Dr T V Somanathan is the first finance secretary to be appointed Cabinet secretary since 1985. His appointment at this juncture seems to carry much meaning for the forthcoming trajectory of reforms and restructuring of India's steel frame.
'Karnataka's finances are much healthier than the Union government's, which is indebted to nearly twice the extent of the state.'
What stood out in his 15-year journey as a member of the political executive at the Centre was his glowing record as India's most successful and effective finance minister. Both as prime minister and finance minister, he understood the importance of gradualism, except when the economy or the polity was in a crisis.
State governments want the Centre to direct the 14th Finance Commission to compensate states for implementing pay scales, to be recommended by the pay panel.
International Monetary Fund (IMF) Deputy Managing Director (MD) Gita Gopinath has condemned the "terrible and disturbing" incident of rape and murder of a trainee doctor in Kolkata. "Personally, it is terrible to have any event of this kind. It is disturbing," she told Business Standard in New Delhi.
Various alleged administrative and financial irregularities worth crores have been pointed out in execution of development works in worst Naxal-hit Bastar district of Chhattisgarh by state Accountant General.
He drew the roadmap of India's economic reform, unshackled it from the licence raj and pulled it back from the brink when even its gold reserve was pledged.
Mint Road, on December 21, 2023, flagged the role of self-regulatory organisations (SROs) in strengthening the compliance culture in regulated entities (REs) and providing a consultative platform for policymaking. It also decided to issue an omnibus framework for SROs.
The FinCom has recommended a record 10% increase in states' share.
The Supreme Court on Monday referred to a five-judge Constitution bench a suit filed by the Kerala government raising the issue of ceiling on net borrowing.
The party's national executive meeting chaired by its president and Bihar Chief Minister Nitish Kumar flagged price rise and unemployment as "burning issues"
'The finance ministry's decision to accept the deficit target of 4.5 per cent in 2025-2026 appears to have emanated from its endorsement of the Finance Commission's view that the Indian economy will continue to remain impacted by the pandemic, adversely undermining its growth potential,' notes A K Bhattacharya.
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 government on Tuesday extended the term of Twelfth Finance Commission by five months till December 31 this year.
In a response to the August 3 order, the Centre, represented by Solicitor General Tushar Mehta, said till the time either the legislature or the poll panel steps in, the top court must lay down "dos and don'ts" for political parties in the 'larger national interest.'
Sitharaman also said states will get 41 per cent share of taxes as per the 15th Finance Commission recommendation and the government has accepted the recommendation.
The time is ripe for debate on city governments in India.
Tamil Nadu chief minister M Karunanidhi said on Thursday that 'performing states' like Tamil Nadu have not been receiving their 'due share' from successive finance commissions, who, he alleged, gave more importance to backward states. He called for more allocation to the state from the Central Relief Fund, "considering the natural calamities," the compensation for which, especially crop loss, needed to be substantially increased.
Prime Minister Manmohan Singh has approved composition of the 7th Pay Commission, which will revise the salaries of over 50 lakh Central government employees.
Money allocated for rural India has increased, but expenditure of panchayats is not adequate and inconsistent
A Bench comprising Justice S B Sinha and Justice S H Kapadia took a serious view of the non-allocation of funds by the 12th Finance Commission to enable the continuance of the FTCs.
The government on Tuesday informed Rajya Sabha that GST compensation of Rs 17,176 crore is pending to states as on June 2022. Replying to supplementaries during the Question Hour, Minister of State for Finance Pankaj Chaudhary said the Centre is giving GST compensation to states for five years. He said even during Covid times when no GST was collected, the Government of India had given compensation to states after taking loans of Rs 1.1 lakh crore and 1.59 lakh crore during 2020-21 and 2021-22.
The setting up of the Commission, whose recommendations will benefit about 50 lakh (5 million) central government employees, including those in defence and railways, and about 30 lakh (3 million) pensioners, comes ahead of the Assembly elections in 5 states in November and the general elections next year.
The need for co-ordinated policy between Centre and states was likewise foreseen and assigned.
The Finance Commission has substantially increased the allocation of funds to panchayats, but a large part of it is apportioned by state governments.
The ripples from November 8 may be seen in next year's state budgets.
We should work in unison to boost growth: FM
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.
The comments from Das assume importance as the government for two consecutive terms have missed its fiscal deficit targets by 10 bps
Denied of any relief from the UPA-II government, West Bengal Chief Minister Mamata Banerjee on Monday pinned her hopes on the new BJP government at the Centre for a positive response on the state's huge debt repayment problem.
The first Karnataka legislative assembly session, after the formation of the new government will be held on starting Monday next week in Bengaluru.
Former Finance Commission chairman A M Khusro, who died in New Delhi on Sunday, was a distinguished academic, scholar and a towering personality. Besides heading the 11th Finance Commission, he was the chairman of IEG.
Finance Minister P Chidambaram will soon have to decide whether to stick by his predecessor's choice of former Reserve Bank governor Y V Reddy for chairmanship of the 14th Finance Commission, to be set up next month.
There shall be two dates for grant of increment - January 1 and July 1 every year
He was commenting on a reply given by Jaitley to a question in Rajya Sabha.
Ahead of the general elections, a slew of states and also the Centre had doled out sops to the marginalised sections, including the farmers and the poor.
Budget has laid emphasis on increasing social spends
According to the report, Indian economy is headed for a "perfect storm" worse than 1991 because government's cashflow by March 2013 is threatening to be Rs 110,000 crore (Rs 1,100 billion) more in the red than the expected Rs 500,000 crore (Rs 5,000 billion).
The Planning Commission projected the Centre's fiscal deficit to come down to three per cent of the gross domestic product.
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.
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