Finance Minister Nirmala Sitharaman faces an uphill task. She has to rescue Asia's third-largest economy from the brink of a major slowdown. In May, India lost its spot as the fastest-growing major economy in the world though government said it still
The outlay of the state budget, tabled by Finance Minister Niranjan Pujari in the assembly, is about 15.8 per cent more than that of 2018-19.
The fiscal deficit or gap between expenditure and revenue, was Rs 3,66,157 crore, as per data released by the Controller General of Accounts (CGA).
"Of the 97,139 Anganwadi centres in MP, 29,383 are run from private buildings. Of these, 26,000 centres haven't paid monthly rents of Rs 3,000 for several months said Vidya Khangar MP chief of the All India Federation of Anganwadi Workers and Helpers.
Fiscal deficit for the month of April was at Rs 1,57,048 crore which is 22 per cent of the budgeted estimate for the year 2019-20, slightly lower than what it was in the same period a year ago and as a percentage to the GDP, the fiscal deficit is at 0.75 per cent, Department of Expenditure (DoE) figures showed.
In order to generate public interest in the Budget, the Finance Ministry has started a quiz series on twitter.
Seeking tax incentives, the e-vehicle sector has argued that these would boost the government's flagship manufacturing scheme Make in India and drastically cut down vehicular pollution in the country.
The move is expected to bring investments into a sector considered crucial for economic growth. Money flows into greenfield power projects have dried out as work on several upcoming and newly commissioned projects have come to a grinding halt over financing and fuel-related issues.
The meeting was also attended by officials from the Finance Ministry, Electronics & IT Ministry, Department of Telecommunications, CBDT and others.
Sitharaman will be presenting the 2019-20 budget on July 5. Senior officials of the finance and agriculture ministries, as well as representatives of different agriculture groups, were also present in the two-and-half-hour of meeting here.
The SEDP, a flagship program of the Mizo National Front (MNF) government, aims at accelerating progress in key sectors and transforming Mizoram into a welfare state.
The country's exports grew 9 percent to USD 331 billion in 2018-19. The Budget is scheduled to be presented on July 5.
"With the Modi government taking full charge, all sectors have high hopes from the finance minister - who is already saddled with multiple issues including the slowing economy, liquidity crunch due to NBFC crisis, lack of job creation and rising NPAs, among others," Anarock Chairman Anuj Puri said.
The main areas of discussion during the meeting included issues relating to bringing in more capital to the infrastructure sector such as highways, railways, telecom and automobiles, including incentives for electric vehicles as well as for the renewable energy sector.
In a pre-budget representation, the All-India Bank Employees Association said, "to facilitate loan recoveries, laws should be enacted/amended to confiscate personal assets of the directors in case of default by a company."
Mizoram Chief Minister Zoramthanga tabled the Rs 10,692.30 crore tax-free budget for 2019-20 in the state Assembly and emphasised on the implementation of the Socio-Economic Development Policy (SEDP).
PTI government presents Rs 7,022 billion budget for 2019-20
India Inc Tuesday made a case for reduction in corporate tax rate, abolition of minimum alternate tax, halving dividend distribution tax to 10 per cent and increase in outlay for infrastructure sector in the upcoming Budget with a view to arrest economic slowdown.
Withdrawing a cumulative Rs 10 lakh a year can attract 3-5 per cent tax if a proposal going around in the Finance Ministry takes shape in the Budget to track high value cash deals and make digital payments mandatory.
"The merger of three companies namely National Insurance Co Ltd, United India Insurance Co Ltd. and Oriental Insurance Co Ltd is under process as several steps have been initiated and is expected to be completed by 2019-20", the interim budget had said in its "status of implementation".
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