The finance ministry will kick-start the exercise to prepare the annual Budget for 2023-24 from October 10, in the backdrop of revival of the Indian economy and fears of recession in developed countries. The budget for the next year will have to address critical issues of high inflation, job creation, boosting demand, and putting the economy on a sustained 8 per cent-plus growth path. On Wednesday, finance minister Nirmala Sitharaman said inflation is no longer "red-lettered" and the priority for the government now is job creation and boosting growth.
Agriculture and allied activities are likely to grow at 5.4 per cent in 2010-11, compared to just 0.4 per cent in 2009-10, according to Advance Estimates released by the Central Statistical Organisation on Monday.
Images from Day 4 of the first Test between Bangladesh and India, in Chottogram, on Saturday.
'I believe the modified scheme is much more beneficial and simpler.'
The government expects indirect tax collection to be lower than the Budget Estimate (BE) of Rs 13.38 trillion this fiscal year, despite prospects of netting goods and services tax (GST) in large amounts, Revenue Secretary Tarun Bajaj has said. "Indirect tax collection may see lower realisation than budgeted on account of cuts in excise and customs duties. "We could see a shortfall of about Rs 1.5 trillion on account of those," he told Business Standard.
Eminent economist Arvind Panagariya has said India is on the cusp of returning to a high growth trajectory and voiced confidence that the country will become the world's third-largest economy by 2027-28. Currently, India is the fifth largest economy "so it's another five years.We are already in (the year) 2023. "So 2027-28, India should be the third-largest economy," Panagariya, Columbia University Professor and former Vice Chairman of NITI Aayog, told PTI in an interview in New York.
Finance Minister Nirmala Sitharaman on Monday tabled the Economic Survey 2021-22 along with Statistical Appendix in the Lok Sabha on the first day of the Budget session of Parliament. Later, the Lok Sabha was adjourned till tomorrow. The Economic Survey will now be tabled in the Upper House. The Budget Session of the parliament commenced on January 31 with President Ram Nath Kovind's address. The first part of the Budget session of Parliament will be held from January 31 to February 11 and the second part of the Budget session will take place from March 14 to April 8.
The official GDP data for the September quarter will be released on Friday.
The Planning Commission has projected that investment in infrastructure would almost double at $1025 billion in the 12th Plan, compared to $514 billion in the 11th Plan.
Sitharaman does away with loans from National Small Savings Fund to Food Corporation of India.
Finance Minister P Chidambaram said the Indian economy would continue to grow at more than 8 per cent in the next few years.
The government's subsidies on food, fertilisers, LPG and kerosene are pegged at Rs 5.96 lakh crore in the current fiscal, over 2.5-fold jump from the initial budget estimates as the Centre distributed additional foodgrains free of cost to help poor mitigate the impact of COVID-19 pandemic. In February 2020 Budget, presented in the pre-COVID scare, the government had estimated the subsidy bill at Rs 227,794 crore. However, all the budget estimates, have undergone major revisions as the country imposed strict lockdown to check the spread of COVID-19.
Vellore is one of the two seats that the DMK alliance won by the narrowest of margins in 2019. For the DMK's vote-score to be so low in a constituency with a substantial Muslim population has not missed the BJP strategists' eyes, observes N Sathiya Moorthy.
The BCCI will be expecting the two new IPL franchises to go for Rs 7000 crore to Rs 10,000 crore each at the bidding process which begins in Dubai on Monday.
Demonetisation to result in short-run disruptions in cash-intensive sectors like retail, hotels, restaurants and transportation, RBI said while announcing the Monetary Policy
In one of the biggest donations by a business family in India, the family of Adani Group chairman Gautam Adani on Thursday committed to donating Rs 60,000 crore (around $7.7 billion) to various charities related to health care, education, and skill development. The commitment has been made to mark Gautam Adani's 60th birthday on Friday as well as the birth centenary year of his father Shantilal Adani. The corpus will be administered by the Adani Foundation. "At a very fundamental level, [programmes] related to all these three areas should be seen holistically and they collectively form the drivers to build an equitable and future-ready India.
