Finance minister Arun Jaitley on Thursday said the Union budget blends fiscal prudence with economic necessities.
Plan and Policy
Plan & Policy
Eying an election next year, India’s government announced massive spending for rural areas and projected economic growth above 8 percent in an annual budget on Thursday that won broad approval from economists, though bond and share markets fell.
The government will borrow Rs 4.07 lakh crore from the market in 2018-19, around Rs 73,000 crore lower than the current fiscal.
As per the revised estimate, the net borrowing for the current fiscal was steeply raised to Rs 4.79 lakh crore as against the Budget estimate of Rs 3.5 lakh crore.
At the same time, gross borrowing has been pegged at Rs 5.99 lakh crore for 2017-18, marginally higher from Budget estimate of Rs 5.8 lakh crore.
However, gross borrowing for the next fiscal has been raised to Rs 6.05 lakh crore.
For every rupee in the government coffer, 19 paise will come from market borrowing and other liabilities in 2018-19, even as it will spent 18 paise towards interest payment.
According to the Budget 2018-19 presented in Parliament today by Finance Minister Arun Jaitley, 70 paise will come from direct and indirect taxes for the every rupee earned.
On the expenditure side, the biggest component is states' share of taxes and duties at 24 paise and interest payment of 18 paise.
The government will revamp the 'Gold Monetisation Scheme' and come out with a comprehensive policy on the precious metal, Finance Minister Arun Jaitley today said.
The revamping of the scheme is aimed at enabling people to open a hassle-free gold deposit account.
The minister also said that the government will establish a consumer-friendly and trade efficient system of regulated gold exchanges in the country.
In an attempt to promote the use of clean fuels, the government may offer a bonanza to the oil and gas sector by scrapping the 2.5 per cent import duty on LNG irrespective of end use.
The government had halved basic customs duty on LNG in last budget to 2.5 per cent from 5 per cent.
The fresh move will benefit gas consuming sectors such as fertilisers, petrochemicals and city gas distribution as these would now be able to reduce their cost by making LNG imports duty-free.
The prime accused in the murder of Chandan Gupta in Kasganj was arrested on Wednesday as the strife-torn western Uttar Pradesh town, which saw communal clashes last week, moved towards normalcy despite tension in some pockets, officials said.
India will be experimenting with gender budgeting in an aggressive manner in the 2018-19 annual financial statement, with measures that may include more income in the hands of women through a cut in employees’ provident fund organisation (EPFO) contribution rates and a hike in tax exemptions on income.
In addition, allocation for the nodal ministry, the ministry of women and child development (MWCD), is likely to see 70 per cent rise from its existing Rs 22,095 crore, which was just 1 per cent of the budget.
Be careful when you visit a fuel station next time to buy ethanol-blended petrol. Not only will this fuel damage your vehicle’s engine, but also the environment-friendly initiative would pose serious threat if fuel comes in direct contact with water.
The use of ethanol-blended petrol in Mumbai is becoming a nightmare for motorists as fuel dealers have been cautioning users against letting water come in contact with the gasoline as it may seize the engine, create starting trouble or give jerks while driving.
It’s sunny side up, for sure. India has reached its 20gw cumulative solar installations target 4 years ahead of schedule. And that’s just the beginning. When it comes to power capacity additions in India during 2017, solar, for the first time, has emerged as the top source of energy.