Economy
India's fiscal deficit at 74 percent of target in 7 months
India's fiscal deficit has touched 74 percent of the annual target as on end-October, even as tax revenue is below the half-way mark, as per the latest official estimates of the central government accounts released on Monday.
 
As per the Controller General of Accounts, as opposed to a fiscal deficit target of Rs.555,649 crore, the actual number has been Rs.411,246 crore. The fiscal deficit represents the total expenditure, minus the total receipts. 
 
The government has targeted a fiscal deficit of 3.9 percent of GDP for the this fiscal.
 
The total receipts during the period under review has been Rs.610,374 crore, against the budget amount for the full fiscal year of Rs.1,221,828 crore, representing an achievement of 50 percent.
 
The CGA data revealed that the total expenditure during the first seven months of the fiscal stood at Rs.1,021,620 crore, which is 57.5 percent of the budgetary target of Rs.1,777,477 crore.
 
Furthermore, the data disclosed that the revenue deficit during the period under review stood at Rs.287,553 crore, which was 72.9 percent of the budget estimate of Rs.394,472 crore.
 
Disclaimer: Information, facts or opinions expressed in this news article are presented as sourced from IANS and do not reflect views of Moneylife and hence Moneylife is not responsible or liable for the same. As a source and news provider, IANS is responsible for accuracy, completeness, suitability and validity of any information in this article.

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Nifty, Sensex still on an uptrend – Monday closing report
Nifty has to stay above 7,800 for the uptrend to continue
 
We had mentioned in the Friday’s closing report that Nifty, Sensex are headed higher and that as long as Nifty stays above 7,800, the market will be bullish. Negative cues from Asian stock markets and anxiety on macro-economic data to be released by the government kept investors cautious and the major indices in the Indian stock markets were trading flat through the day. They closed with marginal gains/ losses. The trends of the indices during the day are given in the table below:
 
 
Initially, both the bellwether indices of the Indian equity markets opened on a firm note supported by hopes that the Goods and Services Tax (GST) bill will get passed during the winter session of parliament. However, concerns over the weak Asian markets, given the major fall in Chinese exchanges on Friday and a decline in country's industrial profits spooked investors in India. Furthermore, there were concerns ahead of the release of the upcoming macro-economic data like India's July-September GDP (gross domestic product) and eight core industries (ECI) numbers both of which are expected to be released later in the evening.
 
Aiming to provide better quality network, Bharti Airtel on Monday said it will invest Rs60,000 crore in the next three years. "The programme, called Project Leap, will see a network transformation. Large parts of this investment will improve voice services," Gopal Vittal, MD and CEO, Bharti Airtel, said. Airtel will deploy over 70,000 base stations in 2015-16. Its shares closed at Rs334.50, down 2.09% on the BSE.
 
Ahead of the Reserve Bank of India's fifth bi-monthly policy review for this fiscal next week, industry chamber CII on Sunday said the country's overall financial conditions have shown a healthy improvement, thanks to low cost of funds, strong liquidity, better external financial linkages and uptick in economic activity. "The CII-IBA Financial Conditions Index at 70.3 for Q3 FY 2015-16 shows healthy improvement in the overall financial conditions in the Indian economy vis-a-vis the previous quarter," the Confederation of Indian Industry (CII) said. The index is based on a survey of major banks and financial institutions on their expectations of key financial and economic variables determining financial conditions of the Indian economy. A majority of respondent banks and financial institutions surveyed reported improvement or no change in overall financial conditions as against the deterioration over the previous quarter. "It is heartening to note that financial conditions of the Indian economy are improving in tandem with the overall macro-economic outlook," said CII director general Chandrajit Banerjee. “The scale of improvement in the financial conditions index for the current quarter will provide necessary comfort to RBI in continuing and further extending the accommodative monetary policy stance for supporting higher economic growth," he said. A total of 36 leading banks, including 21 state-run ones, and financial institutions took part in the survey.
 
Prime Minister Narendra Modi said on Sunday "though the MUDRA (Micro Units Development and Refinance Agency) Yojana is in place to help small entrepreneurs, the speed at which I want to go with it has not been attained," in his Mann Ki Baat address on All India Radio. "But the beginning is good. So far about 66 lakh people have benefited ... with Rs42,000 crore spent. I am happy to announce that out of 66 lakh people, some 24 lakh are women," he said. "And the majority of these beneficiaries are from among the Scheduled Caste, Scheduled Tribe and Other Backward Class, people who stand up and themselves take responsibility to take care of their families.”...PMMY funds the unfunded and is thus focused on empowering people in the true sense," he said. "It provides a boost to three Es - Enterprises, Earning and Empowerment. The scheme encourages enterprises, provides opportunity for earning, and in the truest sense empowers people. It is helping small entrepreneurs." "The scheme is trying to help small workers such as barbers, laundrymen, milkmen, newspaper vendor...," he added.
 
The top gainers and top losers of the indices are given in the table below:
 
The closing values of the major Asian indices are given in the table below:
 

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Power sector employees to hold nationwide strike on December 8
Leaders of power sector national federations would meet in Delhi on Tuesday to finalise their strategy for a day-long strike on December 8 against the proposed Electricity (Amendment) Bill, 2014.
 
The strike is to be observed by power employees, engineers and contract workers.
 
All India Power Engineers Federation (AIPEF) chairman Shailendra Dubey told reporters here on Monday the National Coordination Committee Of Electricity Employees and Engineers (NCCOEEE) has already served the strike notice on union Power Minister Piyush Goyal at Kochi, Kerala, earlier this month during the power ministers' conference.
 
Leaders of all national federations would be meeting on Tuesday in the national capital to finalise the strategy for the strike, he said.
 
Goyal had assured the employees' representatives at Kochi that the central government is making several changes to the bill, to be placed in public domain and inviting comments before the winter session of parliament, Dubey said.
 
Despite opposition of power sector employees, the government has placed the electricity bill on the agenda of the Lok Sabha for on-going winter session, he added.
 
He also said more than a week has passed without any response from the power minister to NCCOEEE convener A.B. Bardhan's letter about the minister's promise at Kochi.
 
A crucial amendment to the bill proposes to separate carriage from content, that is to segregate the power distribution network from electricity supply business.
 
Dubey alleged that the amendments to the electricity bill were not based on ground realities, but were meant only to serve the interests of the private sector, provoking bankruptcy among state-run power utilities.
 
Disclaimer: Information, facts or opinions expressed in this news article are presented as sourced from IANS and do not reflect views of Moneylife and hence Moneylife is not responsible or liable for the same. As a source and news provider, IANS is responsible for accuracy, completeness, suitability and validity of any information in this article.

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