It was an eventful weekend in the English Premier League. Pritesh Mistry reviews the action.
Earlier, the apex bank had projected inflation at 5.5 per cent by March 2011, and the latest higher estimate is on account of the impact of fuel price hike,which it said, is likely to add a full 1 percentage point directly to the headline inflation numbers with the second round impact coming in the next few months.
India's potato and tomato production could be marginally less in 2021-22 as compared to the previous year while onion output could be almost 17 per cent more than last year. This was stated in the first advance estimate of horticulture production released on Monday. The government also said total horticulture production is estimated to be at 333.3 million tonnes, a slight decrease of about 1.35 million tonnes (mt)?(or 0.4 per cent) over 2020-21.
'India's economy faces further downside risks from sluggish private investment and rural demand weakened by slow wage growth.'
The sides will next head to Bengaluru for the deciding fifth T20 on Sunday.
The finance minister has stayed true to her commitment to fiscal consolidation, even though the pace of the decline in the deficit could have been faster, notes A K Bhattacharya.
Nearly 3.64 lakh educated and "semi-educated" youngsters had registered with employment exchanges across Gujarat till December 2021, according to state government data.
It is the season of cooking and baking, but with Amul Butter in short supply, consumers aren't like the cat that got the cream. A shortage only means market shelves without butter on them. "There is a supply-side deficit. "We are now able to procure only two packs of butter a day, as opposed to three packs (each containing 30 packets of butter) in a day," says a salesman at Modern Bazaar, a departmental store in New Delhi's Greater Kailash.
To mark World Whiskey Day, a toast to its memorable imagery in Hindi films.
Tata Consultancy Services CEO and Managing Director S Ramadorai on Thursday felt merit alone should be the criteria for admitting candidates into institutes of higher education
The Centre for Monitoring Indian Economy (CMIE) has lowered its growth forecast to 6 per cent, from 6.2 per cent projected earlier, for this fiscal, owing to the delay in recovery in industrial sector and the fall in mining, manufacturing and construction segments.
The country's wheat output is estimated to drop by about 3 per cent to 106.41 million tonnes in the 2021-22 crop year (July-June) from the previous year, agriculture ministry said in its latest estimate released on Thursday. The production is, however, lower by 4.61 per cent from the earlier estimate of 111.32 million tonnes projected for the 2021-22 crop year, the data showed. Wheat production stood at a record 109.59 million tonnes in the 2020-21 crop year.
Sentiments on domestic economic activity appear to be reviving, RBI said, adding that there are early signs of modest strengthening of corporate sales and business flows.
With elections elsewhere in India showing that multi-pronged contests usually work to the BJP's favour, the party can gain if it hangs on stubbornly. In the meantime, any additional support helps. That is why the archbishop's comment attracted political traction in Kerala, observes Shyam G Menon.
India's macroeconomic fundamentals are strong to deal with global challenges and the central government is committed to sticking to the fiscal deficit target of 6.4 per cent of the GDP for the current fiscal, official sources said on Monday. The government is taking steps to deal with the spiralling crude oil prices in the international market, the sources said. India meets nearly 85 per cent of its oil demand through imports and a weaker rupee makes imports costlier.
The report said even though overseas demand will take some more time to revive, robust domestic consumption and rising investment would place the economy firmly on the growth trajectory.
The information technology sector, India's largest private-sector employer with 3.1 million direct jobs, will witness muted hiring activity this year.
The country's exports, which came under severe pressure due to the global slowdown after October 2008, had aggregated a shade lower than $13 billion in January 2009.
Images from the English Premier League matches on Saturday.
With the ball difficult to grip, the pacers had a tough time but once the spinners started operating India started to peg things back a little.
Recent estimates show that foodgrain production in 2016-17 has touched a new record of 273.4 million tonnes or 8.7 per cent higher as compared to last year.
The vote value of an MLA is calculated on the basis of the total population of the state, based on the 1971 census.
The impact of fiscal measures announced by the government to contain inflation will be seen in the next few months because of the base effect, reports Indivjal Dhasmana.
The economists, who were surveyed, also felt it will take time for banks to make any further reduction in deposit rates
