Fiscal deficit for 2017-18 is is seen at 3.4 per cent of the GDP, lower than the revised estimate of 3.5 per cent adequately supported by surge in direct taxes and cut in revenue expenditure.
Plan and Policy
Plan & Policy
The months-long protests for the closure of Vedanta’s Sterlite Copper unit in Tuticorin over pollution concerns turned violent on Tuesday, with agitators fighting pitched battles with police, prompting it to open fire in which nine people were killed.
Faced with strong public anger over relentless hikes in petrol and diesel prices, the government is drawing an action plan – albeit late – to resolve the vexed issue on hand. Relief to consumers, however, is still some miles away.
The finance ministry is not keen on cutting the excise duty on petrol and diesel even as prices have touched all-time highs. The ministry feels such a step would disturb the fiscal deficit roadmap for the year. Moreover, petrol price hike is cyclical and resorting to excise cut each time is not a good idea. The ministry is believed to have conveyed its apprehensions about cutting excise to the Prime Minister’s Office (PMO). The ball now is in PMO’s court.
Indian Prime Minister Narendra Modi and the rupee face a similar predicament -- old foes have re-emerged to keep them in check.
Brent crude rose above $80 a barrel last week for the first time since 2014, and is looking ominous for the nation’s budget deficit, inflation and the currency. Meanwhile, Modi faces the prospect of rival parties uniting to block his re-election bid after their success at a recent state poll.
Senior executives at Punjab National Bank misled the Reserve Bank of India (RBI) in late 2016 over the lender’s handling of the financial messaging system and credit guarantees that were at the centre of a more than $2 billion fraud, the Central Bureau of Investigation (CBI) alleged in a charge sheet filed in court.
The Congress on Monday alleged that prime minister Narendra Modi’s “main objective is to destroy institutions” as it opposed the proposed changes in the civil services allocation.
Russian president Vladimir Putin and prime minister Narendra Modi had "very intense" discussions on bilateral and global issues that would provide the guidelines for the further development of India-Russia special privileged strategic ties, Russian foreign minister Sergey Lavrov said on Monday.
Retailers have joined hands to approach fair trade regulator CCI against $16 billion Walmart-Flipkart deal as they apprehend that the it would lead to massive job loss and be a "nightmare for retail trade" of the country.
Traders body CAIT in a strongly worded statement alleged ruling party BJP of bias towards multinational companies and deviating from its commitment made in 2014 election manifesto.
India's gems and jewellery exports have declined 22 per cent to $ 2.6 billion in April on account of demand slowdown in major markets including the UAE.
Exports in April 2017 stood at $ 3.31 billion, the Gem and Jewellery Export Promotion Council (GJEPC) of India said.
Major export destinations for the sector include Hong Kong, the UAE and the US. The three countries account for over 80 per cent of the country's total exports of gems and jewellery.