Having signed the 8.8-billion-euro Rafale deal, the government will have to increase the defence budget midway through this financial year to pay for new orders, domestic brokerage ICICI Securities said today.
Spectrum auction received additional bids worth Rs 3,100 crore on the third day today to take total commitments to Rs 59,981 crore, leaving two-thirds of total quantum of on-offer airwaves unsold as bidders stayed away from high-cost 700 Mhz and 900 Mhz bands.
The proposal for advancing of the Budget and the merger of the railway Budget with it will be considered tomorrow at a meeting of the union Cabinet to be chaired by Prime Minister Narendra Modi, who has been pushing for it.
As the government looks toadvance the Union Budget presentation by a month toJanuary-end, rating agency ICRA today flagged concerns aboutavailability of lesser data, saying advance GDP estimates aswell as corporate tax filings are available only in February.
State Finance Minister T M Thomas Issac today said it will take at least three years for the government to bring the state's budget to a normal state but this situation would not be allowed to impact its investment plans.
In an interview with CNBC-TV18, Chief Economic Advisor Arvind Subramanian, who headed a panel that suggested a benchmark GST rate, said the government should try to keep as low a GST rate as possible, as this would boost compliance.
Assam Assembly's Budget session began on a stormy note today as both Opposition and ruling party members raised slogans against each other over the auction of 12 oilfields and price rise following hike in VAT, leading to a brief adjournment and walkout.
The government is likely to announce PSU bank capital infusion today, confirmed the government officials to CNBC-TV18's Sapna Das. Out of the total budget of Rs 25,000 crore, about Rs 12,000-RS 15,000 crore is expected to be used in the first tranche of the process.