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ब्रेकिंग न्यूज

GDP: Nirmala gave signs of improvement in economy, GDP will be negative or near zero this year. GDP: Nirmala gave signs of improvement in economy, GDP will be negative or close to zero this year

Digital Desk, New Delhi. Digital Desk, New Delhi. Union Finance Minister Nirmala Sitharaman said that the economy is now showing signs of improvement. He also said that the growth rate of gross domestic product (GDP) in the current financial year will fall or be close to zero. The Finance Minister was addressing the India Energy Forum of Serra Week on Tuesday.

Nirmala Sitharaman said that the economy has witnessed a drastic decline of 23.9 per cent in the first quarter of 2020-21, leading to a GDP growth rate of negative or near zero during the entire financial year. He said that the Indian economy is expected to gain momentum from the purchases made during the festive season. Currently, the government’s emphasis is on increasing economic activity through public spending. The Finance Minister said that the government had imposed a strict lockdown since March 25 because of the Corona epidemic, as it was more important to save people’s lives. He said that it was due to the lockdown that the government was able to prepare for the epidemic.

The economy is expected to gain momentum from the festive season
Nirmala Sitharaman said that there are signs of improvement in the economy due to the opening of economic activities. Sitharaman said that the economy is expected to gain momentum from the festive season. He said that this is expected to result in positive growth in the third and fourth quarter of the current financial year. He said that overall GDP growth rate in 2020-21 will be negative or near zero. The Finance Minister said that the growth rate will improve from next financial year. He said that the government’s emphasis is on increasing economic activity through public expenditure.

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टॉप न्यूज़

BJP opens its box before Bihar elections, promises to appoint 3 lakh new teachers in a year

Patna. All political parties are busy in their preparations for the Bihar assembly elections. Votes will be cast on October 28 for the first phase. In such a situation, with the election campaign, the phase of issuing the manifesto is also going on.

Nirmala Sitharaman

In this connection, senior BJP leader and Union Finance Minister Nirmala Sitharaman released the party’s manifesto on Thursday. The BJP has named it the resolution letter. Nirmala Sitharaman has opened a box of promises to the people of Bihar through BJP’s resolution letter.

Nirmala Sitharaman

Three number points of the Bharatiya Janata Party’s letter of trust states that the NDA government employed 3.5 teachers in Bihar. Increasing this, in the coming year, 3 lakh new teachers will be appointed in all types of schools, universities and institutes of higher education in the state. Know the promises made in the resolution letter of the Bharatiya Janata Party-

1- Provide free vaccination of corona
2- Schools will appoint 3 lakh teachers in universities and institutes of higher education
3- More than 5 lakh employment opportunities in next 5 years by developing Bihar as Next Generation IT Hub
4- Arrangement of 50 thousand crores will make 1 crore women self-reliant
5- Will provide job opportunities in Health Department to a total of 1 lakh people, AIIMS operations in Darbhanga by 2024
6- After paddy and wheat, now purchase pulses at MSP rates
Pucca houses to 7-30 million people by 2022
8. To make technical education including medical engineering available in Hindi language
9 to set up 15 private and comfed based milk processing industries in next two years
10- Will make Bihar the number one state in the country in fish production
11- By adding one thousand new farmer produce associations, will develop special successful products across the state (eg- maize, fruit, vegetable, chuda, makhana, paan, masala, honey, mentha, supply chain for medicinal plants) and 10 Lakhs of employment opportunities will be available.

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टॉप न्यूज़

Union Cabinet meeting to be chaired by Prime Minister Modi, these cabinet ministers will be included

new Delhi. The Union Cabinet will meet on Wednesday under the chairmanship of Prime Minister Narendra Modi. The proposals related to the Ministry of Agriculture, Finance will be discussed in this meeting. With this, the situation arising out of the floods in some parts of the country is also likely to be discussed.

