Union excise duty collection dropped 18 per cent in August year-on-year at a time when the overall central tax kitty rose about 94 per cent before devolution to the states. The mop-up from Union excise duty declined to Rs 23,576 crore in August this year compared to Rs 28,816 crore in the same month a year ago. On the other hand, total tax collection rose to Rs 2.9 trillion in the month as against Rs 1.5 trillion in August 2022-23, shows the data released by the Controller General of Accounts (CGA).
'The market was expecting the Budget to do more, given the domestic economic slowdown and global uncertainty. Over the next few days, the market is expected to absorb the volatility.'
"You can memorize 1000s of words, but what do you do if you get a word that you don't know?"
'Kofi Annan will be remembered more for his Nobel Prize and related glory rather than Rwanda and Volcker,' notes Ambassador T P Sreenivasan with whom he worked in the UN.
In his letter to Modi, Kharge hit out at the railway minister for seeking a Central Bureau of Investigation probe, saying the law enforcement agency is meant to investigate crimes, not railway accidents.
The extra borrowing implies Jaitley will have extra spending space in the Union Budget for FY19, the last full one before the 2019 general election
'The prime minister's comment on 'revdi culture' was welcome. But I am disappointed he did not follow up on that.' 'All political parties, including the BJP, have been guilty of this.' 'Now, Modi's guarantees, the Congress's 'nyay' path and both ruling and Opposition parties are vying with each other for freebies in my home state Andhra Pradesh.'
Former India left-arm spinner Pragyan Ojha will no longer be Indian Cricketers' Association's representative in the Apex Council.
"There is enough time, and required mandatory time for the circulation of agenda will be followed", the Parliamentary Affairs Minister said.
The losses in state elections in Rajasthan, Madhya Pradesh, and Chhattisgarh have put the ruling party under pressure to announce swift measures aimed at addressing rural distress and lack of employment.
With the last quarter of 2023-24 (FY24) expected to have been soft owing to lower discretionary spend and macro uncertainty, many are hoping FY25 will be a year of recovery for the information-technology (IT) industry. The fourth quarter, January-March, is considered soft, and will continue to see the headwinds the sector has been facing. And the sector has entered the new financial year on a weak footing. Analysts are expecting Tier-I firms to report sequential growth of -1 per cent to 1.5 per cent and midcap players' growth may range between 0.7 per cent and 4 per cent.
Apparently aimed at keeping the flock together ahead of the Rajya Sabha polls, all ruling Congress MLAs in Karnataka will stay put together at a hotel in Bengaluru on Monday after the budget session of the state legislature concludes and will later also travel together for voting the next day.
When a strong executive decides it wants something, even something that is dangerous and unconstitutional, there is little resistance from within to stop it, notes Aakar Patel.
The preparations for the next Budget have already started.
The general election could be held sometime after the passage of the federal budget, Gilani indicated during an interaction with Pakistani journalists on Sunday night following his return from Davos, Switzerland, where he attended the World Economic Forum.
Former India wicketkeeper Saba Karim was on Saturday appointed as General Manager (Cricket Operations) of the Board of Control for Cricket in India.
There are various estimates of India's debt to GDP ratio, but the consensus is that that it would be over 80 per cent at the end of the current fiscal year.
Information technology (IT) companies have been on the road to revival in the past one year. From being the worst-hit sector in 2022 with a loss of 26 per cent, the Nifty IT index closed 2023 with gains of 24 per cent. So far in 2024, the index is up around 7 per cent against the nearly flat Nifty 50 benchmark index. The IT index has been on a continuous decline in the last three sessions.
A large part of the productive time in Parliament is spent on non-legislative matters such as discussion on motion of thanks by the President, conduct of fellow MPs and so on.
An individual can avail tax deduction on the amount spent during the year on a deferred annuity for self, spouse, or child.
'It will drive a lot of surrounding business, that is where we see some good projects coming in.'
The dates of general elections in 2019 and the presentation of the final Budget of the Modi government are so far removed from each other that Jaitley is not under any pressure to present a populist Budget. Instead, he could well unveil an array of schemes and proposals that he believes are necessary for the economy, even if a few of them could be unpopular, says A K Bhattacharya.
The initiatives intended to benefit the common man include e-ticketing, catering on demand, bio-toilets, food for infants, better stations.
'It is a balanced and prudent Budget that sets the foundation for future growth in the economy.'
Taxpayers with old, outstanding taxes will benefit from the CBDT's new scheme.
"India's middle class, small traders and farmers are the lifelines of its economic growth. By catering to these ambitions #Budget2019 infuses hopes for millions of dreams."
Goyal's move was criticised by the Opposition saying with general election months away, the Prime Minister Narendra Modi-led government had mandate only to present a vote on account and a Budget containing direct tax proposals.
The Supreme Court on Friday termed the deadlock between the Punjab government and its governor over assent to bills passed by the assembly a matter of "serious concern" and said it is not happy with what is happening in the state.
'China's opaque defence allocation processes are shrouded in mystery and have triggered security dilemmas among its neighbours and others,' notes China expert Srikanth Kondapalli.
The S&P BSE Midcap and the S&P BSE Smallcap indices have managed to stay afloat in a volatile January that saw the frontline indices hit their respective 52-week high levels and then slip. While the S&P BSE Sensex has lost over 2 per cent thus far in January, the S&P BSE Midcap and the S&P BSE Smallcap indices have gained nearly 2.5 per cent and 4 per cent, respectively during this period.
Without making two-thirds of the country's population a development partner, India's prosperity is impossible, the Congress leader added.
A 25 per cent year-on-year (Y-o-Y) increase in budget allocation towards the roads sector for FY24 has led to renewed interest among investors. However, a combination of escalating costs for Bharatmala and unseasonal rains to some extent have impacted progress. Bharatmala's cost has nearly doubled from Rs 5.35 trillion to Rs 10.6 trillion and the finance ministry has asked MoRTH to go slow until Cabinet approval is received.
'We have to cut down on manpower to make more for equipment,' Indian Army chief General Bipin Rawat tells Ajai Shukla.
'The plan is to secure nod of the Union Cabinet and other relevant regulatory approvals within the next three months,' a senior finance ministry official said, requesting anonymity.
Asked if he is joining the BJP, Nath said, "If there would be any such thing, I would inform you first."
'It is crucial today to realise where we have reached in this 15 year-period in order to fully and properly assess the profundity of what General Rawat has said,' points out Ambassador M K Bhadrakumar.
The opposition has attacked the Modi government over the National Democratic Alliance's last full-fledged budget before the 2019 Lok Sabha elections.
The Congress has so far announced 82 candidates for the seven-phase Lok Sabha polls beginning April 19.
'An entire operation was running systematically prior to the revoking of Article 370.'
The government is confident of meeting the fiscal deficit target of 5.9 per cent of gross domestic product (GDP) and the nominal GDP target of 10.5 per cent despite pressure in the initial months of FY24, Economic Affairs secretary Ajay Seth told Business Standard. Normally the initial months of any financial year see proportionally a higher fiscal deficit because the expenditure is evenly paced while revenue picks up in the later months, he said. "This year the proportional fiscal deficit so far is much closer to the target than in most other years.
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