribute to furthering financial inclusion," the paper said.
This Budget plans for an increase to 10.3% of GDP from 9.9%.
Rediff.com contributor Anita Katyal explains why the Congress is ill-equipped to battle the Narendra Modi government in the forthcoming Budget session of Parliament.
The Congress will hold a chintan shivir immediately after the Budget session of Parliament and the CWC will meet again before that, he told reporters
'The government or the ruling party has indicated indirectly that you are not supposed to publish anything critical of the government or the senior functionaries of the government.'
The health and family welfare ministry spent 70 per cent of its allocation till October. The ministry may need additional funds for the vaccination drive which is expected to be kicked off from January.
After the government sought Parliament's nod for a second batch of supplementary demand for grants that will cause a hit of Rs 2.99 trillion to the exchequer, doubts suddenly arose about the government's ability to meet the Budget projections of reining in its fiscal deficit at 6.8 per cent of gross domestic product (GDP), or Rs 15.06 trillion, for the current financial year. Till now, many were of the opinion that the government would succeed in checking the deficit at a much lower figure than what was given in the Budget Estimates (BE). The government had sought Parliament's approval to spend Rs 3.74 trillion extra, but Rs 74,517.01 crore will be matched by equal savings on other heads.
The CAG has pulled up the union government for adopting an erroneous process of devolution of IGST to states and short-transfer of cesses to reserve funds, which resulted in under-reporting of deficit figures for the 2017-18 and 2018-19 fiscals. The Integrated Goods and Services Tax (IGST), which is levied on inter-state sale of goods and services, is shared between the Centre and states in the 50:50 ratio. In its report on the union government accounts tabled in Parliament, the Comptroller and Auditor General of India (CAG) found that a sum of Rs 13,944 crore was left unapportioned and retained in the Consolidated Fund of India (CFI) in 2018-19, even though the amended IGST Act now provides for a process for ad-hoc apportionment of IGST.
Most expect the Budget to be path-breaking.
Sri Lankan national Priyantha Kumara Diyawadana, who was lynched by a mob in Pakistan's Punjab province over allegations of blasphemy last week, was buried according to Buddhist and Catholic rites at Ganemulla, a suburb north of Colombo, on Wednesday.
'While China has been hiking its defence spending, India has done precious little in implementing the Manmohan Singh government's decision of raising a 90,000-strong China-centric Mountain Strike Corps,' says Rajeev Sharma.
The group is also reported to be seeking the ouster of some Rahul Gandhi loyalists from key AICC positions and top on their target are AICC general secretary Organisation K C Venugopal, chief spokesperson Randeep Surjewala and general secretary Ajay Maken.
The fiscal deficit in current fiscal has been estimated at 3.9%.
"I have made a mistake; I accept responsibility; I resign," the 42-year-old barrister said.
In an accompanying vision statement, the former finance minister highlighted his track record of serving in the Cabinet, helping to steer the economy through the toughest of times with the COVID pandemic.
Jaitley, who was the finance minister before a medical procedure led to the charge being temporarily taken away from him, missed presenting the sixth and final Budget of the Narendra Modi government before the general elections. In his absence, the charge of the ministry was given to Railways Minister Piyush Goyal.
Employees of public sector banks (PSBs) on Thursday went on two-day strike against the move to privatise public sector banks impacting normal banking operation across the country. Many branches across different parts of the country were shut as the United Forum of Bank Union (UFBU), an umbrella body of nine bank unions including All India Bank Officers' Confederation (AIBOC), All India Bank Employees Association (AIBEA) and National Organisation of Bank Workers (NOBW) had given two day strike call. As a result, services such as deposits and withdrawal at branches, cheque clearance and loan approvals might be affected due to the strike. But ATMs are expected to function as usual.
Accompanied by Samajwadi Party chief Akhilesh Yadav, Chaudhary reached Uttar Pradesh assembly premises in the morning to file his nomination.
The United Forum of Bank Unions (UFBU), an umbrella body of nine unions, has given a call for a two-day strike from December 16 to protest against the proposed privatisation of two state-owned lenders. In the Union Budget presented in February, Finance Minister Nirmala Sitharaman had announced the privatisation of two public sector banks (PSBs) as part of its disinvestment plan. The government has already privatised IDBI Bank by selling its majority stake in the lender to LIC in 2019 and merged 14 public sector banks in the past four years.
The octogenarian, who has already announced his retirement from electoral politics, is sought to be put on the pedestal by the governing party's central leaders.
The new government may enhance the Plan expenditure for 2014-15 by around Rs 11,000 crore (Rs 110 billion) in the Budget next month, which would be about 2 per cent higher than what was provided in the previous fiscal budget.
The 'slow pace' of acquisition of weapon systems is a matter of concern and the new government will work towards 'expediting' the procurement process to meet the requirements of the armed forces, Defence Minister Arun Jaitley said on Tuesday.
Modi said he was "full of confidence" ahead of his "examination" by 125 crore people, a trait which he wanted students to emulate when they appear for their examinations.
The Indian economy has "some bright spots and a number of very dark stains" and the government should target its spending "carefully" so that there are no huge deficits, noted economist and former RBI Governor Raghuram Rajan said on Sunday. Known for his frank views, Rajan also said the government needs to do more to prevent a K-shaped recovery of the economy hit by the coronavirus pandemic. Generally, a K-shaped recovery will reflect a situation where technology and large capital firms recover at a far faster rate than small businesses and industries that have been significantly impacted by the pandemic.
Rishi Sunak on Monday is all set to make history on Diwali as Britain's first Indian-origin prime minister after being elected unopposed as the new leader of the governing Conservative Party, following Penny Mordaunt's withdrawal from the race.
The contribution of nominated members to the proceedings of the Rajya Sabha has been anything but pathetic. Only time will tell if Sachin Tendulkar will prove an exception after his retirement? Anita Katyal reports
The industry's reactions to the Budget have been mixed.
Ramesh says that since the attitude of the Narendra Modi government is deliberately provocative and confrontational, it should not expect cooperation from the Congress.
The government on Monday budgeted Rs 1.75 lakh crore from stake sale in public sector companies and financial institutions, including 2 PSU banks and one general insurance company, in the next fiscal year beginning April 1. The amount is lower than the record Rs 2.10 lakh crore which was budgeted to be raised from CPSE disinvestment in the current fiscal year. However, the COVID-19 pandemic impacted the government's CPSE stake sale programme, and the target has been lowered to Rs 32,000 crore in the Revised Estimates.
Congress general secretary and chief spokesperson Randeep Surjewala claimed a clear message has come from the House today that if people want relief from 'severe unemployment, extreme inflation, falling incomes and extreme poverty', then the Bharatiya Janata Party 'will have to be defeated' in the elections.
Given the many policy areas where the Centre and the states have not been seeing eye to eye in the last few years, it is time the Modi government convenes a meeting of the Inter-State Council, recommends A K Bhattacharya.
Tax consultants and chartered accountants have started receiving a flurry of calls from their clients - both corporate and individuals - seeking clarity over changes in the reassessment regime made during the recently concluded Budget Session of Parliament. Tax experts apprehend the amendments may lead to the income-tax (I-T) department sending out more notices. The new provisions, effective from April 1, have extended the scope for tax sleuths to reopen the past assessments.
The government should now focus on governance and monitoring the supply side to manage inflation, says M V Subramanian.
If Kerala wants to sustain its room for independent thinking and talk back to Delhi when needed, it should put its finances in order. Or - if one takes the North East example - Kerala's political posturing may end up commensurate with its financial dependence on others, suggests Shyam G Menon.
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