FM Nirmala Sitharaman said the package will cost the national exchequer Rs 1.7 lakh crore, which is 0.8 per cent of India’s estimated gross domestic product in the current financial year (about Rs 204 lakh crore).
The measures included tax relief, both direct and indirect and everyday working norms for a variety of economic magnates such as exporters and importers, small and medium-sized firms, and individuals as well.
What does a fast-spreading virus, one that has led the government to impose restrictions on travel and trade, mean to an already slowing economy? As the PM announces an economic task force in the wake of coronavirus, The Indian Express mines data to find that pre-existing conditions in India today suggest that the road to recovery, unlike in the 2008 global financial crisis, will be long.
Apart from the wide geographical variation, these states also represent wide variation in terms of the political parties ruling them — from the Left Front government in Kerala to the right-wing Bharatiya Janata Party in Assam.
All states, barring Assam, found their revenue receipts plummet through the current financial year. Bihar, for instance, saw its revenue receipts fall by around Rs 25,500 crore — roughly a fall of 14 per cent over the Budget Estimates.
An Express Research Group Report: India’s most densely populated district, with the Capital’s lowest number of banks. From its small coaching centres to its little businesses, its open drains to its Metro line, its mixed population to the recent polarisation, what frames the Northeast Delhi violence, leaving 42 dead?
“Overall, biometric authentication in Jharkhand’s ePOS (electronic Point of Sale machines) was not a free lunch: depending on how it was used, it either did not reduce errors of inclusion or leakage or did so at the cost of increased exclusion error,” it states.
Despite the rollout of several so-called freebies by the AAP government, Delhi’s fiscal deficit is the lowest in the country. Sustaining its fiscal health, however, will require more revenue generation in future
If an Indian national lives in New Delhi but earns rental income from a house she owns in London, then, along with all other income that she earns within India, this rental income too, will attract tax.
The savings rate, expressed as a percentage of the gross domestic product, reflects the pool of investible funds within the country that are available for the government and private businesses to use for investment purposes.
With the economy in deep crisis, what were the options before Finance Minister Nirmala Sitharaman in the Union Budget for 2020-21? With limited resources at her disposal, she has tinkered with several aspects of the economy. But will this strategy work in getting the Indian economy back on track?