This meeting to be held at the Prime Minister’s official residence, Seven Public Welfare, will be done through video conferencing. In this meeting many important proposals will be discussed and they will be approved by the Union Cabinet.

Apart from Prime Minister Modi, Home Minister Amit Shah, Defense Minister Rajnath Singh, National Highway and Road Transport Minister Nitin Gadkari, Finance Minister Nirmala Sitharaman and other cabinet ministers will be included in the meeting. According to sources, in this meeting, some important proposals related to the Ministry of Agriculture and Farmers Welfare, Ministry of Finance will be approved.

It is noteworthy that in the situation arising out of the corona epidemic, all the meetings from the Union Cabinet are being done through video conferencing.

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टॉप न्यूज़

Modi government may give another big gift in festival season, Finance Minister gives hints

new Delhi. In the midst of the Kovid-19 crisis, the central government may announce another stimulus package to support the country’s economy. The Finance Minister has indicated this. Sitharaman said that the government has the option of another incentive package to deal with the economic situation arising out of the Corona virus. Finance Minister Nirmala Sitharaman said this on Monday at the virtual launch program of 15th Finance Commission Chairman NK Singh’s book.

Nirmala Sitharaman

Recently announced another incentive package
Sitharaman said that the doors of the stimulus package have not been closed yet. He said that we have now started estimating the Gross Domestic Product (GDP) decline. We have received some of its inputs. We have to come up with the assessment before the public or in Parliament. It is to be known that recently the Central Government announced an incentive package for government employees, in which it was said that LTC and Rs 10,000 festival advance will be given to government employees.

Nirmala Sitharaman

Strict instructions to PSU companies to increase spending
Earlier, the Finance Minister has also given strict instructions to the public sector majors (PSUs) to increase spending. They have said that large PSU companies should complete 75 per cent of the planned capital expenditure for the financial year 2020-21 by December 2020. This will help in reducing the bad effect of Kovid-19 on the economy of the country. Sitharaman, in an online meeting with the secretaries of the Ministry of Coal, Petroleum, Natural Gas and the chairman and managing directors of the 14 PSU companies attached to them, urged them to expedite the capital plans.

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टॉप न्यूज़

CPSE to spend 75% of its 2020-21 capital expenditure target by December: Finance Minister

Finance Minister - India TV Paisa
Photo: PTI Finance Minister

New Delhi Finance Minister Nirmala Sitharaman has said that large central public sector enterprises should accelerate their capital expenditure ie capital expenditure to support growth. From these CPSEs, the Finance Minister has said that by December, spend 75 percent of the spending target for the financial year 2020-21. Simultaneously, stressing the need to increase capital expenditure (capex) by central public sector enterprises (CPSEs), Union Finance Minister Nirmala Sitharaman said on Monday that they would have to increase spending both in the current and the next financial year. The Finance Minister also said that the improved performance of CPSEs can help the Indian economy to overcome the impact of Kovid-19.

During a video conferencing meeting with the Secretaries of the Ministry of Petroleum and Natural Gas and Coal and CMD of 14 CPSEs, Sitharaman asked the concerned secretaries to ensure expenditure of up to 75 per cent of the total capital by the end of the third quarter of FY 2020-21. Proper planning should be prepared. He said that for this, there is a need to strike a coordination between the Secretaries of Ministries and the CMD of 14 CPSEs. This is the fourth meeting in the series of meetings being held by the government to tackle the Corona crisis and accelerate development. All these meetings are being held to find ways to speed up recovery in the economy.

In the financial year 2019-20, for these 14 CPSEs, Rs 1,16,323 crore was spent against the target of Rs 1,11,672 crore, which is more than the target. The capital expenditure target for the financial year 2020-21 is Rs 1,15,934 crore. Referring to the important role of CPSEs in accelerating the Indian economy, the Finance Minister said that they should perform better to achieve their targets and be spent properly and within time.

