Backing embattled Adani Group, rating agency CRISIL Ratings on Friday said the conglomerate has sufficient liquidity and operational cash flows to meet debt obligations and committed capex and that there has been no negative actions so far by lenders and investors following the US indictment of group founder chairman. The Adani Group, which has the flexibility to reduce certain discretionary capital expenditure (capex) depending on developments in financial markets and future capital availability, has a healthy Ebitda and cash balance that reduces its dependence on external debt to sustain operations, it said in a bulletin.
'If the current mood in North Block, headquarters of the finance ministry, is anything to go by, the government will now keep a closer watch on all kinds of schemes and projects undertaken by different central ministries. 'The next six months will determine which central schemes will have to be wound up and which ones will survive the axe,' says A K Bhattacharya.
'Our politicians solely depend on bureaucrats who are unaccountable and follow their own agenda.' 'Our politicians would dare not dream of establishing a DOGE,' argues Lieutenant General Prakash Katoch (retd).
Union Cabinet on Thursday approved two major schemes -- PM Rashtriya Krishi Vikas Yojana and Krishonnati Yojana -- with an expenditure of over Rs 1 lakh crore to promote sustainable agriculture and ensure food security.
The Centre is in "mission mode" to fill vacancies in government departments and ministries. The Department of Expenditure is currently following up with other wings of the government to expedite pending appointments. Regular follow-ups are being made to fill the vacant positions, so that the stated target of eliminating 1 million vacancies is met by December 2023, ahead of the next Lok Sabha elections. Even as the nodal ministry for filling vacant positions in the government is the Department of Personnel and Training (DoPT), the Department of Expenditure's Establishment Coordination (Personnel) division is providing support for the recruitment drive.
The finance ministry has asked all ministries and departments not to initiate any new scheme in the current financial year and said that there is a need to use resources prudently in the wake of the COVID-19 crisis. However, funds for schemes under the Pradhan Mantri Garib Kalyan Package, the Aatmanirbhar Bharat Abhiyan package and any other special package or announcement would be allocated, according to an office memorandum by the department of expenditure, which comes under the finance ministry.
It will be the second Budget of the Modi 3.0 government and eighth straight Budget for Nirmala Sitharaman, rare in Indian polity.
Several leading scientists, academicians, and agriculturalists have called for raising government support for research and development to make Indian agriculture future-ready.
The 18 companies sanctioned include Marshall Islands-registered Changtai Shipping and Motionavigations Limited and UAE-based Indo Gulf Ship Management.
According to the government, the additional chief secretary of the state housing department is designated to sign an agreement with the Union government for the land lease transfer.
'It has been an ongoing process, talking to the relevant ministries about eliminating leakages and curbing non-core expenditure in various schemes.'
The Unified Pension System (UPS), approved by the Union Cabinet on Saturday, is "fiscally prudent" as it will be funded within the Centre's fiscal projections, according to T V Somanathan, the Cabinet Secretary-designate. Speaking to Business Standard immediately after the Cabinet nod, former finance secretary Somanathan, who headed the committee set up in March 2023 to review the National Pension System (NPS), said the UPS will not postpone pension expenditure as it will be contributory and financed each year.
'Women' as a political constituency appears to be an idea that has come of age. It is changing India in ways that we only dimly understand, asserts Aditi Phadnis.
Tesla owner billionaire Elon Musk and Indian American entrepreneur Vivek Ramaswamy in an op-ed provided an insight into their blueprint for an unprecedented government reform that includes mass federal job cuts and massive expense reduction.
The opposition Maha Vikas Aghadi on Sunday released its manifesto for the Maharashtra assembly polls, promising free cervical cancer vaccines for girls aged 9 to 16 and and two optional leave days for women employees during menstruation.
The 1.4% decline projected for 2025 is driven by a 5.6% (72,000) dip in the strength of railway employees to 1.2 million by next year.
The development comes a day after a government resolution (GR) was issued, in which the state administration ordered disbursal of Rs 10 crore funds for strengthening the state Waqf Board.
