Best printers for Home

Best Mixer Grinder

Best wired Earphones

Best 43 Inch TV in India

Best Wi Fi Routers

Best Home Theatre in India

Smart Watch under 5000

Best Laptops for Education

Best Laptop for Students

The <keyword id="19915423" type="General" weightage="20" keywordseo="Indian-Chamber-of-Commerce" source="keywords" meta.keywordsubtype="org" meta.entityname="Indian Chamber of Commerce" meta.hostid="153" meta.entityid="Indian Chamber of Commerce">Indian Chamber of Commerce</keyword> (ICC) has suggested the government to rationalise <keyword id="6360806" type="General" weightage="20" keywordseo="customs" source="Orion">customs</keyword> duties in various sectors including steel, solar battery, aluminum, and lithium cells in a bid to boost <keyword id="20053977" type="General" weightage="20" keywordseo="domestic-manufacturing" source="keywords">domestic manufacturing</keyword>. Finance Minister Nirmala Sitharaman is scheduled to present the <keyword id="6360189" type="General" weightage="20" keywordseo="union-budget" source="Orion">Union Budget</keyword> for financial year 2024-25 on July 23. ICC President Ameya Prabhu said protective measures are needed for the growth of domestic industry in sectors including steel, solar battery, aluminum, and lithium cells. "There is a need for rationalisation of <keyword id="20454068" type="General" weightage="20" keywordseo="customs-duty" source="keywords">customs duty</keyword> in these specific sectors in a holistic manner. Huge potential is there to boost domestic manufacturing and make India a global hub for manufacturing," Prabhu said. He added that levies on raw materials impact domestic players particularly the downstream firms. He also asked for correction in inverted duty structure by cutting down duty on mixed petroleum gas from 5 per cent to 2.5 per cent. "To boost domestic manufacturing, there is a need to increase duty on polymers - polyvinyl chloride, polyethylene terephthalate, polypropylene and polyesters to 10 per cent. This will help in reducing import dependency and will drive India towards self-sufficiency in the petrochemical manufacturing segment," Prabhu said. Talking about the importance of the aluminium foil sector, the President said the domestic industry has been facing severe losses as there is anti-dumping duty on raw materials whereas the finished goods are not subject to any duties on imports from China. "This dual effect has resulted in extensive net losses to the companies that have made significant investments into this industry," Prabhu noted. On the taxation side, the chamber has suggested setting up a commission to review the Income Tax Act 1961 in its entirety and simplify the provisions. "This is an old Act. Every year in the <keyword id="6358021" type="General" weightage="20" keywordseo="budget" source="Orion">Budget</keyword>, amendments are made which has made this Act complex to understand. These amendments have resulted in many anomalies which in turn have given rise to a large number of legal cases," the chamber has said. Prabhu further recommended the government not to impose tax on dividends. He added that during his tenure so far the ICC has spread its wings further nationally and internationally and become a truly world-class chamber. "We have opened 25 chapters globally in countries including New Zealand, the US, Europe, Australia, Korea and Middle East nations," he said.

Government should rationalise customs duty in Budget to boost domestic manufacturing: Indian Chamber of Commerce

