The recommendations will benefit 47 lakh central government employees and 52 lakh pensioners.
On Thursday, the prime minister is scheduled to hold one-on-one meetings with top five American CEOs. Two of them are Indian Americans -- Shantanu Narayen from Adobe and Vivek Lall from General Atomics. The three others are Cristiano E Amon from Qualcomm, Mark Widmar from First Solar, and Stephen A Schwarzman from Blackstone.
To help the country emerge as a true welfare State, political parties must put the country's interests first before strategising to win elections and short-term goals, argues Ramesh Menon.
The completely avoidable mess that the finance ministry found itself in was rather surprising, says Debashis Basu.
'The shadow banks are currently facing a liquidity and solvency crisis.' 'The danger is that it could potentially engulf the entire financial system because shadow banks have borrowed huge amount of money from banks, mutual funds, pension funds, and insurance companies.'
Assume the worst regarding how long your unemployment could last and make conserving cash your topmost priority, suggests Sanjay Kumar Singh.
The economists who signed the letter included Jean Drze , Abhijit Banerjee, Ajit Ranade, Jayati Ghosh, Kirit Parikh, Mihir Shah, Rohini Pande, and Vijay Joshi
Officers responsible for preparing budgets say their detailed costing projections are mostly ignored. The defence ministry simply takes the previous year's budgetary allocations for each service and adds a small percentage to those.
Anil Rego, CEO, Right Horizons, answers your personal income tax queries.
RBI Governor Shaktikanta Das on Thursday said financial inclusion will continue to be a "policy priority" for the central bank to make the post-pandemic recovery more equitable and sustainable. The Reserve Bank of India will very soon be coming out with the first financial inclusion index, which will assess progress in terms of access, usage and quality, Das said, while speaking at the Economic Times Financial Inclusion Summit. It is the responsibility of all stakeholders to ensure that the financial ecosystem (including the digital medium) is inclusive and capable of effectively addressing risks like mis-selling, cybersecurity, data privacy and promoting trust in the financial system through appropriate financial education and awareness, he added.
The aggressive life cycle fund will allow equity exposure of up to 75%, up from the current limit of 50%.
'Many enter the civil services with the desire to do good work but get beaten by the system, step back or become part of it.' 'Ten fantastic officers out of 100 can completely change the game.'
So how do you rate the NDA government's election-year budget? Does it meet your expectations? Or do you feel let down?
The raising of the entry age in NPS has opened up an attractive new investment avenue for senior citizens, says Arnav Pandya.
Here's a collection of some of the best photos from around the world shot in the last 24 hours.
The world's largest postal service is stepping in to help deliver lifesaving medicines during a countrywide lockdown aimed at tackling the coronavirus pandemic.
The salary and allowances of MLAs has been raised from Rs 55,000 to Rs 1.05 lakh a month.
"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.
'While all would agree on the need to be ready to launch cross-border strikes on terror camps, there is sharp disagreement on how best to do it.' 'Through IAF fighters, or surface-to-surface missiles?' 'Or should army Special Forces be created to do the job?' 'If air strikes are the agreed priority, additional funding must be made available for the purchase of fighters and missiles.' 'If it is to be Special Forces, the army must be facilitated in raising a Special Forces Command,' notes Ajai Shukla.
The capital outlay to cover the modernisation programmes have got a hike of 10.05 per cent.
Canada Pension Plan Investment Board has stringent processes and systems, which are proving to be a stumbling block
17 scorers have appealed in unison to BCCI president Sourav Ganguly, seeking some sort of 'retirement benefits'
In an indication of easing financial stress among borrowers, the number of unsuccessful auto-debit requests through the National Automated Clearing House (NACH) platform declined in July, reversing a three-month trend that started with the second wave of the Covid-19 pandemic. According to the NACH data, of the 86.4-million transactions initiated in July, 33.23 per cent, or 28.7 million transactions, failed, while 57.7 million were successful. Compared to June, this is a significant improvement in bounce rates.
Even as Chinese troops continue squatting on territory that we claim as our own -- this was the lowest allocation for defence in percentage terms since the 1950s, reveals Ajai Shukla.
Action, animation, drama, documentary, there's plenty to watch on OTT this week. Sukanya Verma makes it easy for you.
This was the one Budget that required radical departures on all these fronts, when it had none, asserts, Shreekant Sambrani.
'There are no new benefits for senior citizens, but on the other hand senior citizens having sizeable dividend income may have to suffer tax at applicable slab rates,' says Mahesh Padmanabhan.
'If you consider only demonetisation and GST as my government's work, it will be a big injustice to me.'
Pawan Kumar, organising secretary of the Bharatiya Mazdoor Sangh (BMS) affiliated to the Rashtriya Swayamsevak Sangh (RSS), tells Aditi Phadnis it will join forces with other trade unions if necessary to oppose the Employees' Provident Fund Organisation (EPFO) provisions in the Union Budget.
'We get an overzealous army of tax inspectors pushing the economy too hard,' says Ajay Shah.
EPFO may start investing up to five per cent of its incremental corpus in the equity market.
The Prime Minister's Office has decided to set up a panel, led by former chief statistician T C A Anant, to deliberate on whether the enterprise-level quarterly data, which is released by the labour bureau, should be discontinued.
'MFs have a combined exposure of Rs 3.2 lakh crore to NBFCs, out of which Rs 1.1 lakh crore matures by September 2019.'
Finance Minister Nirmala Sitharaman on Monday conveyed to Infosys CEO Salil Parekh in no uncertain terms the government's "deep disappointment and concern" over the continuing glitches in the new income tax filing portal and set September 15 as the deadline for the software major to resolve all snags. As glitches continued to mar the functioning of the portal even after over two months of its launch, Sitharaman summoned Infosys MD & CEO Parekh at her office here to know the reasons for not resolving the snags in the portal. A statement issued by the Income Tax Department said that during the meeting the finance minister emphasised that there is a need for putting in more resources and efforts on the part of Infosys so that the much delayed delivery of agreed services is ensured.
The curious thing is that savings instruments have not really kept pace with changing needs, although people have access to a wider variety than before.
When the state is unable to provide adequately for the bottom half of the population, should it be giving tax benefits to the well-off?
Dynamic change is needed to transform the system, he said.
The election campaign finally ended on Friday, May 17. Arindam Majumder reveals what he discovered on the election front on a long rail journey.
Finance Minister P Chidambaram, while addressing the Carnegie Endowment for International Peace on "Recapturing India's Growth Momentum" in Washington on Thursday, said that the leading think tank need not launch an initiative to explore how India will vote in 2014, declaring that the Indian polity will vote the Congress back into power.
Noting the actions and capabilities of the Chinese side, the IAF chief said, "They had brought their J-20 fighter aircraft (to areas close to Eastern Ladakh) and they go off from there but that is the flexibility of airpower. The moment Indian Rafales were brought in, their J-20 was there. We know their actions and capabilities and we are taking the required steps."
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