The Commerce and Industry Ministry has circulated a draft Cabinet note for inter-ministerial consultations.
Finance Minister Nirmala Sitharaman on Friday pitched for front loading of capital expenditure, saying it is critical for revitalisting the economy post the coronavirus pandemic. During a virtual meeting with senior government officials to discuss the infrastructure roadmap ahead, she also asked ministries to aim to achieve more than their capital expenditure (capex) targets. The Union Budget 2021-22 provided a capital outlay of Rs.5.54 lakh crore, a sharp increase of 34.5 per cent over the Budget Estimate of 2020-21.
Budget should raise revenues & reduce spending to increase capital expenditure.
Trinamool Congress leader Mukul Roy was on Tuesday elevated to Cabinet rank to take over as Union railway minister replacing Dinesh Trivedi, who was forced to resign after Congress caved in to Mamata Banerjee's pressure.
The Trinamool Congress (TMC) on Sunday alleged that Dinesh Trivedi, who resigned from the Rajya Sabha on Friday, took the 'House for a ride' and was 'allowed' to use the floor of the House for his 'devious political ends'.
Finance Minister Nirmala Sitharaman on Wednesday raised the personal income tax rebate limit, doled out sops on small savings and announced one of the biggest hikes in capital spending in the past decade as she did a tight rope walk in the Budget between staying fiscally prudent and meeting public expectations in the year before general elections.
'The Centre brought down expenses by as much as Rs 12,000 crore (Rs 120 billion).'
He will recommend innovative methods and processes for the improvement.
Parekh said divestment can unlock huge funds.
Prime Minister Narendra Modi said re-developed railway stations would become iconic structures and centres of economic activity.
The Union Minister of Railways, Lalu Prasad while presenting the Interim Railway Budget 2009-10 in the Lok Sabha on Friday, announced the introduction of 43 new trains which include four Garib Raths.
Capital expenditure by 54 large central public sector enterprises and five departmental arms, having a capex minimum target of Rs 100 crore, rose 93 per cent year-on-year (YoY) in the April-May period to Rs 1.39 trillion. The National Highways Authority of India (NHAI) and the Railways have started this financial year's capex cycle on a stronger note. In the first two months of FY24, the 54 CPSEs, along with the departmental arms, achieved 19 per cent of their combined budget target of Rs 7.33 trillion, Business Standard has learnt.
Road Transport Minister Nitin Gadkari said highways sector continues to be a focus area for the government and announcements of multi-modal logistics parks and multi-modal passenger stations will be a game changer.
'Wherever in the world there is political instability, those countries are beset with severe crises today. But India is in a much better position than the rest of the world due to the decisions taken by my government in the national interest,' President Droupadi Murmu said in her address to both Houses of Parliament.
The focus is on tapping all resources, even foreign agencies.
A notification issued by the railway board in the evening said new fares would come into effect from May 5.
"Earlier, governments were busy in vote bank appeasement but we are busy satisfying people," the prime minister said.
Railways proposed to introduce 32 new trains including 17 Samparak Kranti Express linking several state capitals and different parts of the country with the Union Capital.
'Our thrust would be on basic facilities first like sanitation'.
Transportation via inland waterways is cost-effective and more environment-friendly than rail or road transportation
The guidelines for strategic disinvestment were issued on Monday itself when Finance Minister Arun Jaitley presented the Union Budget for 2016-17.
The higher salaries and pension outgo will be equivalent to about one per cent of the GDP.
The department of investment and public asset management (Dipam) can also seek in-principle approval from the Cabinet Committee on Economic Affairs (CCEA) for strategic divestment of PSUs on a case-to-case basis considering investor appetite and sectoral trends.
'Interim Budget has ignited the entrepreneurial spirit.'
A bill to allow merging of some villages and mandals of Telangana with Seemandhra in a bid to deal with resettlement and rehabilitation those displaced by the Polavaram power project was introduced in the Lok Sabha on Tuesday amid din.
Hygiene and cleanliness of trains and stations a must
The 30-share Sensex ended higher by 30 points.
Demonetisation hit informal sector hard and caused job losses which was not addressed by the budget, Moily said.
'Short term volatility is likely due to various factors, global and domestic; investors may use this as an opportunity to increase the allocation to equities.'
The railways ministry has a capex target of Rs 1 lakh crore for the financial year.
Capital expenditure (capex) by 54 large central public sector enterprises (CPSEs) and five departmental arms with an annual capex target of Rs 100 crore and above has reached around 42.5 per cent of their annual target of about Rs 7.33 trillion in this financial year so far, a senior official from the Ministry of Finance told Business Standard. "The Centre is pushing the big public undertakings in the infrastructure and refinery sector to achieve 90 per cent of their target by the end of the third quarter," he said. The capex by this group of CPSEs stands at around Rs 3.1 trillion in the April-August period so far.
Events to keep an eye out for...
Sitharaman said, public private partnership to be unleased to develop rail infrastructure.
Union Railway Minister Suresh Prabhu aligns priorities, funding and organisation to shape a transformation agenda.
Indian Railways has tied up funds for the next two years for its ambitious modernisation programme.
There were heightened expectations from Budget 2017 after the impact of note ban on different sections but most remain unfulfilled.
For its development, India needs a movement akin to the freedom movement, Prime Minister Narendra Modi said on Saturday.
He said that efforts were being made either to close or man such crossings in the next two years.
Stocks to watch: Container Corp, Snowman Logistics & Transport Corp
The Railways will also add two to four 'Deen Dayalu' coaches to some long-distance trains for unreserved travel to enhance the carrying capacity
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