Finance Minister Nirmala Sitharaman on Tuesday announced a cut in customs duty on minerals such as lithium, copper and cobalt, which are critical for nuclear energy, renewable and other sectors, to give a fillip to the energy transition. In her budget speech in Lok Sabha, Sitharaman recalled that in the interim budget she had announced a strategy to sustain high and more resource-efficient economic growth, along with energy security in terms of availability, accessibility and affordability. "We will bring out a policy document on appropriate energy transition pathways that balances the imperatives of employment, growth and environmental sustainability," she said. Noting that minerals such as lithium, copper, cobalt and rare earth elements are critical for sectors like nuclear energy, <keyword id="19895602" type="General" weightage="20" keywordseo="renewable-energy" source="keywords">renewable energy</keyword>, space, defence, telecommunications, and high-tech electronics, she proposed to fully exempt customs duties on 25 critical minerals and reduce BCD (basic customs duty) on two of them. This will provide a major fillip to the processing and refining of such minerals and help secure their availability for these strategic and important sectors, she said. She stated that energy transition is critical in the fight against climate change. To support energy transition, she proposed to expand the list of exempted capital goods for use in the manufacture of solar cells and panels in the country. Further, she stated that in view of sufficient domestic manufacturing capacity of solar glass and tinned copper interconnect, I propose not to extend the exemption of customs duties provided to them. Noting that steel and copper are important raw materials and to reduce their cost of production, she proposed to remove the BCD on ferro nickel and blister copper. "I am also continuing with nil BCD on ferrous scrap and nickel cathode and concessional BCD of 2.5 per cent on copper scrap," she said. About the PM Surya Ghar Muft Bijli Yojana, which was rolled out earlier this year, he informed the House that in line with the announcement in the interim budget, PM Surya Ghar Muft Bijli Yojana has been launched to install rooftop solar plants to enable 1 crore households obtain free electricity up to 300 units every month. The scheme has generated remarkable response with more than 1.28 crore registrations and 14 lakh applications, and we will further encourage it, he stated. She further stated that a policy for promoting pumped storage projects will be brought out for electricity storage and facilitating smooth integration of the growing share of renewable energy with its variable &amp; intermittent nature in the overall energy mix. She stated that nuclear energy is expected to form a very significant part of the energy mix for Viksit Bharat. Towards that pursuit, our government will partner with the private sector for setting up Bharat Small Reactors; research &amp; development of Bharat Small Modular Reactor and research &amp; development of newer technologies for nuclear energy, she informed the House. The R&amp;D funding announced in the interim budget will be made available for this sector, she added. The development of indigenous technology for Advanced Ultra Super Critical (AUSC) <keyword id="20421620" type="General" weightage="20" keywordseo="thermal-power" source="keywords">thermal power</keyword> plants with much higher efficiency has been completed, she informed the House. A joint venture between NTPC and BHEL will set up a full-scale 800 MW commercial plant using AUSC technology and the government will provide the required fiscal support, she added. Moving forward, the development of indigenous capacity for the production of high-grade steel and other advanced metallurgy materials for these plants will result in strong spin-off benefits for the economy, she pointed out. A roadmap for moving the 'hard to abate' industries from 'energy efficiency' targets to 'emission targets' will be formulated, she stated adding that appropriate regulations for the transition of these industries from the current 'Perform, Achieve and Trade' mode to 'Indian Carbon Market' mode will be put in place. She further stated that an investment-grade energy audit of traditional micro and small industries in 60 clusters, including brass and ceramic, will be facilitated. Financial support will be provided for shifting them to cleaner forms of energy and implementation of energy efficiency measures. The scheme will be replicated in another 100 clusters in the next phase, she stated. Gaurav Kedia, Chairman, Indian Biogas Association said that the <keyword id="19908389" type="General" weightage="20" keywordseo="Union-Budget" source="keywords">Union Budget</keyword> 2024 has unveiled a roadmap towards a sustainable and resilient India, with agriculture and energy security at its core. It is anticipated that these initiatives will catalyze the growth of the biogas industry, leading to increased rural employment, reduced carbon emissions, and improved soil health, he stated. SEE ALSO:<a href="https://www.businessinsider.in/budget/news/budget-2024-25-changes-to-tax-slabs-increased-standard-deduction-and-other-changes-to-direct-taxation/articleshow/111951205.cms" target="_blank"></a> <a href="https://www.businessinsider.in/budget/news/budget-2024-25-changes-to-tax-slabs-increased-standard-deduction-and-other-changes-to-direct-taxation/articleshow/111951205.cms" target="_blank">Budget 2024-25 – Changes to tax slabs, increased standard deduction and other changes to direct taxation</a><a href="https://www.businessinsider.in/business/news/expectations-from-union-budget-2024-25-how-will-this-budget-impact-you/articleshow/111946291.cms" target="_blank"></a> <a href="https://www.businessinsider.in/business/news/expectations-from-union-budget-2024-25-how-will-this-budget-impact-you/articleshow/111946291.cms" target="_blank">Union Budget 2024-25: How will this budget impact you?</a> <a href="https://www.businessinsider.in/budget/news/budget-2024-record-allocation-of-rs-1-48-lakh-crore-for-education-employment-and-skilling/articleshow/111951228.cms">Budget 2024: Record allocation of Rs 1.48 lakh crore for education, employment and skilling!</a>

