Buddha slams Mamata for attacking media

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.

New Delhi, Jun 16: Delhi Health Minister Satyendar Jain on Tuesday said that he has been hospitalised after suffering from high-grade fever and a sudden drop in his oxygen level.

He tweeted to inform that he was admitted to the Rajiv Gandhi Super Speciality Hospital (RGSSH) here, a dedicated COVID-19 facility under the Delhi government.

"Due to high-grade fever and a sudden drop of my oxygen levels last night I have been admitted to RGSSH. Will keep everyone updated," Jain tweeted.

New Delhi, May 31: The fourth phase of the coronavirus-triggered lockdown, which began on May 18, saw 85,974 COVID-19 cases till 8 am on Sunday, which is nearly half of the total cases reported in the country so far.

Lockdown 4.0, which will end on May 31 midnight, has accounted for 47.20 per cent of the total coronavirus infection cases, number crunching from the Union Health Ministry data reveals.

The lockdown, which was first clamped on March 25 and spanned for 21 days, had registered 10,877 cases, while the second phase of the curbs that began on April 15 and stretched for 19 days till May 3, saw 31,094 cases.

The third phase of the lockdown that was in effect for 14 days ending on May 17, recorded 53,636 cases till 8 am of May 18.

The country had registered 512 coronavirus infection cases till March 24.

India is the ninth worst-hit nation by the COVID-19 pandemic as of now.        

The first case of COVID-19 in India was reported on January 30 from Kerala after a medical student of Wuhan university, who had returned to India, tested  positive for the virus.

India registered its highest single-day spike of COVID-19 cases on Sunday, with 8,380 new infections reported in the last 24 hours, taking the country's tally to 1,82,143, while the death toll rose to 5,164, according to the Union Health Ministry.

The number of active COVID-19 cases stood to 89,995, while 86,983 people have recovered and one patient has migrated, it said.

"Thus, around 47.75 per cent patients have recovered so far," a senior Health Ministry official said.

With the fourth phase of lockdown ending on Sunday, the Home Ministry on Saturday said 'Unlock-1' will be initiated in the country from June 8 under which the nationwide lockdown will be relaxed to a great extent, including opening of shopping malls, restaurants and religious places, even as strict restrictions will remain in place till June 30 in the country's worst-hit areas.

While announcing the extension of the lockdown in containment zones across the country, the Home Ministry said temples, mosques, churches and other religious places and shopping malls will be allowed to open in a phased manner from June 8, while a decision on opening of schools and colleges will be taken in July in consultation with states.