Centre saved Rs 56K-cr through Aadhaar-enabled DBT, claims Modi

Bengaluru, May 29: Former prime minister H D Deve Gowda mourned the demise of Rajya Sabha member and Managing Director of leading Malayalam daily Mathrubhumi M P Veerendra Kumar, hailing him as a great journalist and writer.

"My deepest condolences on the demise of former union Minister and Rajya sabha member Shri M.P. Veerendra Kumar. He was a great journalist and writer. May god give strength to his family & his people to bear the loss," Gowda said in his condolence message.

Veerandra Kumar, who was a member of PTIs Board of Directors, died late Thursday at a private hospital in Kozhikode in Kerala following cardiac arrest.

New Delhi, May 17: With the highest-ever spike of close to 5,000 cases in the past 24 hours, the COVID-19 count in India has crossed 90,000 on Sunday.

With an increase of 4,987 COVID-19 cases being reported in the last 24 hours, the count has reached 90,927, according to the Union Ministry of Health and Family Welfare.

The total number of active cases in the country stands at 53,946 today, while 2,872 deaths have been recorded due to the infection so far, with one patient having migrated. 120 deaths were reported in the last 24 hours.

However, on the positive side, close to 4,000 patients have also been cured and discharged in the past 24 hours, taking the tally of cured patients to 34,108.

With 30,706 confirmed cases, Maharashtra remains the worst-affected by the infection in the country.

It is followed by Gujarat and Tamil Nadu, with 10,988 and 10,585 cases, respectively.
The national capital, with 9,333 cases, is also one of the regions which is badly affected by the infection.

Jan 6: India’s Finance Ministry has delivered a challenge to its revenue collectors: meet tax targets despite $20 billion of corporate tax cuts.

Through a video conference on Dec. 16, officials were exhorted to meet the direct tax mop-up target of 13.4 trillion rupees ($187 billion), a government official told reporters. Collection in the eight months to November grew at 5% from a year earlier, against the desired 17%.

The missive shows Prime Minister Narendra Modi’s urgent need to buoy public finances in a slowing economy where April-November tax collections were half the amount budgeted. Authorities withheld some payments to states and have capped ministries’ expenditure as the fiscal deficit ballooned beyond the target.

The government’s efforts to maintain its deficit goal goes against advice from some quarters, including central bank Governor Shaktikanta Das, who urged more spending to spur economic growth.

It’s uncertain though how much room Modi’s administration has to boost expenditure, given that it may already be borrowing as much as 540 billion rupees through state-run companies, a figure that isn’t reflected on the federal balance sheet. Uncertainty about public finances pushed up sovereign yields in November and December, compelling Das to announce unconventional policies to keep costs in check.

“This is not a time to conceal the fiscal deficit by off-budget borrowing or deferring payments,” said Indira Rajaraman, an economist and a former member of the Reserve Bank of India’s board. “If they were to stick to the target, that would be catastrophic because there is so much pump-priming that is needed right now.”

GDP grew 4.5% in the quarter ended September, the slowest pace in more than six years as both consumption and investments cooled in Asia’s third-largest economy. Only government spending supported the expansion, piling pressure on Modi to keep stimulating.

S&P Global Ratings warned in December it may downgrade India’s sovereign ratings if economic growth doesn’t recover. Government support seems to be waning now, with ministries asked to cap spending in the final quarter of the financial year at 25% of the amount budgeted rather than 33% allowed earlier. This new rule will hamstring sectors including agriculture, aviation and coal, where not even half of annual targets have been disbursed.

As the federal government runs short of money, it’s been delaying payouts to state administrations.

Private hospitals have threatened to suspend cash-less services to government employees over non-payment of dues, while a builder informed the stock exchange about delayed rental payments from no less than the tax office itself.

India is considering a litigation-settlement plan that will allow companies to exit lingering tax disputes by paying a portion of the money demanded by the government, the Economic Times newspaper reported Saturday.

The move will help improve the ease of doing business besides unlocking a part of the almost 8 trillion rupees ($111 billion) caught up in these disputes. The step, which is being considered as part of the annual budget, could also bridge India’s fiscal gap.

Finance Minister Nirmala Sitharaman has refused to comment on the deficit goal before the official budget presentation due Feb. 1.

A deviation from target, if any, “will need to be balanced with a credible consolidation plan further-out,” said Radhika Rao, an economist at DBS Group Holdings Ltd. in Singapore.