Central trade unions on Wednesday decided to hold a nationwide demonstration on January 20 against the government's notification of 8.5 per cent EPF rate for the current fiscal.
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.
The central government and the Reserve Bank of India have devised a country-specific plan towards implementation of overseas trade in rupee, people aware of the matter said. To start with, a small number of banks will be allowed to manage cross-border transactions in domestic currency with a particular country. "Small countries that are dollar-deficient have shown interest in doing trade in rupee.
There is as yet no clarity on how the process of consulting with the RBI Governor, initiated under Section 7 of the RBI Act, would unfold in the coming days. The government is keen that its suggestions made in the public interest should be heeded by the central bank, says A K Bhattacharya.
Fiscal deficit for 2020-21 was at 9.3 per cent of the gross domestic product (GDP), lower than 9.5 per cent estimated by the finance ministry in the revised Budget estimates, according to the CGA data. Unveiling the revenue-expenditure data of the Union government for 2020-21, the Controller General of Accounts (CGA) on Monday said that the revenue deficit at the end of the fiscal was 7.42 per cent.
The entire Budget-making exercise will be advanced by 3-4 weeks so as to complete the legislative part of financial business before April 1, the start of a financial year
While presenting her 2021-22 Union Budget, Finance Minister Nirmala Sitharaman had set a fiscal deficit target of 6.8 per cent of nominal gross domestic product (GDP) against the 2020-21 Revised Estimate of 9.5 per cent. The fiscal correction in the upcoming 2022-23 Union Budget is unlikely to be that steep. Even as discussions among top Budget-makers are ongoing, the fiscal deficit target for 2022-23 may likely be in the range of 6.5-6.8 per cent.
Officials in North Block are wondering if a new tax will be mooted again and whether that will pertain to foreign investments.
The government will borrow Rs 5.03 lakh crore in the second half of the current fiscal to fund the revenue gap for reviving the pandemic-hit economy, the finance ministry said on Monday. During the first half, the government has raised Rs 7.02 lakh crore by issuing bonds, the ministry said in a statement. "Out of gross market borrowing of Rs 12.05 lakh crore projected for FY 2021-22 in the Union Budget, Rs 7.24 lakh crore (60 per cent) was planned to be borrowed in first half (H1).
To adopt the January-December financial year cycle, the government needs to shrink the current financial year to three quarters and present the new annual budget to the state legislative assembly for its passage in December.
The preliminary processing of tax returns is already undertaken with the help of technology. There is now greater scope of using more technology to reduce the human interface even further, notes A K Bhattacharya.
The Budget chose to stick to an ambitious disinvestment programme for 2016-17.
The IMF expressed its opposition to any move that compromises the independence of central banks anywhere in the world.
The Centre has completed asset monetisation worth Rs 96,000 crore during FY22, surpassing the target of Rs 88,000 crore. For FY23, it has set itself a goal of Rs 1.62 trillion, and already has a pipeline of assets worth Rs 1.6 trillion under advanced stages of implementation, an official said. Union Finance Minister Nirmala Sitharaman on Tuesday reviewed the progress made by several ministries and nudged departments to achieve the targets set for them, the official added.
The government's decision to buy 36 Rafale fighter jets from French company Dassault has become a controversial political issue, with the main opposition party Congress levelling allegations of corruption and impropriety, and the ruling dispensation defending the move.
Budget for 2022-2023 has returned to its agenda for protectionism in the name of creating a self-reliant India, points out A K Bhattacharya.
Jaitley is now a minister without portfolio in the Narendra Modi government.
They said that massive public investment in infrastructure, social sectors and agriculture would generate employment and the Union Budget should give it a priority and allocate necessary funds for this.
Finance Minister Nirmala Sitharaman in her speech in Lok Sabha said, "Our vision for the 'Amrit Kaal' includes technology-driven and knowledge-based economy with strong public finances, and a robust financial sector. To achieve this, Jan Bhagidari through Sabka Saath Sabka Prayas is essential."
In line with India's 'Neighbourhood First' policy, the largest share of aid portfolio has been granted to Bhutan with the allocation of Rs 2,068 crore.
Congress general secretary Jairam Ramesh posed questions for the prime minister ahead of his rallies in Karnataka.
'I wonder how people who come to power through democratic means turn out this way.' 'But people of India are strong, and those who think they can hoodwink people, are mistaken.' 'You can fool some people for some time, but not all people, all the time.'
The Union Cabinet has approved amendments to the General Insurance Business (Nationalisation) Act, paving the way for privatisation of government-owned insurers. The amendments, approved by Cabinet, will remove the clause for the Centre to hold at least 51 per cent in public sector insurance companies at any given time. It will also have an enabling provision for the transfer of management control from the government to the potential buyer of the public sector insurance company. The finance ministry will move amendments to the insurance Act in the ongoing Parliament session.
SBI-led consortium of 17 banks had a total exposure of about Rs 6,500 cr to Kingfisher Airlines.
'Interim Budget has ignited the entrepreneurial spirit.'
At least 50 travel destinations would be developed as a "complete package" and states will be encouraged to set up a 'unity mall' for the sale of their products, Finance Minister Nirmala Sitharaman announced in the Budget on Wednesday, asserting that promotion of tourism will be taken up on a "mission mode".
The ICICI board is looking to the retired petroleum secretary to provide 'maturity and sagacity'.
Tata Consultancy Services (TCS) has bagged -- from the Ministry of External Affairs -- the contract for delivering electronic passports (e-passports), according to sources. This deal is in addition to the second phase of implementing the Passport Seva Program, which the company got from the ministry. Players such as Thales India and HP participated in this deal, which is expected to be of Rs 1,000-1,200 crore.
Reduce the government stake in public sector banks to 33 per cent, recommends A K Bhattacharya
Gopal Krishna Pillai, senior Indian Administrative Service officer of the 1972 batch, is going to be the next Union Home Secretary. Pillai, who is serving as the Union Commerce Secretary, will take over from current Union Home Secretary Madhukar Gupta in mid-June. Gupta is slated to be appointed as the governor of Tripura.
"I am personally averse to sealed covers. There has to be transparency in court... This is about implementing orders. What can be secret here," the CJI said.
'This is not just the IREDA's IPO. It is the success of the ministry of new and renewable energy and of the renewable energy industry.'
Former Union minister Yashwant Sinha, a bitter critic of Prime Minister Narendra Modi regime, on Saturday joined Trinamool Congress days ahead of the high-octane West Bengal assembly polls.
'It is violation of the Model Code of Conduct.' 'It is a penal offence under the IPC to exert undue influence on voters.' 'Under the election law, it is a corrupt practice.'
Hyderabad has contributed only Rs 20,022 crore out of Andhra Pradesh's total revenue of Rs 1,27,866 crore. This information was part of a note circulated by the Union finance ministry to the Group of Ministers looking into issues leading up to the bifurcation of the state.
Refusing to link his seeking voluntary retirement, a year before his superannuation, to his transfer to the relatively low profile power ministry, he said that he had conveyed his decision to the Prime Minister's Office on July 18.
