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

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[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]

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Google restores delisted Indian apps after government intervention

Google on Saturday restored all Indian apps it had removed.

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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.

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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.

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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.

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Facebook chief Mark Zuckerberg shares pictures from 2nd day of Anant Ambani and Radhika Merchant pre-wedding celebrations

Zuckerberg shared pictures from the 2nd day of Anant Ambani and Radhika Merchant’s pre-wedding celebrations. In the photograph Mark Zuckerberg can be seen along with his wife Priscilla Chan. The couple is exuding happiness as they prepare for the event. He captioned the picture it is getting wild out here.

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Facebook boss Mark Zuckerberg and wife Priscilla Chan joined the star- studded pre-wedding celebrations of Anant Ambani and Radhika Merchant in Jamnagar on Friday. The event was attended by many prominent figures from different fields. Zuckerberg took to his Instagram handle congratulated the couple and said he loved Indian weddings.

Zuckerberg shared pictures from the 2nd day of Anant Ambani and Radhika Merchant’s pre-wedding celebrations. In the photograph Mark Zuckerberg can be seen along with his wife Priscilla Chan. The couple is exuding happiness as they prepare for the event. He captioned the picture it is getting wild out here.

The theme of the opening day of the pre-wedding celebrations was Evening in Everland as the guests wore cocktail attire. The first day of the grand celebrations elevated the expectations of the guests for the following days. The theme of the 2nd day of the pre-wedding bash is known as a Walk on the Wildside and the guests can be seen in Jungle Fever attire.

Zuckerberg has opted for an animal print shirt with white trousers, Chan is complementing his look in a strappy one piece in black and golden. The Jungle theme is aligned to Vantara, Reliance’s animal welfare initiative undertaken and launched by Anant Ambani a few days back.

International pop star Rihana electrified the pre wedding celebrations on Friday with an amazing performance, marking her debut appearance in India. The chart topping artist engaged the audience with performances of her iconic hits which included Pour it Up, Work and Diamonds.

Zuckerberg graced the opening day, wearing a black-on-black firefly blazer and shoes from Alexander McQueen while his wife Priscilla wore a black gown with gold flower details and other accessories such as dainty chain bracelet, gold necklace and stud earrings. Mark Zuckerberg and wife Priscilla Chan are one of the Power couples invited from the global business community for the festivities currently underway at Jamnagar.

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