Even if the same party returns to power, what is important to debate is that having introduced an entitlement, how challenging it is to reverse such decisions, says Mukesh Butani.
The new Chief Economic Advisor Krishnamurthy Subramanian believes that more than unemployment, it is the quality of employment which needs to be focused on. In an interview with Arup Roychoudhury and Indivjal Dhasmana, Subramanian said that controlling inflation was the Modi government's biggest achievement.
Parties including the Congress, Left, the Samajwadi Party and the Bahujan Samaj Party have written to the Election Commission and the President opposing the advancing of the budget presentation to February 1 before the polls.
The fiscal deficit, as per the survey, deteriorated to 5.8 per cent of the GDP as compared to 3.4 per cent for 2018-19 estimated in the interim Budget.
RBI Governor Shaktikanta Das and Finance Secretary Subhash Chandra Garg are also expected to attend the meetings.
Parliament has approved a gross borrowing for Rs 7.1 lakh crore for the entire 2019-20 fiscal.
CBDT asks for urgent action, especially with respect to recovery of arrears and current demand, to achieve the collection target.
The truth about the deficit is that it is designed to serve political objectives, not economic ones.
The new government may enhance the Plan expenditure for 2014-15 by around Rs 11,000 crore (Rs 110 billion) in the Budget next month, which would be about 2 per cent higher than what was provided in the previous fiscal budget.
While the April-February deficit is pegged at 5.3 per cent of GDP, the final print may be a tad lower due to revenue push and expenditure cuts seen in March, the last month of 2013-14 fiscal year, it said.
It is unclear if he would be renamed the finance minister soon after his return.
'The move towards fiscal consolidation had to be diluted because of the relief to farmers as the government wants to appease the voters.'
Almost all infrastructure ministries continued spending on capex throughout the lockdown, even as the Centre tried to maintain some semblance of economic normalcy.
Yes Bank was the top loser in the Sensex pack, crashing 8.36 per cent, followed by NTPC, M&M, Vedanta, Sun Pharma and TCS, which lost up to 4.81 per cent lower.
Employees of around 150 firms may lose out on PF benefits as their companies failed to get an exemption certificate from the Employees' Provident Fund Organisation (EPFO)
The country's apex exporters body Federation of Indian Export Organisations said that support extended by the minister for research and development activities and reduction of duties on capital goods will help in increasing competitiveness of Indian products in the global market.
In the Sensex pack, Axis Bank, HCL Tech, M&M, TCS, HDFC, Kotak Bank, PowerGrid, Hero MotoCorp and Vedanta were among the top gainers, rising up to 1.91 per cent. Sun Pharma was the biggest loser, cracking 5.78 per cent.
Prime Minister Manmohan Singh on Monday described as "well-balanced" the Vote-on-Account presented by Finance Minister P Chidambaram, saying it portrays a "realistic picture" of the economic situation of the country.
Pranab Mukherjee proposed the enhancement of the overall plan budget for higher education by Rs 2,000 crore over the Interim Budget estimates. He further announced the allocation of Rs 2,113 crore for IITs and NITs, which includes a provision of Rs 450 crore for new IITs and NITs. The finance minister also proposed to allocate Rs 827 crore for opening one central university in each uncovered state.
The Budget has increased the allocation for the Commonwealth Games from Rs 3,472 crore (Rs 34.72 billion) from Rs 2,112 crore (Rs 21.12 billion).
The total direct tax collection stands at a little over Rs 9 trillion, giving the taxman just few days to reach the 2018-19 revised target of Rs 12 trillion., reports Shrimi Choudhary.
High inflationary expectations may lead to higher interest rates by end-FY10.
Total burden on the exchequer will increase by Rs 12,000 crore to Rs 87,217.50 crore for the year 2019-20.
'There are deliberations on whether there can be lowering of income taxes and other sops to keep more money in the hands of taxpayers, enabling them to spend more and boost demand.'
The worst of recession could coincide with the run-up to the elections.
Consumer goods manufacturers, expecting to see a revival of demand from the nearly Rs 16,500 crore Pay Commission arrears for government employees, are likely to be disappointed.
The Interim Budget highlights the focus on aam aadmi in the development process. The year 2008-09 has seen substantial increase in outlays spanning across sectors.
A number of new IITs started functioning in 2008-09, the minister said, adding that two more IITs in Madhya Pradesh and Rajasthan will start functioning in 2009-10.
Presenting the Interim Budget in Lok Sabha, the minister said the enactment of the Act by the Centre and many states has 'bridged a critical gap in the public decision-making process and ushered in greater accountability of public servants.'
India Inc believes that given the current economic slowdown, it could not have been any better
23% increase for Highways: The allocation during the current year to the National Highways Authority of India (NHAI) for the National Highways Development Programme (NHDP) has been stepped up by 23 per cent over the 2008-09 (BE).
Finance Minister Pranab Mukherjee on Monday said that government has taken a conscious and bold decision to enhance the Gross Budgetary Support for the Annual Plan 2009-10 by Rs.40,000 crore (Rs 400 billion) over the Interim Budget for 2009-10.
The Budget refers to the 'Annual Financial Statement', laid before both the Houses of Parliament.
The interim Budget in May this year had extended the depreciation benefit on purchase of new commercial vehicles to September from March 2009. Industry executives said this should be extended as sales of large vehicles slumped 40 per cent in April and May this year. Sales of medium and heavy commercial vehicles had dipped 33 per cent in 2008-2009.
With an Interim Budget and an election victory behind him, and a full-year budget ahead, Mukherjee would presumably have lots on his mind, but understandably be coy of revealing much.
Reserve Bank of India Governor D Subbarao said on Friday that another stimulus package could help the economy in the short-term but a sustainable recovery required the government to return to fiscal consolidation.
Ahead of the new government assuming office later this month, the finance ministry has begun the Budget-making exercise to enable the incoming finance minister to present the full-fledged Budget for 2009-10.
If the BJP comes to power, sources say it may change the financial year (April-March) to the calendar year (January-December).
"Jobs must be protected even if it means some reduction in compensation at various levels," Finance Minister Pranab Mukherjee said at International Labour Conference in New Delhi.
The extension of interest subsidy scheme by another six months for loans taken by exporters in labour-intensive sectors was the only fiscal stimulus measure announced in the Interim Budget for 2009-10.
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