English हिन्दी
Connect with us

Latest business news

Seven months before end of financial year, fiscal deficit already at 96 per cent of annual estimate

Published

on

india currency demonetisation

[vc_row][vc_column][vc_column_text]Data released by the Controller General of Accounts jeopardizes the Centre’s plan of doling out a Rs50000 crore stimulus package to revive the economy

Amid growing concerns of an economic downturn, former finance minister Yashwant Sinha claiming that Arun Jaitley has made a “mess’ of the economy and the Centre mulling a Rs 50000 crore stimulus package to revive the economy, latest data released by the Controller General of Accounts reveals that India’s fiscal deficit has already touched 96.1 per cent of the budget estimate for the full fiscal year.

The latest data paints a grim picture of the Indian economy even as Prime Minister Narendra Modi, finance minister Arun Jaitley and other members of the ruling central government make desperate attempts to present a contrary image of unprecedented economic growth”.

Compared to the corresponding period (April to August) of the last financial year when the deficit was 76.4 percent of the full-year target, the 96.1 per cent fiscal deficit seven months before the current financial year ends is a sure cause for worry.

The surge in the current fiscal deficit is being attributed to an increase in expenditure and this itself should put the Centre’s rumoured plan of doling out a Rs 50000 crore stimulus package to revive the fledgling Indian economy in doldrums.

A report in Business Today says: “In absolute terms, the fiscal deficit – difference between expenditure and revenue – was Rs 5.25 lakh crore during April-August, 2017-18, according to figures released by the Controller General of Accounts (CGA) on Friday. For 2017-18, the government aims to bring down the fiscal deficit to 3.2 per cent of the GDP.”

The Modi government had barely managed to meet the fiscal deficit target of 3.5 per cent of the GDP in the last financial year but this was possible perhaps because the parameters of calculating the GDP as well as other economic indices had been significantly changed by the Centre in 2015. As Yashwant Sinha had recently pointed out much to the charging of Jaitley, had the government been computing the GDP growth rate as per the formula that existed before 2015, the GDP growth rate of 5.7 per cent of the last quarter (already a three-year low) would have gone down further to around 3.7 per cent.

The CGA data released on Friday shows that the government’s revenue receipts worked out at Rs 4.09 lakh crore during the April to August period or 27 per cent of the budget estimate (BE) of Rs 15.15 lakh crore for the whole year. In the corresponding period of last fiscal, revenue receipts comprising taxes and other items were 28 per cent of the target.

The data also reveals that the Centre’s expenditure had been increasing on sequential basis and totalled Rs 9.5 lakh crore at August-end or 44.3 per cent of the budget estimates. In the comparable period last fiscal, the expenditure was 40.5 per cent of the estimate, the Business Today report says.

Several media reports have suggested that finance minister Jaitley may be forced sell bonds to raise funds for extra spending in a desperate bid to maintain the fiscal deficit with the budgetary estimate.

Jaitley had, during the general budget in February, proposed to raise Rs 5.8 trillion rupees in 2017-18 through bond sales to bridge the fiscal deficit of 3.2 percent of the GDP. Earlier this week, Economic Affairs Secretary Subhash Chandra Garg had said that the government would leave the full-year borrowing target intact and sell bonds worth Rs 2.08 trillion between October and March.[/vc_column_text][/vc_column][/vc_row]

Latest business news

Happy Birthday Mark Zuckerberg: Social media users wish Facebook co-founder on his 40th birthday

Born on May 14, 1984, Zuckerberg has grown from a Harvard dropout into a billionaire philanthropist, owning many tech ventures over the years. He started Facebook in 2004 and took it public in 2012.

Published

on

Mark Zuckerberg, co-founder and CEO of Facebook (Meta), is celebrating his 40th birthday on May 14. Zuckerberg, one of the most influential figures in the tech industry, has had a major impact on how people connect and communicate with each other all over the world.

At 40, Zuckierberg continues to lead Facebook and its parent company, Meta, towards new technological frontiers. Born on May 14, 1984, Zuckerberg has grown from a Harvard dropout into a billionaire philanthropist, owning many tech ventures over the years. He started Facebook in 2004 and took it public in 2012.

In 2021 the social media platform changed its name to Meta to shift the company’s focus to the metaverse. Under his leadership, Facebook has grown into a global platform with over 2.8 billion active users. Apart from this, he has also expanded his influence through the Chan Zuckerberg initiative, which is run by Zuckerberg and his wife Priscilla Chan and focuses on philanthropy in health, education, and scientific research with an investment of 99% of the couple’s wealth over their lifetime.

