Bhubaneswar: Poor budgetary expenditure has been a cause of headache for the state government with less than a month left for the end of this fiscal. An official review revealed that the government departments had been able to spend only 56 per cent of budgetary allocations on an average by January-end. Interestingly, the steel and mines department tops the laggard departments showing the lowest expenditure of 5 per cent, followed by co-operation...

This report is sure to come as a shocker for all those who thought the worst was over after believing that the recession is petering out. The recently released World Economic Situation and Prospects 2010 (WESP) of the United Nations (UN), predicts that the economic growth in the developing world will remain well below the pre-crisis pace of more than 7 per cent per annum. China’s and India’s economies are...

Jharkhand has pulled off a remarkable turnaround in funds utilisation for the Centre’s flagship rural employment scheme, spending around Rs 500 crore in just over four months after September 2009 when it was pulled up by the MGNREGS director in New Delhi for poor implementation. Of Rs 1,600 crore allocated so far to the state under the Mahatma Gandhi National Rural Employment Scheme for the current fiscal (April 2009 to...

The aftershock of the global financial crisis threatens to deprive millions of children in the world’s poorest countries of an education, the 2010 Education for All Global Monitoring Report warns. With 72 million children still out of school, a combination of slower economic growth, rising poverty and budget pressures could erode the gains of the past decade. “While rich countries nurture their economic recovery, many poor countries face the imminent prospect...

The 13th Finance Commission (TFC) has recommended a return to fiscal consolidation and reform in expenditure management. It has also suggested the Centre offer states a share of revenue raised from levies such as cesses and surcharges, according to people familiar with the report. TFC, a statutory body tasked with suggesting ways in which taxes should be shared between the Centre and states and drawing up a road map towards fiscal...