Finance

Supplementary demand: Will not renege on pledges to states, says FM Nirmala Sitharaman

The other option is to borrow to offset the entire shortfall of Rs 2.3 lakh crore, inclusive of the part caused by Covid-19 pandemic.

Finance minister Nirmala Sitharaman on Friday rejected the Opposition’s criticism that the Centre had blocked money meant for states, highlighting that while gross tax revenue dropped by close to 29.5% year on year in the April-July period, the Centre’s devolution to states dipped by only a fraction of the rate.

Sitharaman was replying to a debate on the first batch of supplementary demand for an additional spending of Rs 2.36 lakh crore during the current fiscal,

India on path of economic recovery? E-way bills, electricity usage, payments rise in September

India is reporting a daily increase in the number of confirmed cases averaging above 95,000 per day.

Even while India continues to see a surge in coronavirus cases, the economy may be on a path of recovery as indicated by an increase in e-way bills, electricity consumption and payments data in September. “We continue to see incremental improvement in high-frequency indicators. Daily average e-waybills were higher in the second week of September, compared to the previous week and August figures,” a Kotak Institutional Equities report said on Friday, adding that with the electricity consumption gap turning negative again, India consumed

India’s fiscal deficit may climb to 7.6% of GDP in FY21; economy likely to contract this much in Q2

The high fiscal deficit may take place due to 18 per cent on-year contraction in total receipts and 8 per cent growth in total spending.

The central government’s fiscal deficit may significantly rise in the current fiscal year due to a fall in revenue and rising expenditure to support lives and livelihoods amid the pandemic. The fiscal deficit in FY21 may rise to Rs 14.6 lakh crore, which is 7.6 per cent of GDP, said the EcoScope report by Motilal Oswal Financial Services. The high fiscal deficit may take place due to 18 per cent on-year contraction in total

Gujarat tops list of most fake notes of high denomination

During 2016-2019, Gujarat has witnessed fake Rs 2,000 notes worth Rs 11.4 crore and fake Rs 500 notes worth Rs 74.38 lakh. (Bloomberg image)

Gujarat has topped the list of the most number of high denomination currency fake notes in the last four years. In 2019, as many as 14,494 counterfeit notes of Rs 2,000, and 5,558 counterfeit notes of Rs 500 were held in Gujarat, according to the data provided by G Kishan Reddy, MoS, Ministry of Home Affairs, in a reply to a question in Lok Sabha. During 2016-2019, the state has witnessed fake Rs 2,000 notes worth

Chinese companies now invest nearly half of what they invested 3 years ago in India, reveals FinMin

The outflow to China from India has also decreased in recent years, however, it caught some pace in the last few months.

Investment by Chinese companies into India has nearly halved in the last three years, much before India raged a trade war against China earlier this year. The total FDI inflow from Chinese companies stood at $350.22 million in FY 2017-18, which fell to $229 million in FY 2018-19 and had a freefall to $163.77 million in FY 2019-20, according to the data provided by Anurag Singh Thakur, MoS, Ministry of Finance, in a reply to a question in

One in 3 families don’t own houses in Delhi; half don’t have personal vehicles

One in every three families in the national capital do not own houses and are living on rent, while half of the families do not own a vehicle, a survey conducted by the government said. A study of various ownership patterns of 20.05 lakh households in the capital has found that 32.38% families live as tenants while 48.21% do not own vehicles for personal use. The findings of the socio-economic survey report were prepared by the Delhi Directorate of Economics and Statistics (DES), The Indian Express reported, which had also carried several findings of the survey, held between November 2018

Atmanirbhar Bharat report card: Rs 25k cr disbursed to farmers, Rs 1.18 lakh cr credited to MSMEs so far

Prime Minister Narendra Modi had the Rs 20 lakh crore Atmanirbhar Bharat package in May.

The Ministry of Finance on Sunday shared an update on the progress of the multiple schemes under the Rs 20-lakh-crore Atmanirbhar Bharat package announced by Prime Minister Narendra Modi in May. According to the ministry, Rs 25,000 crore has been disbursed to farmers as on August 28, 2020, under the Rs 30,000 crore additional emergency working capital funding through National Bank for Agriculture and Rural Development (NABARD). The remaining Rs 5,000 under the Special Liquidity Facility (SLF) was allocated to NABARD by the Reserve Bank

Converting crisis into opportunity: PM Modi inaugurates 1.75 lakh houses; time for making houses halved

The time for completion of houses under PMAY-G has been cut from 125 days to a mere 45-60 days during the pandemic

Prime Minister Narendra Modi today said that the time for completion of houses under PMAY-G has been cut from 125 days to a mere 45-60 days during the pandemic, which is a classic example of converting the coronavirus crisis into an opportunity. Narendra Modi inaugurated 1.75 lakh houses built under the Pradhan Mantri Awas Yojana on Saturday. The Modi government had promised “Housing for All by 2022”, for which a flagship programme of PMAY-G was launched in November

States’ fiscal deficit doubles in Q1: Tax, stamp duties collections in free fall; these states hit most

The fiscal deficit was around 70 per cent of BE in Kerala and Andhra Pradesh in the first quarter and more than 50 per cent of BE in Telangana.

The fiscal deficit of states soared to more than double in the first quarter of the current fiscal amid the coronavirus-led revenue loss. While the states spent 18.4 per cent of the budget estimates, similar to that in the previous years, the fiscal deficit was 36.5 per cent of BE in Q1, which was more than double of that in the previous years, said the Ecoscope report by Motilal Oswal Institutional

Urban unemployment rate falls to lowest level in first week of September, since lockdown began.

The urban unemployment rate fell to 8.32 per cent in the week ending 6 September. (Bloomberg image)

The high unemployment rate in urban India subsided in the week ending 6 September 2020, falling to the lowest level since the lockdown began. The urban unemployment rate fell to 8.32 per cent in the week, according to the Centre for Monitoring Indian Economy. Interestingly, the employment situation in urban India has improved despite a severe loss of salaried jobs. An estimated 21 million salaried employees have lost their jobs by the end of August. There were 86 million salaried jobs in India