The announcement is expected to take place at 1 pm on Thursday, an official said without giving any specific details.
Prime Minister Narendra Modi announced a three-week complete lockdown of the country to prevent the spread of the coronavirus infections in the country.
“Work is going on and we are very close to coming up with an economic package, which will be announced sooner rather than later,” Nirmala Sitharaman said.
The change in the cap will enable the government to raise duties on petrol and diesel by another Rs 8 per litre each.
Experts say that the move to give headroom to the government to shore up its falling revenues may still not be enough to compensate for the fall in demand due to the COVID-19 outbreak.
Of the total amount of Rs 2,570.0813 crore, Rs 940.8063 crore is for rural local bodies and Rs 1,629.275 crore for urban local bodies. “The amounts have already been credited to the accounts of the respective state governments,” she said.
According to the RBI, it has been, directly and through the Administrator, discussing with various authorities on expeditious sale of securities and recoveries of loans. “Due to various factors including legal processes, tangible outcomes are taking some time,” the RBI said.
The DoT asked the states to allow the movement of staff maintaining these services as well as ensure continuous supply of power to these telecom units.
A second scheme to further promote electronics manufacturing clusters was approved by the Cabinet on Friday, Ravi Shankar Prasad said.
Foreign portfolio investors (FPIs) have pulled out close to Rs 1,00,000 crore (US $13 billion) from India in March, as the coronavirus pandemic and the carnage in the financial markets have forced FPIs to derisk from emerging market assets across the world. This is the largest monthly outflow in the history of the Indian markets, […]
For the week-ended March 13, forex reserves stood at $481.89 billion and it fell $5.35 billion from the all-time high of $487.23 billion in the week-ended March 6, 2020.
In its Global Economic Outlook 2020, Fitch said the number of people affected by coronavirus will keep rising in the coming weeks but that the outbreak will remain contained.
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.
In 2017-18, Assam, Kerala and Chhattisgarh spent most in excess of the national average on both sectors. In sharp contrast, Haryana and Punjab spent lower than national average on both counts.
Be it raising revenues or spending money, there is wide gap between what states promise to do in any given year and what they actually do.
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.
While economists for weeks have been warning about a possible disruption that coronavirus scare could cause to the economy, it is only now that its effects, in form of an apparent slowdown, are manifesting for businesses in Mumbai.
Asia-Pacific economic growth in 2020 will more than halve to less than 3 per cent as the "global economy enters a recession", S&P said in a statement.
Moody's had in February projected a 5.4 per cent real GDP growth for India in 2020. This too was a downgrade from 6.6 per cent earlier forecast.
Coronavirus has already caused massive disruption across the world, forcing airlines to reduce flights and adversely affecting a range of businesses globally and in India.