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Capital Expenditure registered a sharp increase of 64.6 per cent (April –Dec) in 2010-11. Fiscal deficit outcome for 2010-11 could be marginally better than the budget estimates. The consolidated fiscal deficit is likely to be 7.5 to 8 per cent of GDP for 2010-11. There is considerable urgency in the implementation of goods and services tax (GST)
The Prime Minister’s Economic Advisory Council on Monday projected the economic growth in the country at 8.6 per cent for the current fiscal on the back of rebound in farm output and inflation to come down to 7 per cent by March-end due to declining food prices.
The Delhi high court last week severely criticised the debt recovery tribunal III of the capital and the appellate tribunal for the manner in which it conducted proceedings in the case, IFCI Ltd vs Bharat Steel Tubes Ltd. It is bound to leave an impression in one’s mind, if not graver, at least that neither DRT-III nor the Appellate Tribunal are discharging their functions with the concern and commitment expected from high powered tribunals.
Citigroup Inc, the third-largest US bank by assets, will split at least $11.9 million among four executives if the company meets profit thresholds set at less than half what the lender generated since 2009. The executives, including Chief Operating Officer John Havens, 54, and Chief Financial Officer John Gerspach, 57, will get a percentage of cumulative pretax income at the New York- based bank’s Citicorp division if that figure exceeds $12 billion over the next two years, according to a filing. Citicorp reported $27.7 billion of cumulative pretax profit in 2009 and 2010, based on the definition in the new filing.
Maintaining that ‘some inflationary pressure’ will remain in a growing economy, Finance Minister Pranab Mukherjee on Tuesday urged the states to strengthen PDS to enable the government insulate the poor from the adverse impact of inflation. Replying to members’ concerns during Question Hour in Rajya Sabha, Mukherjee said the Centre is waiting for a report on how to strengthen and restructure the existing Public Distribution System in the country.
Country’s largest lender State Bank of India (SBI) plans consolidation of remaining 5 associate banks with itself in the next 12-18 months. .. the bank (SBI) envisages consolidation of all subsidiary banks with SBI within a period of 12 to 18 months, Finance Ministry informed the Standing Committee on Finance.
Instead of introducing a consistent approach to pricing of spectrum, the Telecom Regulatory Authority of India (TRAI) recommendations actually seek to introduce radically different approaches to charging for spectrum and despite the fact that all operators compete in the same market, the telecom major said in a statement.
The government may miss the target of garnering Rs 40,000 crore through disinvestment as SAIL’s follow-on public offer is now expected to hit the market in the next fiscal due to volatile stock market.”No, no… we will wait. There is very less time left in this fiscal. We are looking at market conditions,” Steel Minister Beni Prasad Verma said when asked whether SAIL FPO would hit the market before March 31.
In the absence of any evidence of any deliberate intention on the part of the respondents to delay delivery of the vehicle, we are unable to agree with the petitioner that the increase in price has to be borne by the respondents. The petitioner had r
Electronics Corporation of India Ltd. is a Central Government Public Sector Undertaking (PSU). It is registered as a Government Company under the Companies Act, 1956. It is under the control of Department of Atomic Energy, Government of India. A dispute had been raised by the Central Government (Ministry of Finance) by issuing show cause notices to the assessee alleging that the Corporation was not entitled to avail/utilize Modvat/Cenvat Credit in respect of inputs whose values stood written off.