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टॉप न्यूज़

Special plans announced for employees before Dussehra and Diwali

new Delhi. Finance Minister Nirmala Sitharaman has given a big gift to government employees before the festive season Dussehra and Diwali. Sitharaman has made some announcements to encourage consumer demand ahead of the festive season. He said that Kovid-19 has made a deep impact on the country’s economy. In order to increase demand, he announced Special Festival Advance Scheme and Travel Leave Allowance (LTC) Cash Voucher Scheme on Monday.

The Finance Minister said in a press conference held here that government employees will be given advance money to spend towards increasing the demand in the economy. He said that additional consumer demand of Rs 36 thousand crores could arise due to advance funding for LTC and festivals. Apart from this, additional capital expenditure to the states can generate consumer demand of about Rs 37 thousand crore. Simaraman said that by March 2021, a total consumer demand of 73 thousand crore rupees could be created.

Sitharaman said that if the private sector also gave relief to its employees, the total demand in the economy could cross Rs 1 lakh crore. The Special Festival Advance Scheme announced by the Central Government is available for the next six months. Under this scheme, the central government will give a special festival of 10 thousand rupees in advance to all its employees to encourage demand in the economy. But this amount will have to be spent by 31 March 2021, which will be given as a prepaid RuPay card. After spending, employees can deposit this amount in 10 installments.

The Finance Minister said that 4 thousand crore rupees will be spent on the Special Festival Advance Scheme. He said that if the states also come forward, additional consumer demand of Rs 8000 crore could be created. Along with this, the central government has announced an interest-free loan of Rs 12 thousand crore for 50 years for the states. Under this, a provision of Rs 1,600 crore has been made for the northeastern states and Rs 900 crore for Uttarakhand and Himachal.

Nirmala Sitharaman said that a provision of Rs 7,500 crore has been made under this scheme for other states, which will be given to the states as per the recommendation of the Finance Commission. Apart from this, the remaining amount of Rs 2,000 crore will be given to those states which will implement at least three reforms out of the four announcements made under the Self-Reliant India Scheme. He said that this entire loan will be given before 31 March 2021, which will be in addition to the loan already available to the states. The Finance Minister said that in addition to the capital expenditure of the Central Government fixed in the budget this year, the government will give additional 25 thousand crores, which can be spent in roads, defense infrastructure, water supply, urban development.

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टॉप न्यूज़

GST Council meeting to be held today, cash GST deposit can be approved

new Delhi. The Goods and Services Tax (GST) will discuss the issue of compensation for the third time in the Council meeting on Monday, 12 October. In this meeting, the suggestion of non-BJP ruled states to set up a ministerial committee to build consensus on compensation can be considered.

Government can also consider these discounts
The report further noted that the government should immediately focus on some key issues, including ITC’s eligibility on depleted stocks, tax liability of intermediary services and rebate schemes. The report said that the government should consider issuing clear guidelines on these issues and also suggested a lump sum dispute settlement scheme under GST.

Nirmala Sitharaman

PwC in its report titled ‘Reimaging GST at 3’ said that cash assistance schemes are the need of the hour. According to the report, “Like various developed countries, the government has announced time-bound budgetary support schemes. Despite these steps, there are several areas that remain to be covered.

According to the sources, the GST Council, headed by the Union Finance Minister Nirmala Sitharaman, is going to discuss the GST Council’s compensation for the third consecutive time for reduction in GST revenue. In fact, some non-BJP ruled states have suggested the formation of a Ministerial Committee for consensus in this matter. However, BJP-ruled states have given their consent to the compensation option of the Center.

Nirmala Sitharaman

Sources said that the unilateral agenda of the GST Council meeting is to find a way forward on the issue of compensation. The council had decided in a meeting held last week that cess would be levied on luxury or harmful products like cars, tobacco etc. even after June 2022. However, there was no consensus on the issue of compensation in the said meeting.