FM cuts customs duty on minerals critical for energy transition

<keyword id="19896016" type="General" weightage="20" keywordseo="New-Delhi" source="keywords">New Delhi</keyword>: The 54th Meeting of the <keyword id="21275205" type="General" weightage="20" keywordseo="Goods-and-Services-Tax-Council" source="keywords" meta.keywordsubtype="org" meta.entityname="Goods and Services Tax Council" meta.hostid="261" meta.entityid="Goods and Services Tax Council">Goods and Services Tax Council</keyword> or GST Council, will be held on 9th September 2024 in New Delhi, the GST Council said in a post on social media platform "X" on Tuesday. On June 22, <keyword id="19956758" type="General" weightage="20" keywordseo="Finance-Minister" source="keywords">Finance Minister</keyword> Nirmala Sitharaman said that the next meeting of the GST Council will take place in mid to late August. The aim of this meeting will be to discuss the pending issues of the last meeting. The council is expected to discuss rate rationalisation and compliance, among others. The GST Council, consisting of the Union Finance Minister and representatives from all States and Union Territories, was established to make decisions on various aspects of GST, including <keyword id="20452955" type="General" weightage="20" keywordseo="tax-rates" source="keywords">tax rates</keyword>, exemptions, and administrative procedures. It played a crucial role in shaping the GST framework in India. The last meeting of the GST Council was held on 22 June 2024 this year. During the meeting, the council recommended relaxation to taxation, Input Tax Credit (ITC) claims and demand notices. The GST Council proposes exemptions for specific services offered by Indian Railways to the general public, as well as for intra-railway transactions. During the 53rd meeting of the council, it proposed an exemption for specific services offered by Indian Railways to the general public, as well as for intra-railway transactions. The sale of platform tickets and services such as retiring rooms, waiting rooms, cloakroom facilities, and battery-operated car services are now exempt from GST. The 53rd council meeting was marked by several key decisions aimed at easing the compliance burden and providing relief to taxpayers. "Today's <keyword id="20115983" type="General" weightage="100" keywordseo="GST-Council-meeting" source="keywords">GST Council meeting</keyword> has taken a lot of decisions on trade facilitation, easing compliance burden and relief to taxpayers in terms of compliance easing out," the Finance Minister had said. The GST Council recommended waiving interest penalties on demand notices issued under Section 73 of the GST Act for fiscal years 2017-18, 2018-19, and 2019-20. The Council, in its June 22 meeting, approved an extension for availing input tax credit (ITC) on any invoice or debit note. To curb government litigation, the Council has recommended setting monetary thresholds for filing appeals by departments: Rs 20 lakh for the GST appellate tribunal, Rs 1 crore for high courts, and Rs 2 crore for the Supreme Court. In a move to assist small taxpayers, the Council, in its last meeting, extended the deadline for furnishing returns from April 30 to June 30 for the fiscal year 2024-25 and subsequent years. The Council, in its last meeting, recommended the phased rollout of biometric-based Aadhaar authentication for GST registration applicants across India. The Council recommended a uniform GST rate of 12 per cent on all milk cans, regardless of their material (steel, iron, or aluminium), to eliminate disputes. The Finance Minister, during the last GST meeting, reiterated the central government's intent to bring petrol and diesel under the Goods and Services Tax (GST) framework. She highlighted that the groundwork for this inclusion was laid during the initial implementation of GST and emphasized that the decision now lies with the state governments. The central government has long maintained that incorporating petrol and diesel into GST would streamline tax rates and potentially reduce prices for consumers.

