Hours earlier, a Spanish court issued a preliminary ruling in favor of the 75-year-old tycoon's extradition to the United States to face tax-related criminal charges.
The Opposition candidate in the July 18 presidential polls, Yashwant Sinha, held his first campaign strategy meeting on Wednesday at the Nationalist Congress Party office in New Delhi and said a "rubberstamp President" will not work in the country.
The biggest headwind to the consumption story in FY23 is a sharp decline in government subsidies on food, fertiliser and fuel, and overall decline in revenue expenditure net of interest payments. This, analysts say, will adversely impact purchasing power of households at the lower end of the income pyramid, translating into lower spending on consumer goods and services.
He said his government's goal is to make Delhi a grand city equipped with all the facilities as expected of the capital of the country.
The negative aspect about the Budget is that the capital expenditure has been marginally cut to achieve the fiscal deficit target assumptions, and the onus of sustaining investment demand till private capex revives continues to vest with the public sector enterprises, notes Jyotivardhan Jaipuria.
From dating apps to events, the shrinking community is innovating ways to encourage the young to marry within the faith.
Instead of conceding the demand for a cut in personal income-tax rates, Finance Minister Nirmala Sitharaman should phase out many exemptions in both personal and corporation taxes, suggests A K Bhattacharya.
Chief Justice of India (CJI) N V Ramana-led bench was irked over the increasing number of reports regarding delay in implementation of the orders passed by the top court and has recently taken suo motu cognisance of news reports of delay by Uttar Pradesh authorities in releasing 13 prisoners who were granted bail by it on July 8.
Debt-ridden Future Group is now focusing on saving and rebuilding firms such as -- Future Lifestyle Fashions, Future Supply Chain Solutions, Future Consumer and Future Enterprises, after the Rs 24,713-crore deal with Reliance Retail was rejected by secured creditors, according to industry sources. However, Future Group's flagship firm Future Retail Ltd (FRL), which has nearly Rs 18,000 crore debt, is bound to face the corporate insolvency resolution process before the National Company Law Tribunal (NCLT). Other companies like Future Enterprises Ltd (FEL), Future Lifestyle Fashions Ltd (FLFL), Future Supply Chain Solutions Ltd (FSCSL), Future Consumer Ltd (FCL) can sustain on their own and can be rebuilt by restructuring their liabilities with the help of current lenders and investors, said an industry source close to the Future Group.
Top officials said asking employees other than the fund management team to mandatorily invest a fifth of their salary goes against the principle of natural justice.
This is more than 25 per cent higher as compared to the same period of the previous year when the prime minister had 78 domestic engagements.
The Modi government's defeat on farm laws underlines the perils of governing an entire continent-sized, diverse and federal nation like the chief minister of a state, observes Shekhar Gupta.
Sources said the rural development ministry has sought an additional Rs 20,000 crore for MGNREGA for 2019-20 over and above the budgeted Rs 60,000 crore for 2019-20. Though, all of the PM-KISAN savings may not be transferred to fund MNGREGA's extra needs, sources said a part of this could be transferred.
On the extension of the PMGKAY, he said it will cost the government Rs 90,000 crore more.
The recent protests by employees of Urban Company and the case of a a Zomato delivery executive who died in a road accident point to the severely straitened condition of gig workers during the ongoing Covid-19 pandemic. Budget 2021 had promised several measures to help the cause of gig economy workers, but most of them are yet to see the light of day. Even after a year, the country's gig workers continue to be without any social security cover or a minimum wage guarantee. "In Budget 2021, finance minister Nirmala Sitharaman had announced that the government is looking toward including migrant and gig workers for social security benefits," says Srinivas Kotni, managing partner, Lexport, a consulting firm. Parliament had passed the Code on Wages in 2019 and Code on Industrial Relations, Social Security and Occupational Safety, Health and Working Conditions in 2020.
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.
India is on track to register its entire 1.25 billion population using its Aadhaar digital ID.
In a statement, the CBDT, which is the apex policy making body for direct tax policies, said it has never asked IRS Association or these officers to prepare such a report and no permission was sought by them before making the report public. 'It is unequivocally stated that CBDT never asked IRS Association or these officers to prepare such a report.
