The $3.3 trillion figure released Wednesday is more than triple the 2019 shortfall and more than double the levels experienced after the market meltdown and Great Recession of 2008-09.
The budget session of Andhra Pradesh Legislature is likely to be a short affair in view of prevailing COVID-19 situation in the State.
Centre to breach its fiscal deficit target through the FRBM Act.
After the Union Budget was presented on February 1, there had been some apprehensions on the growth of mutual funds sector in the coming days.
The finance minister is in the city to discuss the government's vision on the budget with the stakeholders of various sectors.
Finance Minister Nirmala Sitharaman had in Budget 2020-21 scrapped dividend distribution tax (DDT) paid by companies and mutual funds on dividend paid to shareholders or unitholders.
Sources, meanwhile, said that past AGR or statutory dues payments have not been included as the matter is in the court.
The government argues that the higher outlay represents 15.33 per cent more spending when compared to revised estimates for the previous year.
Union Finance Minister Nirmala Sitharaman on Sunday came out with a clarification that there is no intention to tax global income of NRIs and only income generated in India will be taxed.
The industry had demanded a major cut in import duty on gold but instead a 0.5% import duty has been imposed on uncut colored stones which at present is imported tax free.
For those earning salary of Rs 12 lakh and less and availing deductions of up to Rs 2 lakh, the old tax system will be beneficial as the tax outgo will be less compared to the proposed new structure.
Nirmala Sitharaman said the Budget was aimed at boosting incomes and enhancing purchasing power, stressing that the economy's fundamentals were strong and inflation was well contained.
The Raichur Thermal Power Plant - Karnataka’s first - is at risk of being shut down due to problems with its functioning.
Rituals without efficacy are blasé formalities of inevitable intentions.
Newton’s first law says that a body remains in a constant state unless acted upon by an external force.