54th GST Council meeting to take place on September 9 in New Delhi

New Delhi, Jan 11 () <keyword id="532833" type="POSITION" weightage="20" keywordseo="Union-steel-minister">Union Steel Minister</keyword> <keyword id="197418" type="PERSON" weightage="20" keywordseo="Dharmendra-Pradhan">Dharmendra Pradhan</keyword> on Saturday launched 'Mission Purvodaya' which aims at accelerated development of eastern India through integrated steel hub. The eastern belt has the potential to add more than 75 per cent of the country's incremental steel capacity envisioned by the National Steel Policy, he said adding it is expected that out of the 300 million tonne capacity by 2030-31, over 200 million tonne can come from this region alone. The mission will drive India's march towards USD 5 trillion economy set by the government, the minister said at a launch event in Kolkata, according to an official statement.
 Stating that eastern India is a land of infinite opportunities, Pradhan said, "Despite being endowed with natural resources, this region has lagged behind in socio-economic development as compared to some other parts of the country."
 With the Mission Purvodaya in the steel sector, he said a new chapter will script the rise of eastern India by accelerated development of steel sector through an integrated steel hub.
 Under the mission, the government said it will enhance capacity through easing the setup of greenfield steel plants, develop steel clusters near integrated steel plants as well as demand centres.
 Besides, the government aims to transform logistics and utilities infrastructure which would change the socio-economic landscape in the eastern India The steps under mission also include growth of steel industry along with employment opportunities across the entire value chain.
 Eastern India, Pradhan said is a focus area for the government and about half of aspirational districts are in this region which are becoming hotspots of socio-economic development.
 He also mentioned that eastern states of India (Odisha, Jharkhand, Chhattisgarh, West Bengal) and Northern part of Andhra Pradesh collectively hold 80 per cent of the country's iron ore, 100 per cent of coking coal and significant portion of chromite, bauxite and dolomite reserves.
 Besides, major ports like Paradip, Haldia, Vizag and Kolkata which are present in this region have more than 30 per cent of India's major port capacity.
 Since eastern India holds a special focus, the government has taken several measures including a Rs 102 lakh crore worth of National Infrastructure Pipeline, the statement added. ABI MKJ

Union Steel Minister Dharmendra Pradhan on Saturday launched 'Mission Purvodaya'

In a major development for the country's steel sector, the <keyword id="6355512" type="ORGANIZATION" weightage="20" keywordseo="union-cabinet">Union Cabinet</keyword> on Thursday approved a production-linked incentive (<keyword id="53367" type="ORGANIZATION" weightage="20" keywordseo="PLI">PLI</keyword>) scheme for the manufacturing of specialty steel, with an outlay of ₹6,322 crores. An official statement said that the scheme will boost the production of high-grade specialty steel in the country. Further, it will lead to enhanced exports and minimise dependence on imports for high-end steel. The scheme is expected to bring in an investment of approximately ₹40,000 crores and capacity addition of 25 MT. The duration of the scheme will be 5 years, commencing from 2023-24 to 2027-28. With a budgetary outlay of ₹6,322 crores, the PLI scheme would cover coated/plated steel products, high strength/wear-resistant steel, specialty rails, alloy steel products, steel wires, and electrical steel. These steel products are used in a variety of applications which are both strategic and non-strategic and include white goods, automobile body parts and components, pipes for transportation of oil and gas, boilers, ballistic and armour sheets for defence applications, high-speed railway lines, turbine components, electrical steel meant for power transformers, and electric vehicles. India presently operates at the lower end of the value chain in the steel sector. Value-added steel grades are largely imported in India. This is because of the disabilities faced by the steel industry to the tune of $80-100 per ton, on account of higher logistics and infra cost, higher power and capital cost, and taxes and duties. The objective of the PLI scheme for specialty grade steel is to address this disability by incentivizing the production of specialty steel within the country. The scheme proposes to incentivize eligible manufacturers by paying between 4 percent to 12 percent incentive on incremental production. PLI incentive will also help the Indian steel industry mature in terms of technology and move up the value chain. Any company registered in India, engaged in manufacturing of the identified specialty steel grades will be eligible to participate in the scheme. It will, however, have to ensure that the steel used for making specialty steel is "melted and poured" in the country, thereby ensuring end-to-end manufacturing keeping in view of the Prime Minister's 'Atmanirbhar Bharat'. The PLI scheme for specialty steel is expected to play an important role in strengthening the domestic steel value chain and will incentivize the steel sector to invest in technological capability building to contribute to the global steel value chain by producing value-added steel. Considering the additional production and investment, the scheme has an employment generation potential of about 5.25 lakh of which 68,000 will be direct and the rest will be indirect employment. SEE ALSO: <a href="https://www.businessinsider.in/stock-market/news/glenmark-life-sciences-to-raise-1060-crore-through-ipo/articleshow/84605692.cms">Glenmark Pharmaceuticals subsidiary Glenmark Life Sciences to raise ₹1,060 crore through IPO</a> <a href="https://www.businessinsider.in/tech/apps/news/instagram-new-feature-how-to-use-sensitive-content-control/articleshow/84606015.cms">Instagram now lets you limit sensitive content on the Explore feed, here’s how to enable it</a>

Union Cabinet approves ₹6,322 crore PLI scheme to boost the steel manufacturing industry

