-NDTV The Kelkar committee has said subsidies pose the greatest risk to the country's fiscal situation, while suggesting that the excise and service tax rates should be cut to 8% over the next few years. The panel calls for the need to step up disinvestment drive in state-run firms for fiscal consolidation. It says diesel should be deregulated by 2014 and all subsidy on cooking gas be cut by 2015. All subsidies must be...
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PM Manmohan Singh directs cash transfers for social welfare schemes
-The Economic Times Prime Minister Manmohan Singh has taken charge of the UPA's initiatives to directly transfer welfare benefits and subsidies into individual beneficiaries' bank accounts - a system that would plug the rampant leakages of funds earmarked for the poor via schemes such as NREGA on which the government spends over 3,00,000 crore annually. A new ministerial co-ordination committee under the PM would now fast-track the architecture for cash transfers while...
More »Govt defers call on hiking sugar price
-The Times of India Keeping the festive season in mind, the Manmohan Singh government, which is on a reforms-fiscal correction mode, hit the pause button on Monday, deferring a decision on scrapping subsidy on levy sugar under the public distribution system (PDS) quota. Removing the subsidy would have meant a steep hike in the price of the commodity to Rs 23 per kg from Rs 13.50/kg. The relief is expected to last...
More »Government keen to push bills on food security, land acquisition: Salman Khurshid
-PTI After the big-bang reforms, Law Minister Salman Khurshid today indicated government's keenness to push bills on food security and land acquisition, insisting that even Mamata Banerjee will not be able to oppose them. He maintained that "the bills drive a deft political balance between populism and reforms". "The draft (food security) Bill is being given the final touches by the Cabinet. This will ensure that poor will have their stomachs full. Nobody...
More »Cabinet meets today; may cut sugar subsidy, hike dearness allowance for Government employees -Amit Chaturvedi
-NDTV The Union Cabinet is expected to meet this evening to consider a 7 per cent hike in the Dearness Allowance (DA) of Central government employees. Once approved, it will benefit over 52 lakh government employees. The Cabinet will also take a decision on computerisation of the Public Distribution System (PDS). A Food Ministry proposal seeks to digitise ration cards and fully computerise the PDS network especially at the back-end. Also, a bailout package...
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