Blame the voter, who invariably chooses the promise of hand-outs today in preference to a vague promise of, say, better schools tomorrow. Getting the Supreme Court to issue an edict, or Parliament to pass a law, is no solution, observes T N Ninan.
Supplying food to schools under mid-day meal scheme, pre-schools and anganwadis is exempt from GST, the Central Board of Indirect Taxes and Customs (CBIC) has said. Issuing a set of clarification on certain decisions taken by the GST Council in its 43rd meeting on May 28, the CBIC said it had received representations regarding applicability of GST on the issues as to whether serving of food in schools under mid-day meals scheme would be exempt if such supplies are funded by government grants and/or corporate donations. Under the goods and services tax (GST), any catering service, including mid-day meals, provided to an educational institution is exempt from the levy.
"The PMJDY has been the foundation stone for the Modi government's people-centric economic initiatives. "Whether it is direct benefit transfers, Covid-19 financial assistance, PM-KISAN, increased wages under MGNREGA, life and health insurance cover, the first step was to provide every adult with a bank account, which PMJDY has nearly completed," Nirmala Sitharaman said on the sixth anniversary of the scheme.
BSNL Chairman and Managing Director P K Purwar told PTI that the scheme will be open between November 4 and December 3, and that instructions have already been given to field units to inform employees about the VRS offering.
Speaking during the Question Hour, the road transport and highways minister said the country has set several world records in road construction despite COVID-19. The construction of Zoji La tunnel on the Srinagar-Leh highway will be completed before 2024, while another Z-Morh tunnel will be completed in the next three months, he added.
'Where in the world you get 12.5 per cent return of interest?'
Virtually addressing a joint conference of the CVC and the CBI at Kevadia in Gujarat, Modi said no matter how powerful a person may be, stern action should be taken against those who work against the interest of the nation or its people.
Hasty, ill-conceived steps show how isolated Mamata Banerjee had been from the national political trend. A fascinating excerpt from Sugato Hazra's Losing The Plot: Political Isolation Of West Bengal.
'In May 2020-2021, nearly 10 crores (100 million) lost jobs. 'Covid is not the reason for the present crisis. It aggravated the crisis.'
Calling for 'equal recognition of vaccines', COVAX on Thursday urged all governments to recognise as 'fully vaccinated' those people who have received COVID-19 vaccines deemed safe by World Health Organisation, saying any move that restricts travel of people based on the vaccines they have received is 'counter-effective, both in spirit and outcome'.
Most insurers aren't comfortable with subscribing to the National Pension System as they see it as competition.
Use deductions introduced in the Budget to save additional Rs 24,000 in tax
The raising of the entry age in NPS has opened up an attractive new investment avenue for senior citizens, says Arnav Pandya.
'Modi is now the biggest messiah of OBCs and Dalits as V P Singh once was.'
EPF is the major vehicle for the long-term savings of organised private sector employees.
A key demand is to reduce the dividend distribution tax on listed firms.
While TMC leaders ridiculed Prime Minister Narendra Modi and UP chief minister Yogi Adityanath for lifting an image purportedly from West Bengal, the BJP in the Mamata Banerjee-ruled state took potshots at crashing flyovers in the eastern state over the use of an image in a newspaper ad
Nowhere on the planet, nowhere in mankind's history has such an idea taken the concrete shape in form of a law. The National Food Security Bill, which will come via ordinance and not after the debate in Parliament, is an incredible economic tool to tackle the hunger of poor Indians. Also, it has already been condemned widely as a political gimmick.
'Nirmalaji's Budget announcements have long-term implications and are not backed by enough money when the short-term outlook looks bleak,' notes T N C Rajagopalan.
Prime Minister Narendra Modi on Monday appealed to protesting farmers to end their agitation against the new farm laws even as he questioned opposition parties for their sudden 'U-turn' on the agriculture sector reforms.
To make possible discretionary spending including capex and that on welfare, the government decided to borrow more than planned in FY21 -- Rs 12.7 trillion.
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