New Delhi, Feb 28 () The central government is working on strengthening the steel ecosystem in Odisha whose steel production is set to cross 100 million tonnes per annum by 2030, Union minister Dharmendra Pradhan has said. "Today Odisha is the highest steel producing state in the country. We are working to strengthen the steel ecosystem in Odisha. By 2030, Odisha's steel production alone is set to cross 100 MTPA. Odisha is going to be the nerve centre of Mission Purvodaya in steel," Steel Minister Dharmendra Pradhan was quoted as saying in a statement. Kalinganagar, he said, will be the hub of the clusterisation programme involving entire eastern India. "Moving beyond just producing primary steel, we will create an ecosystem of ancilliary, value added products, capital goods with industry participation," he added. The minister was speaking during a workshop in Bhubaneswar, the steel ministry said. Pradhan said that with Japan as the partner country, the government was looking forward to make Odisha, the nerve centre of Purvodaya in steel sector. Prime Minister Narendra Modi has given a clarion call for Mission Purvodaya, that is Eastern India driving the national growth and propelling India towards becoming a USD 5 trillion economy. "We are organising series of workshops to deliberate on how to increase steel usage in India. We have rightly chosen Japan as our partner country who will guide us for making Indian steel ecosystem bigger both in qualitative and quantitative terms," the minister said. "Today, $5 billion infrastructure spending is being done only in Odisha in developing railways, roads, airports, pipelines, bridges etc. We have achieved 100 per cent electrification in Odisha. Eight crore new LPG connections have been given to the poorest of the poor. We have an ambitious plan to build next generation infra and boost economic growth," he said. SID MR

Odisha steel output set to cross 100 MTPA by 2030: Steel Minister

New Delhi, Feb 24 () Union Steel Minister Dharmendra Pradhan on Monday urged Japanese investors to invest in India's steel sector, saying the country offers a fast-growing market and steel consumption will more than double in the coming years. Pradhan also assured investors that India will provide necessary support to facilitate them in setting up businesses. He was speaking at a 'Workshop on Enabling Procedures for Increase of Steel Usage for the Growth of Economy' event organised by jointly ministry of steel, industry body CII and Ministry of Economy, Trade and Industry, Japan. "We are here to discuss topics such as increase of steel usage in India, market in India, economic growth. ... we (India) aim to become a USD 5 trillion economy by 2024-25. India would spend about Rs 100 lakh crore on infrastructure. All this will result in increased use of steel," he said while addressing the participants. Indian steel sector is a fast-growing steel market, he said adding that besides setting up 300 steel making capacity by 2030, the country is also aiming to increase its per capita steel consumption to 160 kg from about 70 kg at present. By 2022, he said, government's ambitious housing scheme Pradhan Mantri Awas Yojana will be completed. Steel in huge quantity will be required to build the houses under the scheme. "We (India) also aim to set up new gas pipeline of 14,000-km in next 3 years. Our aim is to to provide piped water to every household. So there are lot of areas where steel finds application," he said. Railways, highways, roadways and bridges are another key focus area of the government where steel will be required in huge quantity, Pradhan said. "All these areas will require different grades of steel and Japan which is a master in technology can explore business opportunities in our steel sector," he said while assuring them full government support in setting up businesses in India. ABI DRR

Steel Minister seeks Japanese investment in fast-growing Indian steel market

New Delhi, Mar 8 () Women are discharging critical responsibilities in the country's steel, oil and gas sectors, Union Minister Dharmendra Pradhan said adding that Indian women will play an important role in achieving a USD 5-trillion economy. Pradhan, who is the Minister for Steel and Petroleum and Natural Gas, said this in a letter to women employees working in the two ministries, public sector undertakings under them and allied departments, on the occasion of the International Women's Day. "I am proud to note that in the petroleum sector, women are discharging critical responsibilities. In the steel sector too, women are discharging critical responsibilities, be it a crane driver or a board member," the minister said in the letter. He said that today, Indian women are venturing into and excelling in uncharted territories and are leading and creating new landmarks. Pradhan added that the next wave of growth will be driven by women of the country and they will play an important role in driving India's march towards becoming a USD 5-trillion economy. The government has set a goal to make India a USD 5-trillion economy by 2024. In the letter, Pradhan further said, "I have interacted with several women involved in the petroleum sector. Women are (also) involved in various aspects of steel making. Seeing their dedication and determination, It is my belief that the next wave of growth will be driven by women." The minister, through the letter, has also made an appeal to all woman employees to participate in the '#SheInspiresUs' campaign launched by Prime Minister Narendra Modi to spread stories of women who through their work serve nation and inspire others. ABI HRS

