The tax collection in Delhi has grown at a rate of 20.84 percent (estimate) in the current year, but its revenue surplus has come down, as per the latest Economic Survey of the national capital released today.
Finance Minister Arun Jaitley presented the economic survey, authored by the chief economic adviser, on Tuesday January 31, 2017. It is an official report on the economy and sets the tone for the Union Budget.
Financial year and assessment year. Financial year (FY) runs from April 1 to March 31 of the next year; assessment year (AY) is the year following the FY. Tax on income earned in an FY is paid during the AY.
It all begins with the finance minister‘s speech in the Lok Sabha. The Budget is then tabled in parliament. Discussions on the economy and broad Budget measures take place without voting. The parliament then breaks for a three-week recess. Parliamentary Standing Committees give reports on ministries‘ estimates or demands for grants.
The exercise to make the Budget is a long-drawn one. It juggles political pressures, economy‘s priorities and utmost secrecy. Budget work begins in August with a circular to ministries and departments. They reply with details of funds they need.
Chief Economic Advisor Arvind Subramanian today said Universal Basic Income (UBI), as proposed in the recent Economic Survey, can be put in place only after withdrawal of the existing welfare projects.
The country's banks have significant asset-quality problems that are putting pressure on profitability and capital, as well as constraining their ability to lend, the ratings agency said.
Amid legal agencies investigating bank officials on loan sanctions; bankers fear taking hair-cuts on bad loans and demand more teeth to resolution mechanisms.
Under GST regime, no state can offer incentives to attract investments. GST will be placing some restriction on states in placing incentives to industries... So, GST would actually promote convergence and reduce divergence among states," Subramanian said in Q&A in Facebook on Economic Survey and Indian Economy.
Criticising India's decision to scrap high value currency notes, noted American economist Steve H Hanke has said demonetisation is for 'losers' and even Prime Minister Narendra Modi does not know where the country is heading now.
In his 2017-18 Budget speech, the Finance Minister said the government plans to launch Skill Acquisition and Knowledge Awareness for Livelihood Promotion programme (SANKALP) at a cost of Rs 4,000 crore along with next phase of Skill Strengthening for Industrial Value Enhancement (STRIVE) costing Rs 2,200 crore.
With the legal framework in place for the International Solar Alliance (ISA), the brainchild of Prime Minister Narendra Modi and launched during the UN climate summit in Paris, ISA will be a "major" international body headquartered in India, it added.
"Indian economy is in doldrums and a downwards trajectory on account of massive mismanagement and misdirected experimentation of Modi government," Congress chief spokesperson Randeep Surjewala said.
Banks and stressed companies get yet another variant - Public Sector Asset Rehabilitation Agency (PARA) - to resolve bad loan problems. But will it be successful?
Demonetisation has created high uncertainty as far as growth is concerned, said the Chief Economic Advisor Arvind Subramanian. Alongwith domestic market, global events including currency and commodity movements also add to this uncertainty.
On the point of sticking to fiscal deficit target, Kiran Mazumdar Shaw, CMD of Biocon said that it is not the time to reign in fiscal deficit and investments should be done in infrastructure and digitisation.
Ashwani Gujral of ashwanigujral.com says the trend has turned up and unless there are major tax changes, this Budget cannot bring the trend down. He expects long term buys to come at around 8400-8450 level.
Subsidy bill increased by 5 per cent during April-November 2016 due to 21.6 per cent surge in food subsidy, the Economic Survey said today.
India Inc today said the Economic Survey has correctly assessed challenges facing the country today which is indicative of a bold and reformative Budget to be presented tomorrow.
For perhaps the first time, Indian government has made a strong statement against rating agencies by in the Economic Survey questioning their rationale
The Economic Survey 2016-17 said that multiple labour laws are allowing companies to circumvent laws to engage people on contract and casual basis
The forecast on real GDP growth in the range of 6.75%-7.75% for FY18 should translate into a nominal growth of 11-12% for the coming fiscal. The forecast comes with caveat of three imponderables â€“ lingering impact of demonetisation beyond the current fiscal, a rise in crude prices and the impact of GST.
The Survey has cautioned the government that it should use any windfall arising out of unreturned Rs 500 and Rs 1000 notes for capital expenditure rather than current expenditures like salaries and subsidies
Benchmark indices fell for the second consecutive session Tuesday as cautious investors booked profits ahead of Union Budget due tomorrow. Shorts build up in technology stocks after H1-B visa bill woes also caused selling pressure, driving the Nifty below 8600.
Speaking to CNBC-TV18, Pranjul Bhandari, Chief India Economist at HSBC, said the Economic Survey‘s forecast of a 6.75 percent to 7.5 percent growth in the Indian economy was realistic.