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.
C Rangarajan, chairman, 12th Finance Commission, will head the committee, J&K Finance Minister Muzaffar Hussain Baig said in Srinagar.
On the present government's 'Make in India' campaign, C Rangarajan, former chairman of the Prime Minister's Economic Advisory Council, says it is important to first ask for whom it is being made.
"Shouldn't they get Indian citizenship? Shouldn't their human rights be protected?" Shah asked the audience which responded with a resounding "yes".
'As far as contract farming is concerned, we already have a model Act and states will be encouraged to adopt them.'
The 14th Finance Commission had recommended that states' share in the divisible tax pool be raised to 42 per cent, from 32 per cent earlier.
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.
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 commerce ministry will approach the 13th Finance Commission next month suggesting measures to reduce the incidence of local taxes on exports. With the state levies accounting for 6 per cent of the cost of exporters' consignments, the ministry wants to ensure that these taxes are rebated on the lines of refund of Central levies through different schemes.
The Goods and Services Tax, proposed to be introduced from April 2010, would benefit the economy by at least $15 billion
'Every Finance Commission creates its winners and losers' point out T N Ninan.
The amount constitutes 45 per cent of the railways' total wage bill.
Prime Minister Narendra Modi and French President Emmanuel Macron have called for enhancing trade and investment ties between their countries and committed to further deepening their engagement in the Indo-Pacific. They discussed a full spectrum of bilateral relations, including key global and regional issues, and stressed the urgent need for reform in the United Nations Security Council. The leaders also underscored their commitment to ensuring the global AI sector can drive positive social, economic, and environmental outcomes.
The TDP chief said he tried to speak to Prime Minister Narendra Modi as a 'courtesy' to inform him about the decision to quit but he did not come on line.
The 7th Pay Commission has recommended more than doubling the 'Military Service Pay' to defence personnel, and suggested that Short Service Commissioned Officers should be allowed to exit the Armed Forces at any point in time between 7 and 10 years of service.
Participants are keenly awaiting the rollovers to the next series ahead of the expiry of June F&O.
Unions have also demanded raising the income tax exemption limit from Rs 2 lakhs to Rs 5 lakhs.
It shows that states would require a compensation to the tune of at least Rs 1.67 trillion in 2024-25, as none of them would be able to achieve a 14 per cent growth every year.
JioMeet, which has already got the endorsement of top government officials and politicians, saw a huge surge in its ranking on Google Play, based on its downloads.
FinMin does not expect tax or non-tax revenue to reach anywhere close to the targets set in the interim Budget. Sources say that the challenge before the new government will be either to accept the reduced projection and tailor the Budget accordingly or set a more ambitious target.
The GST Council also decided that a committee of officers will be constituted to examine the simplification of forms for annual return and reconciliation statement.
The BJP needs to win maximum number of seats from northeast to strengthen Prime Minister Narendra Modi so that development of the region continues.
The government has extended the term of Reserve Bank of India Governor Shaktikanta Das by another three years upto December 2024, according to an official order.
The panel will also recommend a fiscal consolidation road map for the central and state governments, study the impact of GST on the divisible pool, and propose performance-based incentives for states.
'It is just an excuse to say that the Centre has run out of money.' 'Pruning these schemes would mean hard time for the people of India.'
Sir Osborne Smith was the first governor of the Reserve Bank, serving from April 1, 1935, to June 30, 1937.
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".
Gautam Adani, India's second-richest man, and seven others including his nephew Sagar have been charged with paying bribes to unidentified officials of state governments in Andhra Pradesh and Odisha to buy expensive solar power, potentially earning more than $2 billion profit over 20 years.
Cities are setting the rules that now carry life and death implications for their residents, and most of these rules are sought to be set by the municipal authorities who have never wielded such power, reports Subhomoy Bhattacharjee.
'I wonder how people who come to power through democratic means turn out this way.' 'But people of India are strong, and those who think they can hoodwink people, are mistaken.' 'You can fool some people for some time, but not all people, all the time.'
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 circumstances indicate that the government is not serious about the commission...' '...We are not at the mercy of the government.'
The Supreme Court Monday said no state should deny the ex-gratia compensation of Rs 50,000, as recommended by National Disaster Management Authority (NDMA), to the kin of persons who died of COVID-19 on the sole ground that death certificate does not mention it as the cause of death.
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.
The number of centrally sponsored schemes have increased to 35 in FY22 from 30 in FY21 and central sector schemes have increased to 704 from 685 in the previous year, reports Dilasha Seth.
Finance Minister Arun Jaitley to discuss key issues with state finance ministers.
The 64-year-old Planning Commission, a vestige of the socialist era, will soon become history.
Sukanta Majumdar, the state BJP president, said, "Amit Shah has set a target of 35 seats. We will achieve that".
No limit exists on the number of electoral bonds that a person (including corporate entities) can purchase.
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.