Pradhan lauds women's contribution in steel, oil sectors

A lot of hopes are pinned on <a href="http://www.businessinsider.in/searchresult.cms?query=union+budget">Arun Jaitley’s upcoming Budget</a>. With a day left for the Budget 2016-17 to be unveiled, here’s Mr TV Narendran, Managing Director of <keyword id="6357147" type="CITY" weightage="20" keywordseo="Tata-Steel">Tata Steel</keyword> India and South East Asia, highlighting some of the key challenges in the <keyword id="34559" type="UNKNOWN" weightage="20" keywordseo="steel-industry">steel industry</keyword> and his expectations from the upcoming Union Budget. 
 
“Over the last year, the Government has put in a lot of effort putting in place various building blocks. From administrative reforms such as setting up of the NITI Aayog to launching flagship programmes such as the Prime Minister’s “Make in India” initiative and “SMART cities”. The country has steadily moved up on the World Bank’s <a href="http://www.businessinsider.in/searchresult.cms?query=Ease+of+Doing+Business">Ease of Doing Business</a> index to 130 from 142. And it is imperative the Government continues pushing forward with its reform agenda. 
 
The past one year has been one of the most difficult phases for the domestic steel industry. While the Government set a target of producing 300 million tonnes by 2030, the industry seems to be wobbling at current production levels. According to the Steel Ministry’s Joint Plant Committee (JPC), production of crude steel during April - December 2015 has been stagnant, growing at 0.9% compared to the same period last year, to 67 MT. The trend for demand has been equally dismal. 
 
On the other hand during the same period, the industry faces the impact of the continued surge in imports which grew by 30%, this time from a higher base and predatory pricing from countries like China which have more than 400 million tonnes of capacity surplus. The sector unfortunately also represents a huge proportion of the banks’ non-performing assets (NPA) on account of stalled projects. 
 
While short term measures like safeguard duty and Minimum Import Price (MIP) has provided certain amount of relief, the need of the hour is permanent measures. Another major stimulus would be Government procurement from the domestic steel sector especially for demand creation projects such as urban and Smart Cities. It is expected that significant number of infrastructure projects would be announced, which could further push the demand of steel by 10% – 15 %. Investment in infrastructure will also help us reduce the cost of doing business. While the industry can control the costs within the factory gates, the Government has far greater influence on the costs outside the factory gates. Just as the government has done a commendable job in improving the ease of doing business, we would like more initiatives to reduce the cost of doing business as well. 
 
Others ways of triggering growth for the sector would be reduce or even remove the import duty on certain raw materials like iron ore, coke and metallurgical limestone. Due to limited availability in India, steel manufacturers depend on the import of these raw materials, and at such trying times even a 2.5 % import duty greatly impacts cost of production and other operational costs. It is necessary to streamline the supply of raw material at competitive prices to maintain the economic viability of existing projects and incentivize investment in expansions. Lastly, Indian industry continues to look forward to bring in <a href="http://www.businessinsider.in/Budget-2016-All-you-need-to-know-about-GST/articleshow/51157277.cms">GST</a> with changes suggested by the CEA Panel which we believe will help simplification in the <keyword id="6383566" type="PERSON" weightage="20" keywordseo="Taxation">taxation</keyword> processes and increase efficiency.” 
 
(Image credit: PTI)

Here's what Tata Steel India MD TV Narendran expects from the upcoming Union Budget

