-The Economic Times The finance ministry on Thursday announced a 10% cut in non-plan expenditure in the current fiscal as part of austerity measures aimed at containing its ballooning fiscal deficit. The Centre is aiming to bring down its fiscal deficit to 5.1% of GDP in 2012-13, from 5.76% in the previous fiscal. It also hopes to cut its subsidy bill to below 2% of GDP this year. The ministry has argued that...
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The austerity of the affluent-P Sainath
A rural Indian spending Rs. 22.50 a day would not be considered poor by a Planning Commission whose Deputy Chairman's foreign trips between May and October last year cost a daily average of Rs. 2.02 lakh Pranab Mukherjee's stirring call for austerity tugs at the national tear ducts. Prime Minister Manmohan Singh has pleaded for it in the past and watched his flock embrace it creatively. With the Finance Ministry even...
More »Govt moots one-time tax amnesty to recover black money stashed abroad
-The Times of India The government's white paper on black money, tabled in Parliament on Monday, listed a one-time tax amnesty to recover funds stashed abroad and a gold deposit scheme for locals as possible ways to deal with the menace, while suggesting that individuals get the tax department's go-ahead for all property deals and face undue scrutiny on cash in their possession. It also called for setting up of independent regulators,...
More »House in progress-Hannan Mollah
The Parliament of India, the highest citadel of its democracy, recently completed 60 years. This magnificent circular edifice was inaugurated on January 18, 1927, by the then governor-general, Lord Irwin, and legislative councils had conducted its sessions here. After Independence, the Central Hall accommodated the Constituent Assembly till it completed writing the Constitution. The first Lok Sabha was constituted on April 17, 1952, and the first Rajya Sabha on April...
More »At Rs 33,000, per capita debt in India increases by 23%
-The Economic Times The per capita income may have gone up by 14% during the last financial year, but the debt burden on every Indian - in the form of the government's debt - went up by 23%, latest official estimates show. According to finance ministry data, the per capita debt in India was estimated at nearly Rs 33,000 at the end of March 2012, compared to a little over Rs 26,600...
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