The Budget estimate of fiscal deficit for the next financial year has been underestimated by nearly 0.9 percentage point of Gross Domestic Product, or about Rs 51,000 crore. This is because the estimates for revenue collections in the Interim Budget for 2009-10 do not reflect the full impact of the duty concessions announced by the government since December 2008. The Budget estimate for fiscal deficit in 2009-10 put it at 5.5 per cent of GDP.
Officers now know that they need to deliver conclusions. There are no 'ifs' and 'buts'. Chidambaram has laid down clear timelines for targets.
The Congress survey thinks that in the absence of a Congress-SP alliance, Mayawati will win more than 40 out of 80 seats in UP. The survey is an eye-opener for the Congress. It seems that inspite of the ongoing rhetoric and sometimes ugly exchanges between SP leader Amar Singh and Congress leaders, it is most likely the Congress and SP will sew up an alliance to defend their turf against Mayawati once elections are announced.
Investors lost close to Rs one lakh crore (Rs 1 trillion) on Monday as the market gave a thumbs down to the interim Budget FY'2009-10, which failed to provide any sops for key sectors.
The much-awaited auction of third-generation (3G) spectrum, essential to launch high-speed value-added mobile telephony services, will not happen this financial year.
Railway Minister Lalu Prasad on Monday announced in Lok Sabha that a statutory inquiry, to be conducted by the Commissioner of Railway Safety, had been ordered in the Coromandel Express mishap. Making a suo motu statement in the Lower House soon after the interim budget was presented, Prasad said the cause of the accident is being investigated. He also announced relief to the victims of the mishap.
India's gross domestic savings rate increased from 29.8 per cent in 2003-04 to 30.7 per cent in 2007-08, said union Foreign Minister Pranab Mukherjee, who is holding additional charge of the finance portfolio while presenting the Interim Budget for 2009-10 on Monday in parliament.
The CRPF bagged the lion's share -- Rs 1,698 crore. It got Rs 7,208.18 crore this year against Rs 5,510.10 crore in 2008-09. The BSF, entrusted the task of keeping vigil along the LoC in Jammu and Kashmir and the country's 6,622 km borders with Pakistan, Bangladesh and Myanmar, got Rs 1,156.23 crore more compared to last year's Rs 5,376.99 crore. The elite commando force NSG, which played a sterling role in Mumbai terror attacks, has got Rs 44.63 crore more.
The government expects the expenses on tours of ministers and former Prime Ministers in the current fiscal to be Rs 3 lakh less than the total budget allocation, but still this would be more than Rs 160 crore (Rs 1.6 billion).
Borrowings will account for 29 paise of every rupee the government will earn in FY'10 and it would spend 20 paise towards servicing debt, as it battles dwindling tax resources on account of economic slowdown.
The gross domestic savings rate increased from 29.8 per cent in 2003-04 to 30.7 per cent in 2007-08. The tax to GDP ratio increased from 9.2 per cent 2003-04 to 4.5 per cent 2007-08, Pranab Mukherjee said.
However, he disappointed big time by not announcing any relief in taxes or change in the tax structure to bring relief to the common man.
It was 55.3 per cent for the same period last year, and data shows the fiscal deficit for April-May was kept in reasonable check in spite of heavy frontloading of expenditure.
Sitharaman exhorted the states to work together with the Centre, stating that while the Union government sets the direction of economic growth, it is for the states to ensure effective implementation on the ground.
Mumbai collected Rs 17,174 crore of advance taxes against Rs 7,356 crore in the same period last year. The tax authorities believe that such a staggering growth rate is a positive sign for the economy.
In the Sensex pack, Axis Bank, Tata Motors, Infosys, Kotak Bank, HDFC Bank, RIL, Bajaj Auto, SBI, HUL, Tata Steel, Vedanta, HFDC, TCS, ITC and Sun Pharma jumped up to 4.64 per cent.
The government of India had budgeted to bring down fiscal deficit to 4.8 per cent of GDP in the current financial year, from 4.9 per cent in 2012-13.
Prime Minister Manmohan Singh in his Independence Day address in 2007 had announced setting up of 6,000 new high quality schools, one in every block of the country. The education sector as a whole received Rs 41,978.21 crore as against Rs 37,366.57 crore (Rs 373.66 billion) in the revised estimate of 2008-09 budget, showing a jump of Rs 4,611.64 crore (Rs 46.11 billion).
From Dabur to HUL, here are 10 stocks with significant rural exposure in the auto, agri-chemical and fast moving consumer goods sectors, which should see an uptick in sales growth.
The reduced growth is largely because of consumption slowdown and tax rate cuts.
'The finance minister has told the BJP's core voters we are hearing you and we are sensitive to your aspirations.'
The Opposition accused the government of bringing a populist budget.
A K Bhattacharya lists three reasons why Finance Minister Arun Jaitley will most likely present a full Budget on February 1, 2019.
Sectorally, metal and banking stocks rallied the most, while FMCG and realty stocks came under selling pressure.
Among the Sensex pack, Yes Bank, L&T, HDFC, RIL, HDFC Bank, PowerGrid and Coal India were the biggest losers -- falling up to 2.43 per cent.
The review will not only present data, trends but also list out the achievements of the Narendra Modi government
Nirmala Sitharaman's maiden Budget has not disappointed but vision and details, particularly for the revival of agriculture, are missing.
The Defence Minister said it has been decided to give women permanent commission in the Army, Navy and the Air Force like their male counterparts.
Foreign brokerage Goldman Sachs on Monday said it expects new Finance Minister Arun Jaitley to peg the fiscal deficit target for FY15 at 4.3 per cent, up from the 4.1 per cent stated by his predecessor P Chidambaram.
It was not immediately known if Modi acceded to Jaitley's request.
NITI Aayog has been working on an action plan to relieve rural distress and energise the agricultural sector
CBDT feels 30% growth in income-tax not feasible.
"So you will not have anything better... democracy loving, capitalist respecting environment... in India," Sitharaman said at the event hosted by the Federation of Indian Chambers of Commerce and Industry in association with the US India Strategic and Partnership Forum.
Buoyed by the proposed public offerings in six companies, including Oil and Natural Gas Corp and Gas Authority of India Ltd, the government on Tuesday set an ambitious target of mobilising Rs 16,000 crore
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