More people opting for work under the scheme would aggravate the shortage of workers in farms.
The stock of consumer goods major Emami has corrected nearly 3.5 per cent since its 52-week high of Rs 546.25. On August 29, the stock closed at Rs 521.90 on the BSE. After underperforming the Nifty FMCG index for a long time, the stock is now doing a catch up and surged over 13 per cent in the past one month.
An aggressive disinvestment agenda and the auction of spectrum for third-generation mobile telephony allowed the government to project non-tax revenue of Rs 148,118 crore (Rs 1481.18 billion) in 2010-11, an increase of Rs 35, 927 crore (Rs 359.27 billion) or over 30 per cent from the revised estimate of Rs 112,191 crore (Rs 1121.91 billion) in 2009-10.
Though levy of service tax on domestic air travel is negative, given the rebound in air travel, the players can fully pass on the impact to customers through hike in fares
The fiscal deficit, which is the difference between total expenditure and revenue, as percentage of GDP will come down from 6.9 per cent in the revised estimates for the current fiscal, he said unveiling the 2010-11 Budget in the Lok Sabha.
The ministry is awaiting some more data in the next few days to arrive at a precise number.
In fact, almost the entire increase in the allocation for the civil aviation ministry was cornered by the National Aviation Company of India Limited; it was earmarked Rs 8,165.64 crore as against the revised estimate of Rs 4,136.89 crore for 2008-09. The ministry received a total allocation of Rs 12,164.76 crore, compared with the revised 2008-09 estimate of Rs 7,490.06 crore, a hike of almost Rs 4,675 crore.
Even as its industrial customers face a crippling slowdown, the railways expects to earn gross traffic receipts of Rs 93,159 crore (Rs 931.59 billion) in 2009-10, exceeding the revised estimates for the current fiscal by Rs 10,766 crore (Rs 107.66 billion).
Railway Minister Lalu Prasad presented the Railway Budget 2007-08 in the Lok Sabha on Monday.
Corporate income tax collections grew 24 per cent to Rs. 2,23,612 crore (Rs. 2,236.12 billion), up from Rs. 1,80,318 crore (Rs. 1,803.18 billion) in the first 11 months last year.
The net revenue of the Indian Railways is likely to grow by 32.93 per cent to Rs 11,993.13 crore (Rs 119.93 billion) in 2011-12 compared to revised estimated income for this fiscal, Railway Minister Mamata Banerjee said on Friday.
There is one area in which West Bengal has come out on top: Utilisation of funds under the National Rural Drinking Water Programme, or NRDWP.
State-owned Oil and Natural Gas Corporation (ONGC) has cancelled the bids received for its Daman upside gas development project off the western coast due to high price quotes, sources said. The project is crucial to ONGC's strategy of ramping up gas production from its shallow-water fields off India's west coast. Once completed, the project would lead to nearly doubling of current gas production of 4-5 million standard cubic metres per day.
Extreme poverty in India declined by 38 million in 2021 to 167.49 million after a surge in the two preceding years, but remained above the 2018 level, the latest World Bank data shows. While for most countries poverty rose in 2020, when the Covid-19 pandemic hit the global economy, the data shows poverty shot up in India a year earlier in 2019 to 176.09 million from 151.79 million in 2018, the lowest pre-pandemic count. India's poverty rate at 11.9 per cent in 2021 also remained higher than the 2018 level of 11.09 per cent, though easing from 14.72 per cent in 2020.
India appears poised to sustain its growth in a more durable way than before with the economy carrying the momentum from FY23 into the current fiscal year, the Annual Economic Review for 2022-23 released by the finance ministry on Thursday said. However, the report cautioned that escalation of geopolitical stress, enhanced volatility in global financial systems, sharp price correction in global stock markets, a high magnitude of El-Nino impact, and modest trade activity and FDI inflows, are factors that could constrain the pace of growth. "Should these developments deepen and dampen growth in the subsequent quarters, the external sector may challenge India's growth outlook for FY24," the finance ministry said.
The budget has increased the outlay for the Ministry of Civil Aviation by 21% at Rs 12165 crore from Rs 10031 crore for FY2008-09. However, the revised estimate for FY2008-09 was at Rs 7490 crore against the outlay of Rs 10031 crore.
The state has close to 280,000 employees and 180,000 pensioners.
Conflicting views on Coal India (CIL) might leave investors confused. The bullish perspective that India has strong power demand (and also high steel production) means high demand for coal. As CIL is the monopoly producer of coal -- supplying over 80 per cent of the domestic requirement - the public sector undertaking should be a beneficiary of the rising power demand.
After contracting for two quarters in a row, the Indian economy entered the positive territory with a growth of 0.4 per cent in the October-December quarter, mainly due to good performance by farm, services and construction sectors, official data showed on Friday. Trade and hotel industry registered a contraction of 7.7 per cent during the third quarter this fiscal, as the sectors continued to suffer on account of coronavirus pandemic. According to the data released by the National Statistical Office (NSO), the farm sector recorded a growth of 3.9 per cent, and the manufacturing sector output grew by 1.6 per cent in the quarter under review.
