In line with the recommendations of the 12th and 13th Finance Commissions and the second Administrative Reforms Commission, the operational guidelines suggest shifting from the present cash-based accounting system to an accrual basis of accounting.
There will be a dramatic alteration in the role the Centre and the states will play to shape India's fiscal and economic destiny, report Nitin Sethi and Ishan Bakshi.
Former CAG Rajiv Mehrishi says Centre has held back a report he submitted to the President, to end what he called "a nightmare of accounts that militates against good governance".
With less than five months left for the report of the Fifteenth Finance Commission to be submitted, its chairman N K Singh said the report will have fiscal road map for states, depending on their current situation.
Amid the opposition UDF's sloganeering against him, Kerala Governor Arif Mohammed Khan on Friday delivered the customary address to the assembly with the policy document outlining the Left government's administrative achievements and criticising the Centre for allegedly pushing the state to financial constraints by reducing its resource allocations.
Andhra Pradesh has been demanding a Special Category State status from the Centre ever since the state's economic powerhouse Hyderabad, which housed several IT and pharmaceutical companies as well as PSUs, went to Telengana in the bifurcation
In view of the severe drought and growing prices of essential commodities, Prime Minister Manmohan Singh has constituted a crisis management group of Ministers (GoM) for monitoring the situation on a day-to-day basis.
Economists say there aren't many options with the government at present, given the drought-like situation which would only spur its spending.
Ahead of the Karnataka assembly elections, the government on Friday approved the issuance of the 26th tranche of electoral bonds that will open for sale on April 3.
A day before unveiling the Budget, Finance Minister Pranab Mukherjee will table the Economic Survey in Parliament on Thursday which will take stock of the economy and also the impact of stimulus on industry.
'All of us have believed in decentralisation. You may not like property taxation, neither do I. My solution is that the Centre does the tax collection, but we can give a matching grant instead of redistribution,' says the outgoing CEA, Arvind Subramanian.
Finance Minister Pranab Mukherjee will hold a pre-Budget discussion with state governments on January 13.
Sir Osborne Smith was the first governor of the Reserve Bank, serving from April 1, 1935, to June 30, 1937.
The government, it would seem, is reserving its firepower to spend on big-ticket items that will be announced in the Budget, reports Subhomoy Bhattacharjee.
Nirmala Sitharaman on Wednesday assumed charge as the Finance and Corporate Affairs Minister for the second consecutive term and is slated to soon present the final Budget for FY '25 that is going to set the tone for the Modi 3.0 government's priorities and direction for Viksit Bharat. Upon her reaching the North Block office, Sitharaman was greeted by Finance Secretary T V Somanathan and other top officials. Minister of State for Finance Pankaj Chaudhary was also present. Chaudhary assumed charge on Tuesday evening.
Finance Minister Pranab Mukherjee may have earned plaudits for projecting a decline in the fiscal deficit to 5.5 per cent of gross domestic product (GDP) for 2010-11, but his targets for revenue deficit reduction are relatively modest and represent a departure from the 13th Finance Commission's recommendations.
Finance Minister Pranab Mukherjee on Thursday said that financial year 2009-10 was ending with clear signs of economic rebound and the growth would rise to about 8.5 per cent in the next fiscal.
The original points deduction meant Everton dropped from 14th in the standings into the relegation zone with four points. The club filed an appeal against the initial deduction, which they labelled "wholly disproportionate and unjust".
'I gave enough evidence and proof to punish corrupt officials.' 'But my own government has not filed any FIR against such officials.'
'This government is not in the hands of M K Stalin but in the hands of the bureaucracy -- the IAS and IPS.'
Divestment also was not covered. One would have expected divestment to be a major instrument for raising fund for various projects, as was the case in the last 3-4 budgets but we did not see it at all.
The report for the period ended March 2009, presented in the assembly by Deputy Chief Minister S K Modi, who holds charge of the finance department, said revenue receipts between 2008-09 increased by Rs 4770.97 crore (Rs 47.7 billion) mainly due to grants-in-aid and share of Union taxes from the Centre.
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.
An increase in the farmer income support scheme PM Kisan Nidhi, the introduction of a 'robot tax' to fund reskilling of people who lose their jobs to artificial intelligence (AI), and a reduced income-tax (I-T) to bring relief to the middle classes - these are some of the items in the Budget wish list submitted by Sangh Parivar affiliates to Finance Minister (FM) Nirmala Sitharaman. Representatives of the affiliates of the Rashtriya Swayamsevak Sangh (RSS), such as the farmer organisation Bharatiya Kisan Sangh (BKS); trade union Bharatiya Mazdoor Sangh (BMS); Laghu Udyog Bharati, which works for micro and small industries; and Swadeshi Jagran Manch (SJM), which works on economic and policy issues, met the FM and other officials over the last couple of weeks as part of the pre-Budget consultations.
The Y V Reddy-headed commission said the states should use extra fiscal space for productive assets
'As far as contract farming is concerned, we already have a model Act and states will be encouraged to adopt them.'
Prime Minister Narendra Modi's idea of cooperative federalism is expected to be on display in the 2015-16 Budget.
Jaitley said focus is on larger expenditure on social sector.
The government on Thursday decided to ask the 13th Finance Commission to map the road for achieving fiscal deficit targets by including off-budget subsidies like oil, food and fertiliser bonds estimated at over Rs 100,000 crore (Rs 1,000 billion) in the Budget.
With the Congress in power in the state and the Bharatiya Janata Party (BJP) snapping at its heels, the BRS is now fighting an existential battle.
The government has made several region-wise and sector-wise allocations in its annual plan and budget proposals.
The government should speed up the disinvestment process to generate funds for meeting the new needs such as environment protection, 13th Finance Commission chairman Vijay Kelkar said.
The BJP chief exuded confidence that the party would retain power at the Centre in the 2019 Lok Sabha polls with more strength.
The panel, to be headed by Reserve Bank of India Deputy Governor Shymala Gopinath, will review the structure of the National Small Savings Fund and give recommendations on making schemes more flexible and market-linked.
"Shouldn't they get Indian citizenship? Shouldn't their human rights be protected?" Shah asked the audience which responded with a resounding "yes".
Food prices have been relentlessly rising and was over 19 per cent year-on-year in the last week of November.
The revised estimated expenditure for FY20 has been pegged at Rs 26.99 lakh crore and receipts at Rs 19.32 lakh crore, she said.
The Centre's revenue deficit is expected to go up by 0.75 per cent of the GDP this fiscal following the implementation of the 12th Finance Commission recommendations, RBI said.
Engineer Rashid has been lodged in the Tihar jail since August 9, 2019 on charges of alleged terror financing, while Singh has been booked under the National Security Act and sent to the Dibrugarh jail of Assam.
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