Parents Accept Bribe from Accused Who Raped Daughter to 'Settle' Case; FIR Filed

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.

Jun 5: The fear of contracting COVID-19 infection allegedly forced a 65-year-old man to commit suicide in Maharashtra's Beed district, police said on Friday.

The incident occurred at Mangewadi in Patoda on Thursday, when a passerby found the body of Asaram Pote hanging from a tree in his farm, an official said.

The police were immediately alerted and Pote's body was brought down in the presence of his relatives and locals, he said.

A suicide note was found on the deceased's person, in which he said that he had taken the extreme step as he was scared of contracting COVID-19 infection and no one should be held responsible for his death, the official said.

A case of accidental death was registered in this regard and further probe was underway, he added.

New Delhi, Jul 19: At least six people were killed and 20 injured when a bus overturned after colliding with a private vehicle at Agra - Lucknow Expressway in the wee hours of Sunday. According to initial reports, the bus carrying around 40 passengers toppled after hitting a stranded SUV at around 5 am, 122 km from Lucknow.

A police team reached the spot within a few minutes of the accident and rescued the injured with the help of locals. They were rushed to a nearby hospital. “Five passengers were killed on the spot while another died minutes after reaching the hospital,” Hindustan Times quoted Kannauj DSP Amarendra PD Singh as saying.

Around 20 other passengers have also sustained injuries who were admitted to the hospital, the police said. The bus had started from Bihar's Darbhanga and was en route to Delhi. "The private bus was coming from Darbangha and going to Delhi when it hit a car. Both the vehicles came down from the highway," a senior police official told news agency ANI.

Meanwhile, authorities are trying to ascertain the identity of the deceased. UP CM Yogi Adityanath expressed over the loss of lives and directed officials to ensure all help to the victims.