After social media outrage over a Budget proposal making it mandatory to get tax clearance certificates for going abroad, the government on Sunday clarified that the proposed amendment is not for all, and only those accused of financial irregularities or having substantial tax arrears need such clearance. The finance ministry, in the Finance Bill, 2024, has proposed to add the reference of the Black Money Act, 2015, to the list of Acts, under which any person should clear his liabilities to obtain the tax clearance certificate.
DAP does not consider past I-T returns to match a taxpayer's resources with their expenditures or investments, points out Harsh Roongta.
The issue of 'cash garlands' has caused concerns to the Election Commission which will soon set up a high-level expenditure watchdog.
The Bombay High Court on Tuesday questioned the justification behind reducing and waiving police protection charges levied during cricket matches in Maharashtra with a retrospective effect from the year 2011, and said "something is amiss".
The supplementary demands for grants include a gross additional spending of over Rs 2 lakh crore, which would be matched by savings of over Rs 1.21 lakh crore.
Projects worth Rs 500 crore and above and up to Rs 1,000 crore can be cleared by the Finance Minister.
The government on Wednesday asked ministries and departments to clear dues of debt-laden Air India immediately and henceforth purchase tickets only in cash. The government earlier this month decided to sell Air India to Talace Pvt Ltd, a unit of the holding company of salt-to-software conglomerate Tata group, for Rs 18,000 crore. The Department of Expenditure, under the Finance Ministry, in a 2009 order, had said that in cases of air travel (both domestic and international), including LTC where the Government of India bears the cost of air passage, the officials may travel only by Air India.
This is not her first stint in North Block or in leading a major economic ministry. She started Prime Minister Narendra Modi's first term as minister of state for finance, was made the commerce minister, and then became the defence minister.
The government has exhausted only 39 per cent of its fiscal deficit target in the first half of FY24.
To keep a strict vigil on cash and bullion movement in poll-bound Gujarat, the Income Tax department has deputed its teams in every district and airport in the state and have also flagged around one-third seats as 'expenditure sensitive', a top official said in Ahmedabad on Friday.
Sinha called for justice to the victims as he blamed Pakistan for "still trying to kill innocent people" in the region to disrupt peace.
An order was issued to terminate 223 contractual employees of the Delhi Commission of Women after Lieutenant Governor V K Saxena gave his nod to a proposal on it, officials said on Thursday.
The Central Board of Direct Taxes is developing a data bank on tax returns and expenditure by tax payers to improve the quality of assessments and revenues, which could lead to reduction in raids, P L Singh, chairman, CBDT, said in Mumbai.
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 combination of factors, including heavy investments in US Treasury bonds and dollar sales at a healthy profit, facilitated the Indian central bank in transferring a record surplus of Rs 2.11 trillion to the government for 2023-24 (FY24). The RBI's dollar purchases increased in FY24, supported by robust capital inflows endorsing the economy's health.
Karnataka Forest Minister Eshwar Khandre on Monday said the state government will pay the hospitality bill of Prime Minister Narendra Modi, who had come to Mysuru in April last year to commemorate 50 years of Project Tiger, which runs up to Rs 80 lakh.
'We now look at divestment as an opportunity for maximising the value of public assets, not necessarily as a short-term resource-raising measure.'
96 per cent is being collected through TDS, advance tax, self-assessment tax, and other receipts.
'Accidents are unpredictable, whether it's a mishap during Diwali, a fracture during travel, or a fall in the bathroom.'
'We can hope to see a lot of creation of jobs in the days to come.'
'The Budget needs to focus more on social welfare schemes.'
Rashtriya Janata Dal President Lalu Prasad Yadav's two of the most trusted senior IAS officers have been moved into departments held by the party patron's sons in the Bihar cabinet.
'Healthcare is not an industry.' 'The government is only encouraging insurance as they are not able to provide healthcare to people.' 'Opening new medical colleges is not what is needed.' 'You have to invest in public sector hospitals.' 'You cannot hand over healthcare to the private industry.'
