FM sticks to fiscal roadmap, FY17 deficit at 3.5%

February 29, 2016

New Delhi, Feb 29: Amid debate over balancing growth and financial management, Finance Minister Arun Jaitley today adhered to the fiscal consolidation roadmap by proposing to keep the deficit at 3.5 per cent of GDP in 2016-17.

aj copyHe also assured that development agenda will not be compromised and a committee would be set up to review the working of Fiscal Resposibility and Budget Management (FRBM).

The fiscal deficit in current fiscal has been estimated at 3.9 per cent, which will be brought down to 3.5 per cent in next fiscal.

"While doing this I have ensured that development agenda has not been compromised," Jaitley said in the next fiscal's Budget speech.

Total government expenditure in next fiscal would be Rs 19.78 lakh crore. Of this, Rs 5.50 lakh crore would go towards Plan expenditure and another Rs 14.28 lakh crore towards non-Plan expenditure.

The revenue Deficit for current fiscal has been bettered to 2.5 per cent of GDP, from the budgeted 2.8 per cent.

Jaitley further said that in view of the uncertainty and volatility in global markets, time has come to review the FRBM Act.

A committee to review the implementation of FRBM would be set up, he said, adding that the government will also work with the state governments towards doing away with the distinction between plan and non-plan expenditure.

Last year Jaitley had delayed the fiscal consolidation roadmap in order to build infrastructure by boosting public investment.

As per the deficit roadmap announced by Jaitley in last budget, fiscal deficit was to be brought down to 3.9 per cent in current fiscal and further to 3.5 per cent by 2016-17. The deficit was to be lowered to 3 per cent by 2017-18.

As per the earlier roadmap for fiscal consolidation, the deficit was to come down to 3 per cent by 2016-17.

The Economic Survey tabled in Parliament on Friday had said that "credibility and optimality" argued in favour of sticking to deficit target of 3.5 per cent of GDP for 2016-17, indicating some room for an upward revision.

"There are very good arguments for a strategy of aggressive fiscal consolidation...and equally good arguments for a strategy of moderate consolidation that can place the debt on a sustainable path while avoiding imparting a major negative demand shock to a still-fragile recovery," it had said.

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News Network
April 29,2020

New Delhi, Apr 29: India's tally of COVID-19 cases has reached 31,332, said the Union Ministry of Health and Family Welfare on Wednesday. With 73 more deaths reported, the number of deaths due to coronavirus in the country breached the 1,000 mark and stood at 1,007.

The tally is inclusive of 22,629 active coronavirus cases, 7,695 patients who have been cured/discharged and one patient migrated.

According to the Ministry, Maharashtra has the most number of COVID-19 cases with 9,318 cases of which, 1,388 patients have been cured/discharged while 400 patients have succumbed to the virus.

Gujarat has the second-highest number of positive cases in the country with 3744 cases including 434 patients cured/discharged and 181 deaths.

Delhi's tally stands at 3314 cases of which, 1078 patients have recovered while 54 patients have succumbed to the virus.

Madhya Pradesh has a total of 2387 positive cases including 377 patients recovered/discharged and 120 fatalities.

Meanwhile, Goa (seven cases; all seven recovered), Arunachal Pradesh (one case; now recovered), Manipur (two cases; both recovered), Tripura (two cases; both recovered) have reported no new cases of COVID-19.

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Agencies
February 23,2020

Motera, Feb 23: A day before US President Donald Trump's visit to Ahmedabad, a makeshift VVIP entry gate erected outside the newly-built cricket stadium in Motera area here collapsed due to gusty winds on Sunday morning, an official said.

The entire incident was recorded by a bystander and aired on local television channels.

The makeshift entry gate was made of welded steel rods and covered in flex banners.

After some time, a portion of another makeshift gate structure at the stadium's main entrance also collapsed due to the windy weather, another official said.

No one was injured in both the incidents and work was underway to put the structures back in place, he said.

"The (VVIP) entry gate collapsed when fabrication work was going on. It was not a major incident. No one was injured in the incident," said Special Commissioner of Police, Crime Branch, Ajay Tomar said.

President Trump and Prime Minister Narendra Modi will participate in a roadshow here on Monday and later address the 'Namaste Trump' event at the Sardar Patel Stadium in Motera area where over one lakh people are expected to be present.

The stadium has already received 'Building Use' permission from the Ahmedabad Municipal Corporation, an official earlier said.

It is the world's largest stadium with a capacity to accommodate 1.10 lakh spectators.

The stadium has been rebuilt after demolishing the old one which had a seating capacity of 49,000 spectators.

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News Network
April 24,2020

Kochi, Apr 24: The central government on Thursday submitted a statement in the Kerala High Court on the three petitions challenging the contract between Kerala government and US-based data analytics company Sprinklr.

Assistant Solicitor General P Vijayakumar filed the statement on behalf of the central government, which is the second respondent in the case.

The statement said that the contract between the Kerala government and Sprinklr dilutes the rights of the people. It stated the contract does not specify the amount of compensation that individuals should receive in case of breach of privacy or misuse of information.

It also said that it was not clear whether the information was collected and handed over to the data analytics firm with full consent of the patients (suspected and otherwise).

''It is always preferable to utilise the services available in the government sector for sharing sensitive data required for analytical purposes.

The Government of India has introduced the 'Aarogya Setu' application for collection of health data and about seven crore Indian citizens have already downloaded the same. All the state governments are advised to promote the said application for fighting the pandemic," the statement said.

It was further submitted that the "Government of India with the support of NIC is capable of providing all the requirements relating to data storage, processing and application which are being offered the third respondent, if a request to that effect comes from the state government."

Kerala Congress leader Ramesh Chennithala and BJP state president K Surendran had earlier approached the Kerala High Court seeking cancellation of the state government's agreement with Sprinklr for processing of data related to COVID-19 patients.

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