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.
'Marathwada is the suicide capital of Maharashtra.' 'To stop such man-made disasters, the government should immediately come up with a rightful package, not this charitable approach to compensation.'
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.
The Enforcement Directorate (ED) and Income Tax (I-T) Department are likely to join the Assam Police in investigating alleged organised financial crimes and acquisition of benami properties by event manager Shyamkanu Mahanta, an accused in the death of Assam's cultural icon Zubeen Garg.
In the Union Budget for Financial Year 2023-24 (FY24), Finance Minister Nirmala Sitharaman had held forth on the need for better governance and investor protection in the banking sector. She had proposed certain amendments to the Reserve Bank of India Act (RBI Act), 1934; the Banking Regulation Act (BR Act), 1949; and the Banking Companies (Acquisition and Transfer of Undertakings) Act, 1970.
The FinCom has recommended a record 10% increase in states' share.
Using the debt-to-GDP ratio as a fiscal anchor aligns with efforts to promote fiscal transparency through proper disclosure of off-budget borrowings.
States are mandated to develop and implement 'heat HAPs' for prevention of heat-induced diseases. But most do not go beyond standard advisory on heat prevention.
'Karnataka's finances are much healthier than the Union government's, which is indebted to nearly twice the extent of the state.'
The government on Tuesday extended the term of Twelfth Finance Commission by five months till December 31 this year.
'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.
'Trump does have a master plan in mind to put pressure on India with the additional tariff of 25 per cent to get Modi to persuade Russian President Vladimir Putin to freeze the Ukraine war.' 'It has not worked so far. By end-September only we'll know for sure the future trajectory of India's oil purchases from Russia,' observes Ambassador M K Bhadrakumar.
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.
Former Leader of Opposition (LoP) in the Delhi Assembly, Vijender Gupta, has been chosen as the new Speaker of the Vidhan Sabha. Gupta, a BJP MLA from Rohini, vowed to immediately table 14 CAG reports allegedly withheld by the previous Aam Aadmi Party (AAP) government upon taking charge. His election is a foregone conclusion due to the BJP's majority in the Assembly.
Granting SCS to the state has been a long-pending demand of the JD-U supremo and Bihar chief minister Nitish Kumar, whose Bihar cabinet had even passed a resolution last year requesting the Centre to grant SCS to the state.
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.
BJP MP and actor Ravi Kishan has been awarded the Sansad Ratna for his outstanding performance in the Lok Sabha, becoming the first actor-turned-politician to receive the honour.
Money allocated for rural India has increased, but expenditure of panchayats is not adequate and inconsistent
Prime Minister Manmohan Singh has approved composition of the 7th Pay Commission, which will revise the salaries of over 50 lakh Central government employees.
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.
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.'
The need for co-ordinated policy between Centre and states was likewise foreseen and assigned.
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.
Chief Election Commissioner (CEC) Rajiv Kumar, set to retire next month, plans to spend several months in solitude in the Himalayas. He also expressed a desire to teach underprivileged children, recalling his own humble beginnings. Kumar's tenure as CEC saw him oversee landmark elections, including the 16th Presidential and Vice-Presidential elections in 2022 and assembly elections in 11 states.
'Once bitten, twice shy, I didn't take up the challenge this time...' 'I realised I had failed to follow my karma because I feared failure.'
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.
The Finance Commission has substantially increased the allocation of funds to panchayats, but a large part of it is apportioned by state governments.
We should work in unison to boost growth: FM
The ripples from November 8 may be seen in next year's state budgets.
'They wanted the city to be a great business hub. They didn't like the fact that taxes collected in Bombay would go outside the city.'
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 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.
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.
Kumar, who played a key role in implementing decisions following the abrogation of Article 370 of the Constitution in Jammu and Kashmir during his stint in the Union home ministry, took charge as an election commissioner on March 15, 2024.
The comments from Das assume importance as the government for two consecutive terms have missed its fiscal deficit targets by 10 bps
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.
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.
