The Finance Ministry has put many restrictions such as a ban on purchasing new vehicles and limiting foreign tours of officials in all the ministries.The efforts are aimed at containing fiscal deficit at 3.3 per cent of the total GDP.
The Communist Party of India-Marxist on Friday raised in the Lok Sabha the issue of Minister of State for Tourism Sultan Ahmed staying in a five-star hotel for six months and questioned who would foot the bill of Rs 37 lakh.
The central government babus have been given a big hike in TA/DA (travel allowance/dearness allowance) as part of implementation of the Sixth Pay Commission, but it may be only illusory as ministries and departments will get no additional funds to foot their bills.
Babus may now use private telecom, airline services
The finance ministry has kicked off the budget exercise for 2005-06, discussing with four ministries the expenditure outlay and areas of austerity measures besides working on the broad contours of tax reforms.
Will Greece manage to pay euro 1.5 billion to IMF?
Ban on purchase of vehicles, except for defence, continues.
Rajasthan is reeling under a huge financial burden with the state's debt having gone beyond Rs 5.59 lakh crores. Rajasthan has increased expenditure on education by 203.4 percent, by 105.4 percent on health, by 227.14 percent on housing. Its expenditure on social welfare schemes has increased by almost 2,475 per cent.
A marginal increase in tax collections coupled with austerity measures to control expenditure helped government to limit fiscal deficit to 34 per cent of the budgeted target by August.
The government's austerity drive announced on Thursday , would lead to a saving of up to Rs 40,000 crore (Rs 400 billion) or 0.3 per cent of the Gross Domestic Product (GDP) but poses risks to growth, Japanese brokerage Nomura has said.
NZC chief executive David White had said it is looking to shed around 10 to 15 percent of its staff and save NZD 6 million in operation costs as it copes with the 'challenges' posed by the health crisis.
Functioning in several departments related to revenue collection has also been affected. Revenue collection has reduced by Rs 17,000 crore in March.
During deleveraging the income falls more than reduction in debt due to the austerity measures.
The cricketer-turned-politician has opted against a fancy ceremony and will take his oath in a simple ceremony at Aiwan-e-Sadr (President House).
The finance ministry on Friday withdrew expenditure curbs on various departments and ministries imposed in June in the wake of the COVID-19 second wave, reflecting improvement in public finances and the urgency to step up growth.
In an interview with the Financial Times following an assassination attempt this month, Khan said he no longer 'blamed' the US and wants a 'dignified' relationship if re-elected.
"I had clearly said that any case of moral turpitude and corruption will be dealt with in a very stern manner. The Court of Inquiry has recommended that we should go in for court martial proceedings. Last month, an Army Court of Inquiry indicted Maj Gogoi for "fraternising" with a local woman at a Srinagar hotel and being away from his place of duty.
The biggest headwind to the consumption story in FY23 is a sharp decline in government subsidies on food, fertiliser and fuel, and overall decline in revenue expenditure net of interest payments. This, analysts say, will adversely impact purchasing power of households at the lower end of the income pyramid, translating into lower spending on consumer goods and services.
Formula One has said it hopes to get the season started some time in the European summer with a reduced calendar of 15-18 races.
A look at the portfolio allocation to ministers by Maharashtra Chief Minister Devendra Fadnavis shows he is serious about his commitment to provide "maximum governance and minimum government."
The winds of change are blowing fast in Indian politics. Not only is the power shifting to newer players, but so is the style of governance.
Last week, Deputy Prime Minister Nick Clegg opposed the Conservative-led coalition government's controversial 3,000 pounds visa bond scheme, which would affect visitors from certain countries, including India.
Madrid's Olympic bid team said on Wednesday that Spain's debilitating economic crisis is ending and the country will have no problem covering investments and rallying support at home to host the 2020 games.
The gift was given to 40 Karnataka MPs ahead of a meeting of them convened by Kumaraswamy in New Delhi to discuss state-related issues, including the Cauvery, to be taken up in the Parliament during the monsoon session beginning on Wednesday.
It's hoped the negotiations can be wrapped up by August 20.
Last week, the government had introduced a fresh round of austerity measures, including bans on first class travel, creation of new posts and holding meetings in five-star facilities.
Net tax receipts in the first half of the fiscal stood at Rs 3.23 lakh crore (Rs 3.23 trillion), or 33.1 per cent of BE, the data released by the Controller General of Accounts today showed.
The 3 per cent target would now to reached a year later.
Overall, the credit profiles of players will be supported by healthy balance sheets and liquidity. Prudence in capital and development expenditure, efficient working-capital management, and recent equity raising will help sustain credit metrics in FY22.
The government is committed to restricting the fiscal deficit at 4.1 per cent of the GDP during the current financial year
The Railways is expected to mobilise a substantial chunk of funds through dynamic pricing.
The ministry asked all departments to cut avoidable expenditure, including seminars and conferences at five-star hotels and abroad, purchase of new vehicles, foreign travel and appointment of consultants.
There has been no discussion so far on cutting Plan expenditure, the Planning Commission said on Thursday even as it asked states to maintain fiscal discipline.
The Finance Ministry has started preparations for Budget 2014-15 by asking different central ministries and departments to come out with their estimates of receipts as well as expenditure for the next financial year.
The auction has so far got bids worth Rs 1.07 lakh crore.
AIBOC in a letter to the Prime Minister, has said the government should not expect the banking fraternity to "join the political campaign of #MainBhiChowkidar" unless issues related to merger of banks, salary revision and staff recruitment, among others, are addressed.
The falls meant that both crude futures were at their lowest levels since mid-April
Silver, platinum and palladium all declined.
For Africa's Test-playing nations, administrative turmoil has defined the dying days of the 2010s.
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