There has been a rise in the net worth of Mark Zuckerberg over the last few years. According to Forbes, his net worth stands at $177 billion, which makes him the 4th richest man in the world. Since Facebook (now Meta) acquired WhatsApp in 2014 for $19 billion, Mark Zuckerberg’s net worth has grown significantly.

In 2014 his net worth was approximately $26.1billion, which now stands at around $177 billion, which reflects a substantial increase in the net worth due to Meta’s expanding business and strategic acquisitions over the year.

Before Zuckerberg turned 40, he gifted himself a brand-new superyacht, Launchpad in March 2024. According to reports, Zuckerberg purchased $59 million worth of waterfront property on Lake Tahoe in California in 2019. He spends his money on luxury vehicles and owns a Acura TSX, a Honda Fit, and a black Volkswagon Golf GTI.

Continue Reading

Latest business news

Google restores delisted Indian apps after government intervention

Google on Saturday restored all Indian apps it had removed.

Published

on

Google has started to restore all the delisted Indian mobile apps on Play Store agian, which they had removed due to a disagreement over service fees. After a discussion between company representatives and IT Minister Ashwini Vaishnaw, the decision was made, according to sources.

The step was taken in response to Vaishnaw’s strong statement in which he said that it is not allowed for apps to be removed from the Google Play Store. The minister had said, India is very clear, our policy is very clear…our startups will get the protection that they need.

Vaishnaw  continued saying that he has already given Google a call. They will be speaking with the app developers who were delisted this week. This is not acceptable. The minister said this kind of delisting cannot be permitted.

Ten Indian companies’ apps were banned by Google on Friday, causing outrage in one of its fastest-growing markets. With 94% of phones running on its Android platform, Google holds a large portion of the Indian market. Popular names like Naukri and Bharatmatrimony were on the list.

The main point of contention is Google’s in-app purchase fees, which range from 11% to 26%. Indian startups have long opposed the US tech giant’s actions, believing them to be unfair.

The founder of Bharat Matrimony, Christian Matrimony, Muslim Matrimony, and Jodii, Matrimony.com, expressed shock at the matchmaking apps’ removal from the Google Play Store.

Shaadi. Com CEO Anupam Mittal described it as a dark day for India’s internet, highlighting the possible broad effects on matchmaking services. He also called Google an evil.

While, Kuku FM Co-founder Vinod Kumar Meena in a statement had said that Google was behaving like a monopoly.

Meanwhile, Google temporarily withdrew the famous Indian payments app Paytm from the Play Store in 2020, claiming a few policy infractions. Due to this decision, the founder of the company as well as the larger startup community came together to build their own app stores and file lawsuits against Google.

Continue Reading

Latest business news

Anant Ambani says he is 100% lucky to get Radhika Merchant in his life

Anant Ambani said he was grateful to get Radhika as his life partner. He said he is 100% lucky to get Radhika Merchant in his life. He said every day he is falling more and more in love with her. He added although he had known Radhika for the last 7 years, it felt he had met her only yesterday. He thanked Radhika for everything.

Published

on

Anant Ambani and Radhika Merchant’s grand three-day wedding celebrations began with a glamorous cocktail night on Friday in Jamnagar. During the celebrations, Anant Ambani also gave a speech wherein he thanked his late grandfather Dhirubhai Ambani and grandmother Kokilaben Ambani for inspiring him. Anant Ambani said he was grateful to get Radhika as his life partner. He said he is 100% lucky to get Radhika Merchant in his life. He said every day he is falling more and more in love with her.

He expressed his gratitude to his mother for pulling together the lavish three-day wedding celebrations in Jamnagar. Anant thanked his mother for all she had done. He said all the arrangements had been done by his mother and nobody else. He added his mother had gone all out and she had worked 18-19 hours a day and he was extremely grateful to her.

He also thanked all the guests who were present there at the pre-wedding celebrations. He said everyone had made it to Jamnagar to make him and Radhika feel special. He said both of them were honored and humbled to have all of them present there. Anant said he was sorry if they had caused an inconvenience to anyone. He asked for forgiveness. He hoped everyone is going to enjoy the coming three days. He also thanked his mother, father, sister, brother, his sister-law and his brother in-law for making this event memorable.

Anant said everyone has been sleeping for less than 3 hours a day for the last 2-3 months and he was very happy to share this joy with everyone. The youngest Ambani talked about his personal struggles and how his parents had always supported him. He further added his life had not been entirely a bed of roses. He said he had also experienced the pain of thorns. He said he had faced many health crises.

Continue Reading

Trending

-->

© Copyright 2022 APNLIVE.com