Union budget to be presented on Feb 29
GN Staff | January 15, 2016
With union budget in sight and calls for deferring fiscal consolidation becoming louder, the finance ministry today made it clear that the government is committed to promoting and strengthening inclusive and sustainable development by ensuring proper and effective utilisation of funds. In a statement the ministry said these measures would be achieved without compromising fiscal consolidation.
As a result of sound prudent policies formulated during 2015-16, the fiscal deficit at the end of November 2015 is Rs. 4.83 lakh crore or 87% of the budget estimate for this fiscal. The fiscal deficit — the gap between expenditure and revenue — for the entire current fiscal year has been pegged at Rs 5.55 lakh crore (3.9% of GDP).
The ministry said the present fiscal situation is an improvement over the previous year’s when the fiscal deficit was then 98.9% of the Budget Estimates 2014-15. In absolute terms, there is a decrease of Rs. 41, 611 crore over November 2014 figure.
Similarly, the effective revenue deficit (revenue deficit net of grants for creation of capital assets) which is Rs.2,64,404 crore in November 2015 has shown a significant decrease of 20% at Rs 65,087 crore over November, 2014.
The finance ministry has deferred fiscal consolidation path by a year by pegging fiscal deficit at 3.9% of GDP in the current financial year instead of 3.6% envisaged earlier.
Budget 2016 on Feb 29
Meanwhile, minister of state for finance Jayant Sinha said that the government would present the budget for 2016-17 on February 29 (Monday). He said thebudget would be more than an annual document and will set the road map for the next two-three years.
“We will establish a road map for two or three years,” Sinha said in New Delhi.
“We have consistently followed a very clear set of economic policies. We have laid out economic principles very well and we are very confident that we will be able to sustain high growth over a long period of time,” he said.
It is likely that the economic survey 2015-16 could be tabled on February 26, which is a Friday.
Finance minister Arun Jaitley, in his second full-year Budget, is likely to focus on steps to accelerate economic growth that seems to have stagnated in the 7-7.5 per cent range amid a global slowdown.
Speaking on the priorities of the government, Sinha said the first and foremost responsibility was to eliminate poverty. “We are a pro-poor government but we are a pro-market government as well. If competition does not flourish, if market and companies do not flourish, how can we generate economic surplus, the tax revenues that will enable us to eliminate poverty?” he asked.
He said the government was working on increasing productivity of agriculture. On Wednesday, the government announced the National Crop Insurance Programme to protect farmers from crop damage due to natural calamity, adding, the government has launched a programme on irrigation.
As part of the four T strategy of trace-test-track-treat, Mumbai – the most affected city in India – has decided to make Covid-19 tests accessible to all. The municipal corporation of Greater Mumbai (MCGM) has come out with guidelines allowing all laboratories to conduct RT-PCR (
In a major development on July 6, the Chinese army started moving back its tents, vehicles as well as troops from locations where disengagement was agreed upon in eastern Ladakh’s Galwan Valley. This is a significant milestone in regional geopolitics with India having been successful in isolating the
With the Covid-19 pandemic pushing more online activity and the capacity usage of data centres going up, India’s largest data centre (DC) building and the biggest tier-IV data centre, Yotta NM1,the second largest in the world, has been launched in Mumbai. The launch event on Tue
India has achieved a significant milestone as the number of Covid-19 tests conducted in the country so far has crossed the 1 crore milestone. This signifies the importance accorded to widespread testing and the focussed ‘Test, Trace, Treat’ strategy with several follow-up measures taken in tand
Half way through the year 2020, it has been a tough time all around the world: Covid-19 epidemic, loss of lives, economic hardships and also numerous other problems – natural disasters and political protests. Coming together, it all has mental health under immense strain. To discuss this and othe
In a first, the Department of Home Science, Sri Padmavati Mahila Visvavidayalam (Women’s University) Tirupati, Andhra Pradesh, recently organized an international webinar on “Nutrition and Immune System Support during COVID-19 Pandemic”. Speakers included eminent national and internationa