The 2022-23 Budget has projected a disinvestment target of Rs 65,000 crore for next financial year. This is significantly lower than the estimated Rs 1.75 lakh crore budgeted for 2021-22. In the revised estimates, the target for 2021-22 has been cut to Rs 78,000 crore.
Though its alliance with the Left parties kept the United Progressive Alliance from pursuing an active divestment agenda, it hopes to net Rs 1,651 crore (Rs 16.51 billion) in 2008-09 (revised estimate) and Rs 1,120 crore (Rs 11.20 billion) in 2009-10 under the account.
With land acquisition completed and infrastructure work streamlined, India's bullet train dreams are slowly, but finally, inching closer to reality.
Following a strong performance in the 2022-23 January-March quarter, publicly listed paint industry giants displayed a mixed performance in the 2023-24 (FY24) April-June quarter. While Berger Paints India outperformed its peers and reported results in line with expectations, market leader Asian Paints and Kansai Nerolac Paints fell slightly short of expectations.
Since the start of this financial year (FY24), the stock of Aurobindo Pharma has been one of the top pharma gainers, enhancing investor wealth by over 68 per cent, with a third of those gains coming in the last three months. The stock is riding on multiple triggers given its investments in the production-linked incentive or PLI scheme, biosimilars, injectables and vaccines, which should drive revenues and profits over the medium term. Better than expected performance after the June quarter results led to a revision of earnings estimates for FY24 and FY25.
Excluding the pension outgo, the allocation in the Union Budget for the armed forces stands at Rs 3.62 lakh crore.
The government's food subsidy in the ongoing fiscal year is expected to be a little less than Rs 4 trillion.
Fitch Ratings on Wednesday said India's high fiscal deficit would pose a challenge in lowering the debt to GDP ratio, which is expected to rise above 90 per cent in the next five years. It said India entered the pandemic with little fiscal headroom from a rating perspective. Its general government debt/GDP ratio stood at 72 per cent in 2019, against a median of 42 per cent for 'BBB' rated peers.
The outlay for the President, his secretariat and household establishment has been pegged at Rs 17.33 crore, an increase of Rs 38 lakh over the 2004-05 revised estimates.
Except for Westlife Foodworld (Westlife), a weak 2022-23 (FY23) January-March (fourth quarter, or Q4) quarter performance and a muted near-term outlook led to a downward revision of earnings estimates for quick-service restaurant (QSR) players. Brokerages have slashed estimates by as much as 10 per cent for 2023-24 (FY24) and 2024-25 (FY25). The downward revisions have weighed on the performance of listed players, who have underperformed the market with low single-digit returns over the past month.
The Reserve Bank of India on Monday said the procedural reforms aimed at widening the tax base, improving efficiency in tax collection and providing certain concessions for investment, which have seen a steep rise in the tax mop-up, are expected to continue during the current financial year.
India's industrial production growth rose to a 14-month high of 10.3 per cent in August, mainly due to good show by the manufacturing, mining and power sectors, according to the official data released on Thursday. The factory output growth measured in terms of the Index of Industrial Production (IIP) had contracted by 0.7 per cent in August 2022. The previous high was recorded at 12.6 per cent growth in June 2022.
The government is committed to restrict the fiscal deficit at 3.4 per cent of GDP as envisaged in the Budget.
NSSF collections are down by 68% over last year. Investors are preferring banks, mutual funds and insurance policies for investments over the National Small Savings Fund. In order to deploy the surplus, the NSSF plans to lend Rs 1,500 crore to India Infrastructure Finance Company Ltd at 9 per cent interest. To save the fund from collapsing, the finance ministry included 5-year Post Office Time Deposits and Senior Citizens' Saving Scheme under Section 80C for tax exemption.
Base metals major Hindalco's overseas subsidiary, Novelis, has submitted a draft registration with the US Securities and Exchange Commission (SEC) for the proposed public offering of promoters' shares. Novelis' sole shareholder, AV Minerals (Netherlands) NV, is a 100 per cent subsidiary of Hindalco. Novelis would not receive any proceeds from the sale. Assuming SEC clearance could go through in about 6 months.
While the economy seems to be on a firm growth path, the fight against inflation is not over yet. Shaktikanta Das seems to be in no hurry. After playing well through a five-year Test match, he doesn't want to get out hit wicket, observes Tamal Bandyopadhyay.
The income tax department estimates total collection to be between Rs 10.5 trillion and Rs 10.7 trillion against the revised target of Rs 11.7 trillion.
If government statistics are at variance with private data flow, chances are high that the latter presents a picture closer to reality.
'The Budget numbers presented severely underestimate the magnitude of the unstated fiscal crisis that we went through in 2018-2019, which cannot be conceivably be fully reversed in 2019-2020,' points out Rathin Roy, director, National Institute of Public Finance and Policy.
The government wants new domestic companies to set up their manufacturing units fast and hence the concessional tax rate of 15 per cent has been extended by a year till March 2024, revenue secretary Tarun Bajaj said on Friday. Stating that direct and indirect tax collections are going up and have good buoyancy, Bajaj said it means that the corporate sector is also doing well, and India's tax to GDP ratio could be "highest ever" in the current year. The Budget 2022-23 presented on February 1 has proposed that the concessional 15 per cent corporate tax rate would be available for one more year till March 2024 for newly incorporated manufacturing units.
