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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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Xbox announces 3,200 layoffs as Asha Sharma outlines major restructuring plan

Xbox has announced plans to lay off 3,200 employees over the next year while introducing a major restructuring programme that includes management changes, studio restructuring and cost-cutting measures.

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XBOX layoff

Xbox has announced plans to reduce its workforce by 3,200 employees, representing around 20 per cent of its total staff, over the coming year as part of a broader restructuring programme linked to Microsoft’s increased investment in artificial intelligence.

According to an email shared with employees by Asha Sharma, the company will begin the process immediately, with 1,600 employees leaving on Monday, while the remaining job reductions will take place during FY27. The company also plans to divest four gaming studios and is preparing to separate from another.

Business reset planned amid financial challenges

In her message to employees, Sharma said the company’s current financial position required significant changes, stating that Xbox’s business was operating at substantially lower margins than comparable platform and publishing companies.

She said the layoffs were not a reflection of employees’ commitment or abilities but were part of a wider effort to strengthen the company’s long-term business.

The workforce reduction comes as Microsoft continues implementing AI-focused cost-cutting measures across its operations. Overall, the technology company is reportedly cutting 4,800 jobs, with Xbox accounting for the largest share.

Sharma also described the gaming sector as experiencing one of its most challenging hardware periods and said the company needed to “reset Xbox” to improve its future performance.

Company to streamline operations and reduce management layers

As part of the restructuring strategy, Xbox plans to simplify its organisational structure, revise its content portfolio and improve platform operations.

According to Sharma, the company currently loses 64 cents for every dollar invested annually, making operational efficiency a key priority.

She said Xbox would increasingly support independent game creators by offering open development tools and broader audience access.

The restructuring will also see Mojang and King report directly to Sharma. She said both studios have evolved into major gaming platforms with large monthly active player bases and will play a central role in Xbox’s future strategy.

To improve decision-making, the company plans to significantly reduce its management hierarchy. Sharma said some departments currently have as many as 14 management layers, which slow down operations. Xbox aims to reduce this to no more than five layers, and in some cases, only three.

The company will also reduce vendor spending by 50 per cent as part of its cost-saving measures.

Helen Chiang promoted to Chief Operating Officer

Alongside the restructuring announcement, Sharma confirmed the promotion of Helen Chiang to the newly created position of Chief Operating Officer.

Chiang will oversee profit and loss responsibilities across Xbox’s content, hardware, platform and services divisions while reporting directly to Sharma.

According to Sharma, the new operating structure is intended to improve investment decisions, strengthen accountability and better integrate the company’s various business units.

Despite the ongoing restructuring and job cuts, Sharma said Xbox remains committed to long-term growth and plans to continue investing heavily in the business, while placing greater emphasis on disciplined spending and strategic priorities.

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India News

Bank holiday today: Are banks open or closed on June 29? Here’s what RBI calendar says

Banks in Himachal Pradesh and Mizoram will remain closed on June 29, 2026, due to regional holidays, while banking operations will continue normally in most other states.

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Bank Holidays

As June comes to an end, many customers are wondering whether banks across the country are open on June 29, 2026. According to the Reserve Bank of India’s (RBI) holiday calendar, bank operations will not be affected nationwide, but branches in some states will remain closed due to local holidays.

Banks closed in these states on June 29

Banks will remain shut in Himachal Pradesh on Monday, June 29, on account of Sant Guru Kabir Jayanti. In addition, bank branches in Mizoram will remain closed to observe Remna Ni, a regional public holiday.

However, bank branches in most other states and Union Territories are expected to function normally as June 29 is not a nationwide banking holiday.

Will online banking services remain available?

Even when physical branches remain closed, customers can continue using digital banking facilities. Services such as internet banking, mobile banking, UPI transactions, ATM withdrawals and cash deposits at ATMs will remain operational.

Customers planning to visit a bank branch are advised to check with their local branch beforehand, as holiday schedules may vary depending on the state and local observances.

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Union Budget 2026 highlights: Nirmala Sitharaman Raises Capex to Rs 12.2 Lakh Cr, West Bengal Gets Major Allocation

Finance Minister Nirmala Sitharaman is presenting the Union Budget 2026 in Parliament today. Follow this space for live updates, key announcements, and policy insights.

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Finance Minister Nirmala Sitharaman arrives to present Union Budget 2026

Finance Minister Nirmala Sitharaman will shortly present the Union Budget 2026 in the Lok Sabha, marking her ninth consecutive Budget. The annual financial statement is expected to outline the government’s policy priorities, reform agenda and spending plans for the coming year. Stay tuned for live updates, key announcements and immediate reactions as the Budget speech unfolds.

Finance Minister Nirmala Sitharaman tabled her ninth Union Budget today, beginning her speech at 11 am.

Nirmala Sitharaman is set to present her ninth Union Budget today, with the finance minister scheduled to begin her speech at 11 am.

Budget 2026 live updates: Presenting the Union Budget for 2026–27, Finance Minister Nirmala Sitharaman said the occasion coincided with Magh Purnima and the birth anniversary of Guru Ravidas. She noted that over the past 12 years, India’s economic journey has been defined by stability, fiscal discipline, sustained growth and moderate inflation.

The budgeted fiscal deficit for fiscal 2026 is estimated at 4.4 per cent of gross domestic product (GDP)

Planned capital expenditure this fiscal year Rs 11.2 lakh crore

Rare earth corrdiors in Odisha and Kerala

Hi-tech tool rooms to be set up by PSUs

Construction equipment scheme to be launched

Container manufacturing scheme for Rs 10,000 crore over 5 years

Rs 10,000 crore SME Growth Fund

Semi-conductor mission to get Rs 40,000 crore

Rs 12.2 lakh crores for infrastructure development

Dedicated RITES to repurpose land of Central PSUs

20 new waterways over next 5 years to be connected

7 high-speed corridors on rail

High-level committee on banking for next phase of Viksit Bharat

Capital expenditure hike of to ₹12.2 lakh crore in Budget 2026, with West Bengal receiving a significant share of allocations.

Mahatma Gandhi Gram Swaraj Initiative aimed at boosting the khadi, handloom, and handicrafts sectors.

High-speed rail corridors: Mumbai-Pune, Pune-Bengaluru, Hyderabad-Bengaluru, Chennai-Bengaluru, Delhi-Varanasi, Varanasi-Siliguri, Pune-Hyderabad

Five university campuses to be established near industrial corridors

Lakpati Didi program expanded in Budget 2026 to reach more beneficiaries across India.

Fiscal deficit for FY26 revised to 4.4%; Budget Estimate for FY27 set at 4.3%.

TCS on overseas tour packages cut to 2% to ease travel costs

Tax holiday to foreign companies that provide cloud services by setting up data centres in India till 2047

17 cancer drugs exempted from import duties

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