It is worth mentioning that GST compensation revenue is estimated to decrease by Rs 2.35 lakh crore in the current financial year. The central government gave the states two options in the GST Council meeting held in August. Under the first option, it is proposed to provide special facilities for a loan of Rs 97 thousand crore from the Reserve Bank and under the second option it is proposed to raise the entire Rs 2.35 lakh crore from the market. However, after the demand of some states, the special lending arrangement under the first option has been increased from Rs 97 thousand crore to Rs 1.10 lakh crore. Most states have already agreed to the first proposal of the Center.

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टॉप न्यूज़

Compensation could not be agreed on compensation, GST Council will meet again today

new Delhi. The Goods and Services Tax (GST) will discuss the issue of compensation for the third time in the Council meeting on Monday, 12 October. In this meeting, the suggestion of non-BJP ruled states to set up a ministerial committee to build consensus on compensation can be considered.

According to the sources, the GST Council, headed by the Union Finance Minister Nirmala Sitharaman, is going to discuss the GST Council’s compensation for the third consecutive time for reduction in GST revenue. In fact, some non-BJP ruled states have suggested the formation of a Ministerial Committee for consensus in this matter. However, BJP-ruled states have given their consent to the compensation option of the Center.

Sources said that the unilateral agenda of the GST Council meeting is to find a way forward on the issue of compensation. The council had decided in a meeting held last week that cess would be levied on luxury or harmful products like cars, tobacco etc. even after June 2022. However, there was no consensus on the issue of compensation in the said meeting.

It is worth mentioning that GST compensation revenue is estimated to decrease by Rs 2.35 lakh crore in the current financial year. The central government gave the states two options in the GST Council meeting held in August. Under the first option, it is proposed to provide special facilities for a loan of Rs 97 thousand crore from the Reserve Bank and under the second option it is proposed to raise the entire Rs 2.35 lakh crore from the market. However, after the demand of some states, the special lending arrangement under the first option has been increased from Rs 97 thousand crore to Rs 1.10 lakh crore. Most states have already agreed to the first proposal of the Center.

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मुख्य समाचार

Big announcements – Festival advance to employees, government will give loans without interest to states

Before the festival season, the central government has made several important announcements today to increase the demand in the economy. Finance Minister Nirmala Sitharaman said at a press conference on Monday that several steps are being taken by the government to increase the demand in the Indian economy. To stimulate demand, the government is taking measures to increase consumer spending and capital expenditure. The government has brought LTC cash vouchers and festival advance scheme. ‘LTC Cash Voucher Scheme’ and another ‘Special Festival Advance Scheme’. Under the Special Festival Advance Scheme, festival advance will be given to government employees for Rs 10,000. Also, the ticket fare will be paid in cash to the employees in LTC.

Finance Ministry will start work on budget from October 16, know what will be special this time?

Four steps of the government to improve the economy –
1. Cash vouchers will be given in lieu of LTC of government employees
2. The employees will also get Rs 10,000 festival advance.
3. State governments will be given loans without interest for up to 50 years.
4. Apart from the budget, the central government will spend an additional Rs 25 thousand crore on infrastructure development etc.

What is GDP: What is GDP, what will be its impact on the common man due to its fall?

What is LTC Cash Payment –
Employees will get the benefit of Cash Vouchers Scheme of Travel Leave Concession (LTC). Under this, government employees will be given cash vouchers so that they can spend. This will also boost the economy. It will also benefit the employees of PSUs and public banks. Under this, digital payment of train or plane fare will have to be made. About 28 thousand crore rupees will be generated in the demand economy through the expenditure of Central and State employees.

Festival Advance –
The government has introduced the Festival Advance Scheme for this year. Under this, all types of employees will get 10 thousand rupees as advance, they can pay this money in 10 installments. It will be available till 31 March 2021. It will be given as a prepaid RuPay card.