New Delhi, The <keyword id="6357801" type="COMPANY" weightage="20" keywordseo="union">Union</keyword> <keyword id="26362" type="ORGANIZATION" weightage="20" keywordseo="Government">government</keyword>'s fiscal deficit soared to ₹10.75 lakh crore, or 135.1% of the 2020-21 Budget Estimates (BE), at the end of November 2020, mainly on account of low realisation of revenue due to disruption in business activities amid the coronavirus pandemic. The fiscal deficit at the end of November 2019 had stood at 114.8% of 2019-20 BE. In absolute terms, the fiscal deficit stood at ₹10,75,507 crore at the end of November 2020, according to the latest data released by the <keyword id="513373" type="COMPANY" weightage="20" keywordseo="Controller-General-of-Accounts">Controller General of Accounts</keyword> (CGA). The lockdown imposed to curb the spread of coronavirus had significantly impacted business activities and, in turn, contributed to sluggish revenue realisation. The fiscal defict, or gap between the expenditure and revenue, had breached the annual target in July this year. The government's total receipts stood at ₹8,30,851 crore (37% of BE 2020-21) till the end of November 2020. This included ₹6,88,430 crore tax revenue (net to centre), ₹1,24,280 crore of non-tax revenue and Rs 18,141 crore of non-debt capital receipts. Non-debt capital receipts consist of recovery of loans and disinvestment proceeds. The tax revenue collection was 42.1% of BE of 2020-21, compared with 45.5% of BE (2019-20) during the corresponding period a year ago. Non-tax revenue was 32.3% of BE. During the corresponding period of the last fiscal, it was 74.3% of BE 2019-20. During the corresponding period last fiscal, the total receipts were 48.6% of 2019-20 BE. According to the data, over ₹3.34 lakh crore were transferred to state governments as devolution of share of taxes by the <keyword id="6377129" type="COMPANY" weightage="20" keywordseo="government-of-india">Government of India</keyword> up to November 2020. The CGA data said the total expenditure incurred by the government stood at ₹19,06,358 crore or 63% of BE. Of the total expenditure, ₹16,65,200 crore was on revenue account and ₹2,41,158 crore on capital account. It further said that out of the total revenue expenditure, over ₹3.83 lakh crore was on account of interest payments and ₹2,02,119 crore towards major subsidies. For this financial year, the government had pegged the fiscal deficit at ₹7.96 lakh crore or 3.5% of the GDP in the <keyword id="6360189" type="COMPANY" weightage="20" keywordseo="union-budget">Union Budget</keyword>, which was presented by <keyword id="25455" type="COMPANY" weightage="20" keywordseo="finance">Finance</keyword> Minister <keyword id="129243" type="PERSON" weightage="20" keywordseo="Nirmala-Sitharaman">Nirmala Sitharaman</keyword> in February 2020. These figures, however, may have to be revised significantly in view of the economic disruptions created by the coronavirus pandemic. Fiscal deficit had soared to seven-year high of 4.6% of the gross domestic product in 2019-20, mainly due to poor revenue realisation. SEE ALSO: <a href="https://www.businessinsider.in/stock-market/news/top-stocks-to-watch-tata-steel-vedanta-adani-green-tata-motors-maruti-mm-dhfl-v-mart-indian-bank-and-others/articleshow/80038635.cms">Top stocks to watch — Tata Steel, Vedanta, Adani Green, Tata Motors, Maruti, M&amp;M, DHFL, V-Mart, Indian Bank, and others</a> <a href="https://www.businessinsider.in/tech/mobile/news/checkout-the-list-of-upcoming-new-mobiles-in-january-2021-with-expected-price/articleshow/80039794.cms">Upcoming smartphones in India in January 2021</a> <a href="https://www.businessinsider.in/international/news/ten-of-the-most-outrageous-predictions-for-2021-according-to-saxo-bank/slidelist/80040045.cms">From Amazon buying Cyprus to Germany bailing out France — here are ten of the most ‘outrageous’ predictions for 2021</a>

You Searched For "Union steel minister" and got 10 results

Government should rationalise customs duty in Budget to boost domestic manufacturing: Indian Chamber of Commerce

PTI

FM cuts customs duty on minerals critical for energy transition

PTI

54th GST Council meeting to take place on September 9 in New Delhi

ANI

Union Steel Minister Dharmendra Pradhan on Saturday launched 'Mission Purvodaya'

PTI

Union Cabinet approves ₹6,322 crore PLI scheme to boost the steel manufacturing industry

IANS

Odisha steel output set to cross 100 MTPA by 2030: Steel Minister

PTI

Steel Minister seeks Japanese investment in fast-growing Indian steel market

PTI

Pradhan lauds women's contribution in steel, oil sectors

PTI

Here's what Tata Steel India MD TV Narendran expects from the upcoming Union Budget

BI India Bureau

India's fiscal deficit is more than double its FY21 target

PTI

Popular Keywords

Buying Guides