In view of the austerity measures, the Prime Minister's delegation for G-20 Summit in Pittsburg in the US has been pruned a bit. At least two officials and three members of the official media have been dropped from the delegation that will leave for the four-day visit on Wednesday, official sources said in New Delhi on Tuesday.
With general government debt now approaching three-quarters of GDP, and only incremental reform efforts visible, Pakistan risks prolonging its economic stagnation unless fundamental governance, regulatory, and industrial overhauls are undertaken.
Even as problems on the external front look slipping out of its control, the government might keep its expenditure under check to limit its fiscal deficit at the budgeted 4.8 per cent of gross domestic product in the current financial year.
France today increasingly resembles the Italy of the past, when governments fell with bewildering regularity, prime ministers came and went in rapid succession, and political instability became the norm rather than the exception, point out Krishnan Srinivasan and Manoj Mohanka.
Several austerity measures are believed to have been discussed by the management in a recently-held Board meeting with a view to cutting losses, now exarberated by surging international crude prices. In its presentation before the Board, Air India's finance department has also suggested discontinuation of payment to the Indira Gandhi Rashtriya Udaan Academy as part of controlling costs.
Sharif, who recently assumed office for a record third term with a pledge to cut unnecessary expenses, gave directions to officials to cut the staff of the Prime Minister's Office by one-third so that administrative expenses can be curtailed.
Red Square and VDNKh easily rank among the most striking places I've visited -- both for their historical significance and architectural splendour.
My admiration for Russian culture, vision and ambition grew with every step as I clocked the miles, Nitin Sathe tells us after a visit to Moscow and St Petersburg.
The good news is that salary hikes are expected, though it is uncertain when they will be implemented.
Will the new Congress government implement the five 'guarantees' that helped it in part to wrest power from the Bharatiya Janata Party in toto or will they now add a "conditions apply" clause?
Energy Minister Panagiotis Lafazanis and Deputy Labour Minister Dimitris Stratoulis also voted against the package.
Congress president Sonia Gandhi on Tuesday wrote to Prime Minister Narendra Modi suggesting five measures to conserve money for the fight against COVID-19, including a complete ban on media advertisements by government and PSUs for two years and suspending the Central Vista beautification project.
Air India pilot unions IPG and ICPA on Monday sought Civil Aviation Minister Hardeep Singh Puri's intervention on the wage cut issue and also requested for an "urgent" meeting with him on several other issues. "In our meetings in September, you had given us an assurance to look into our grievances positively. "While other airlines are rolling back the austerity pay cuts for their pilots, the wage cut for Air India pilots further increased from October.
Government may slash spending on foreign travel by ministers and officials and on meetings in five-star hotels as part of austerity measures to cut down on budget deficit in view of the tight economic situation.
Prime Minister Manmohan Singh sought to downplay the comments of Minister of State for External Affairs Shashi Tharoor on austerity on Twitter saying "it was a joke".
In the backdrop of the drought situation across India, the Congress and the United Progressive Alliance government on Wednesday planned to go on an austerity mode, with party chief Sonia Gandhi asking her Members of Parliament and Members of Legislative Assembly to accept a 20 per cent cut in salaries for a year. During the meeting of the Congress Working Committee, Sonia Gandhi asked partymen and the government to observe austerity measures.
Austerity measures announced by the government to rein in the fiscal deficit will not apply on air travel by ministers and senior officers going abroad on official visit.
The Direct Taxes Code should be modified to tax high income and wealth at enhanced rates. Tax concessions on corporate profits and capital gains should be phased out. Black money stashed away in foreign banks has to be retrieved.
Many nations, especially in Europe, are finding it hard to carry out the austerity measures.
The Barclays' report also said that the effort to reduce fiscal deficit through austerity measures is weighing on growth.
Cristiano Ronaldo's inspirational form at Euro 2012 has boosted flagging Portuguese self-confidence during a tough time for the country which is struggling to cope with massive debt and painful austerity measures.
'The Indian government is better prepared this time and has reached out to all contenders and not putting all eggs in one basket.'
Indian cricketers who sustain injuries during the cash-rich Indian Premier League will now have to depend on their respective franchise to bear the costs of their rehabilitation at the National Cricket Academy (NCA).
The presence of German chancellor Angela Merkel at her country's Euro 2012 quarter-final against Greece in Gdansk on Friday could upset the underdogs in more ways than one.
India's finance ministry on Wednesday ordered small-bore austerity measures including a ban on holding meetings at five star hotels and creation of new posts in federal departments, at a time when government revenue growth has slowed down.
The G-20 leaders at the ongoing summit in Mexico should refrain from coming out with 'one-size-fits-all' kind of a remedy for the global economy which is facing difficult times, Assocham President Rajkumar Dhoot said on Tuesday.
Defence ministry officials concede that many plans across the three armed forces will witness a definite setback because of this austerity measure, reports R S Chauhan
Hiring during a recession and leveraging a stable succession gameplan are just a few amongst many other things that this firm did right.
The US House of Representatives passed the bipartisan bill to avert a massive debt default and reduce trillions in government spending, paving way for the austerity measure to face a Senate vote.
RBI intervention fails to arrest decline, experts feel govt must get house in order to weather shocks.
Affluent politicians in India are obviously upset with what the affluent corporate Indian is permitted to legitimately take home as a pay package.
Kovind has also decided to defer purchase of the Presidential Limousine which was to be used for ceremonial occasions. 'The existing resources of the Rashtrapati Bhavan and the government will be shared and used for such occasions,' a communique said.
Exorbitant executive pay packets have come under fire from different quarters internationally, with many even blaming the practice for the ongoing financial turmoil.
The 14-member panel headed by Consumer Affairs Secretary Rajiv Aggarwal today deliberated and suggested ways to check food wastage at weddings, big hotels and other social events.
Spain's unprecedented success at the World Cup finals is helping people forget the country's economic woes, captain Iker Casillas said on Friday.
Presenting his first budget policy before the government of Prime Minister Vladimir Putin, Medvedev said for the first time in a decade Russia would be spending more than its revenue.
The finance ministers of 16 nations that use the euro Sunday night sealed a 110-billion euro bailout package for heavily indebted Greece over three years after the country's government agreed to a new round of tough austerity measures.
We bring you a presentation of some of the best photos from around the world in the last week.
Tharoor has nearly 175,000 followers on Twitter. An account that he started when he launched his election campaign now may now cost him dear as voices urging him to log off Twitter keep getting louder by the day.
Finance Minister Pranab Mukherjee on Friday sought to downplay the controversy over austerity measures that had kicked up a row in the cabinet meeting on Thursday saying it could be due to some misunderstanding.
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