Loan without interest –
For a capital expenditure of Rs 12 thousand crore, loans will be given to the states without interest for 50 years. This will be in addition to the loans already available to the states. It will have three parts – 2500 crores to Northeast, Uttarakhand and Himachal. 7500 crores will be given to other states as per the recommendation of Finance Commission. Third, a share of Rs 2,000 crore will be given to those states which will implement at least 3 out of four reforms announced under self-reliance. This entire loan will be given before 31 March 2021.

Capital expenditure extended –
In order to develop the infrastructure, the government will give an additional Rs 25,000 crore in addition to the fixed budget. This will be for roads, defense infrastructure, water supply, urban development, capital equipment built in the country of defense.

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मुख्य समाचार

Practical financial motivation that is pushing homes to spend

Much more confident, determined and determined than that, Nirmala Sitharaman looked nothing like the confusing finance minister a few months ago when she announced her first financial package. Almost The announced ट 1 trillion spending can be criticized by arguing that the government is not really spending much on more infra push. And where it is 10 trillion is what all NRI economists like to recommend so much? But if you stop looking at the real cost incurred by government infidels and see what FM is doing, putting aside its political partisanship, then the story I see seems to me like this.

But first, very quickly, the announced package is this: the central government and central government entrepreneurs can waive the LTA (holiday travel allowance) this financial year or get cash enough to release the encashment as well as rent tickets three times. A festival advance of Rs 10,000 will be available to all Central Government employees. State governments and the private sector can do the same. Pu for infrastructure States are being given loans of Rs 12,000 crore, zero interest, 0 years and another 2,000,000 crore for current capital expenditure 4.13 trillion already announced in the 2020-21 budget (read details here). The value of these measures is approx The loophole of 1 trillion hands is that it will be spent without actually spending so much.

And now this story: The Indian government is in a very tight position in terms of revenue and the room to find a way out of this crisis is very limited. India is not a hard currency that can print its way through the US or Britain. Earning a small amount of money or printing a currency should not be used at the beginning, but it should save a lot of money, especially when the lockdown is not fully lifted. How do you get people to spend? The way out is to try and push sections of the population to spend white-collar jobs in government and the organized sector. Rising stock markets, over-subscribed IPOs, swollen FD cuffs, debt repayments have all led to stagnation or non-loss of funds, which has led to the flow of funds to one part of India. Reducing costs has increased savings for a segment of Indians, and FM strives to keep this segment of the population at bay.

There is a practicality in this declaration that takes into account the bill-phasing industry in both the public and private sectors and makes it mandatory to digitize transactions, not cash. Items that attract 12% GST or more are required to spend money on a GST-compliant seller. This ensures that the money will be spent on high priced items like gadgets, phones, white goods, vehicles etc. The government pays GST reduction on these sales and this stimulates the demand. When we talk about policy and look admirably at the West for using it in policy, we should see a trend in India.

The push is doing this: each character will now have to figure out whether it is appropriate to leave the home vacation trip or spend now to take advantage of it. Similarly, using a pre-paid Rupee card to spend the advance of the festival (this is the money that will be returned to the owner) is an easy way to ensure that the money is actually spent and that the government gets GST revenue.

The 50-year, zero-interest loan for infrastructure is a very good deal for the states financially. Future value of After 100 years, only %% is on inflation .00. But the state just has to repay 100. Inflation would have reduced the value of the currency so much The price of 100 futures will be reasonable 1. Catch-states will have to spend it till March 1, 2021. Half the money will have to be paid now and then half the money after the first half rent. Contractor bills for ongoing projects need to be spent on infra projects to settle and build assets.

The stock market fell slightly in the early days when the expected stimulus from the market was not expected, but it stabilized as soon as the announcements were digested. The financial cart should not be bothered too much and the strong desire to spend every rupee clearly on the last line of FM: “Today’s solution should not cause tomorrow’s problem.” Good financial cleanliness or BJP’s confidence in the seat of power for the near future?

Monica Halan is a consulting editor at Mint and writes on household finance, policy and regulation

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