Budget expectations

Chennai : Ahead of the assembly elections likely in April, the AIADMK government in Tamil Nadu on Tuesday presented an interim budget for 2021-22 with the COVID-19 pandemic contributing to a 17.64 per cent fall in revenue and a widening of fiscal deficit. The budget, presented amid a boycott by DMK and its allies, projected a positive growth rate of 2.02 per cent in 2020-21 as it expressed hopes of the economy rebounding due to various sustainable policy decisions of the government. Amid expectations of sops with elections around the corner, Deputy Chief Minister O Panneerselvam, who holds the Finance portfolio, allocated Rs 5,000 crore for the Rs 12,110.74 crore co-operative crop loan waiver scheme, announced earlier this month by Chief Minister K Palaniswami. He also urged the Centre not to utilise the 15th Finance Commission recommended grants to substitute their share of funding for the central sector and centrally-sponsored schemes. "I reiterate my call to the ... » Learn More about Revenue plunges, fiscal deficit zooms: AIADMK govt presents interim budget ahead of Tamil Nadu assembly election

We should thank our Finance Minister and congratulate every Indian for this excellent Budget, as it is good for everyone and a step in the right direction. The best part of the budget is that there is no taxation announcement like COVID-tax, long-term capital gains tax, or wealth tax as was expected by the market. On the Finance Minister’s part, I would say this was a masterstroke as she ensured that the sentiment is not affected as it is essential to raise money for disinvestment as well as for privatisation. There were important announcements on the infrastructure front like establishment of a Development Finance Institution (DFI) to boost long-term financing for the country’s infrastructure sector, allow Foreign Portfolio Investors to debt finance REITs and InvITs after necessary amendments to the law. Budget has allocated ₹20,000 crore for the DFI, with an ambition for the lender to have a portfolio of ₹5 lakh crore within three years’ time. Another positive news is the ... » Learn More about Union Budget 2021 | A Budget to boost economic recovery: IIFL’s Nirmal Jain

Chennai : Borrowings by the Tamil Nadu government were well within limits prescribed by the Finance Commission, state Finance Secretary S Krishnan said on Tuesday. Addressing the post-budget press conference, he also said Tamil Nadu's share of taxes on petroleum products has fallen since the introduction of cess by the Centre. Amid Opposition criticism of the state's overall estimated debt of Rs 5.70 lakh crore with the government intending to borrow Rs 84,686 crore, the official said it was within the 15th Finance Commission limits, unlike some states which have raised more funds 'breaching' the ceiling. Krishnan said the Centre has allowed states to borrow up to 5 per cent of their gross state domestic product (GSDP) as against the earlier 3 per cent limit in view of the COVID-19 pandemic. "The increase in the borrowings was in the wake of the pandemic. However for 2021-22, it has been revised to 4 per cent (of GSDP)", he said. "What one has to see here is -- ... » Learn More about Borrowings by Tamil Nadu govt well within limits, says state’s Finance Secy S Krishnan

India's economy returned to growth in the December quarter, ending a recession induced by two successive quarters of economic contraction, and the recovery, which the the government termed as 'V' shaped, is expected to gather pace. The Gross Domestic Product (GDP) grew 0.4 per cent in the October-December 2020 period compared with the same period a year back, data released by the National Statistics Office on Friday showed. This growth compares with revised contractions of 24.4 per cent in April-June 2020 and 7.3 per cent in July-September. GDP had expanded by 3.3 per cent in October-December 2019. While India has become one of the few major economies to post growth in the last quarter of 2020, the annual GDP estimate for the fiscal year ending March 31 has been revised to an 8 per cent contraction, deeper than an earlier estimate of (-) 7.7 per cent. China's economy grew by 6.5 per cent in October-December 2020, faster than the 4.9 per cent growth in July-September ... » Learn More about India exits recession, economy returns to growth in Dec quarter

AHMEDABAD: The Indian Institute of Management Ahmedabad (IIMA), welcomed Finance Minister, Nirmala Sitharaman as she joined MBA students of the globally recognized, premier management institute, for an interactive session on the theme 'The Economic Rebound and the Indian Economy in 2021 and Beyond with its students. Hosted by IIMA's JSW-School of Public Policy, was the first on ground event held at the Institute since the pandemic. The session threw light on various aspects of the Indian economy including return of consumer confidence, robust financial markets, an uptick in manufacturing, education sector and the decrease in the budget allocation this year, PSU disinvestment target, health expenditure, skill India, fuel prices reduction, savings and borrowing scheme, upskilling: for automation and gig workers, investment in infrastructure, agriculture and many more. Speaking on the occasion Prof. Errol D'Souza, Director, IIMA Programmes said, "It is our honour and an ... » Learn More about Sitharaman joins leaders of tomorrow at IIM Ahmedabad for interactive session

Government may also consider giving relief to some of the worst-affected sectors. Illustration: Dominic Xavier/ Rediff.com The central government is contemplating lifting the blanket suspension of the Insolvency and Bankruptcy Code (IBC) to accelerate resolving stressed assets. It may also consider giving relief to some of the worst-affected sectors. Fresh proceedings under the IBC are suspended till March 24. “We are exploring two options — one, removing the suspension and allowing the resolution process in view of the rise in the number of fresh cases of default this fiscal year; second, bringing in some provisions to the IBC to exclusively deal with distressed sectors,” said a senior government official privy to the matter. To discuss the options, officials of the ministry of finance, ministry of corporate affairs, and Insolvency and Bankruptcy Board of India (IBBI), along with other stakeholders, will meet this week. “We don’t want to delay it ... » Learn More about Stressed asset cases likely to be resolved soon

Prime Minister Narendra Modi on Wednesday urged foreign investors to tap the array of investment opportunities thrown up by the government’s decision to privatise most public sector entities and monetise ‘unutilised and underutilised assets’ such as airports that have an estimated investment potential of ₹2.5 lakh crore. The government’s mantra is ‘Monetise or Modernise’, the PM said, stressing that the funds raised from the exercise will help empower citizens by building homes for the poor and ensuring clean water reaches all. “Many such flaws remain in our country even today. We cannot wait any longer,” he said. “Our policy goes beyond annual disinvestment targets, to a medium-term strategic approach. This will help create new investment opportunities for industry in every sector. These are valuable assets, have served the country well, and have many future possibilities too. We have often seen, when management changes, the fortunes change,” the PM said at a webinar with ... » Learn More about ‘Monetise or modernise’ is Modi’s mantra for govt. assets

HK's COVID-battered economy may see light at the end of the tunnel this year, but revised strategies are needed to reboot the local economy for long-term sustainable growth. Oswald Chan reports from Hong Kong. Decimated by the triple whammy of lingering trade frictions between the world's two largest economies, the COVID-19 pandemic and a deglobalization trend, Hong Kong's economy shrank a record 6.1 percent in 2020. Economic experts aren't forecasting a quick turnaround. US-based credit rating agency Moody's Investors Service warned in its sovereign rating report in January that even though Hong Kong's economic situation may turn a corner this year, the level of recovery may not revert to that of 2019 due to sustained pandemic-related constraints. OCBC Wing Hang Bank economist Carie Li Ruofan expects the special administrative region's economy to grow just 3 to 5 percent in 2021, as the positive factors of a resilient financial market, trade activities, and the mass COVID-19 ... » Learn More about Turning a difficult corner in Hong Kong economy

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