by Editor | Aug 31, 2024 | Business, Economy, News
New Delhi: The Central government’s fiscal deficit in the first four months (April-July) of the current financial year stands at Rs 2.77 lakh crore which works out to 17.2 per cent of the full-year target and is lower than the corresponding figure of 33.9 per cent in the same period last year, according to official data released on Friday.
The data showed that net tax receipts for the period stood at Rs 7.15 lakh crore, or 27.7 per cent of the annual target, which is higher compared with Rs 5.83 lakh crore for the same period last year.
The total government expenditure during the period was Rs 13 lakh crore or about 27 per cent of the annual target.
“The Government of India’s fiscal deficit more than halved to Rs 2.8 lakh crore or 18 per cent of the FY 2025 budget estimate in April-July FY2025, from Rs. 6.1 lakh crore in April-July FY2024,” ICRA chief economist Aditi Nayar said.
Finance Minister Nirmala Sitharaman has fixed the fiscal deficit at 4.9 per cent of GDP in the Union Budget 2024-25 down from 5.6 per cent in 2023-24, as part of the government’s policy of sticking to the fiscal consolidation path.
“The gross and net market borrowings through dated securities during 2024-25 are estimated at Rs 14.01 lakh crore and Rs 11.63 lakh crore respectively. Both will be less than that in 2023-24,” she said.
by Editor | Aug 31, 2024 | Business, Economy, News
New Delhi: Surpassing world’s leading digital payments platforms, India’s Unified Payments Interface (UPI) processed nearly Rs 81 lakh crore transactions in the April-July period this year, which is a staggering 37 per cent increase (year-on-year).
According to the latest data by global payments hub Paysecure, UPI processed 3,729.1 transactions per second — a 58 per cent surge over the 2,348 transactions every second registered in 2022— surpassing China’s Alipay, Paypal and Brazil’s PIX in the number of transactions, the data showed.
In July, UPI transactions crossed Rs 20.6 lakh crore — the highest-ever during a month. The value of UPI transactions processed remained above Rs 20 lakh crore for three consecutive months.
Paysecure examined 40 of the top alternative payment methods from around the world to reveal this data.
The findings showed that India leads the world in digital transactions, with over 40 per cent of payments being made digitally, and UPI being used for a majority of them.
According to Dilip Asbe, CEO of National Payments Corporation of India (NPCI), UPI has the potential to touch 100 billion transactions in the next 10-15 years backed by credit growth. Credit has already been launched on UPI and the commercials would be released within in a couple of weeks.
by Editor | Aug 30, 2024 | News, Politics
GUWAHATI – The Assam Assembly on Friday decided to end the rule of giving a break for offering Friday Namaz.
From now on, there will be no break on Friday for Namaz prayers for Muslim MLAs.
Biswajit Phukan, a BJP MLA from Sarupathar Assembly segment said, “Since the British times in India, a break used to be given in the Assam Assembly on every Friday for offering Namaz. There was a break of two hours between 12 P.M. an 2 P.M. in which Muslim legislators would offer Namaz every Friday. But this rule has been changed from now on and there will be no break.”
He stated that the decision was taken at a meeting conducted by Speaker of Assam Assembly Biswajit Daimary and it was a unanimous one, supported by other legislators.
“Everybody has voiced support for this decision. It has been studied that Lok Sabha, Rajya Sabha and Assembly houses in other states do not have the provision of giving a break for offering Namaz. Hence the Speaker of Assam Assembly also decided to end this British-era rule,” Phukan stated.
According to him, the Assam Assembly starts at 9.30 A.M. from Monday to Thursday and on Friday, it begins at 9 A.M. to give the two-hour break for Namaz. However, since this has been changed, from now on the Assembly will begin its operation at 9.30 A.M. every day.
Notably, Assam has ended another pre-Independence rule.
The Assam Assembly on Thursday passed a Bill that would require compulsory registration of Muslim marriages and divorces with the government.
The Assembly passed the Assam Compulsory Registration of Muslim Marriages and Divorces Bill, 2024, aiming to safeguard the rights of Muslim women and men and eliminate child marriages.
This legislation replaces the archaic Assam Moslem Marriages and Divorces Registration Act, 1935.
Speaking at a discussion on this Bill, CM Sarma said, “The highest Muslim population states in India are Kerala and Jammu & Kashmir. There was already a law to register Muslim marriages. In Kerala, this Act must have been brought either by the Congress or the Left government as the BJP was never in power in this southern state.”
He also expressed concern about Muslim women and asserted that the Muslim marriage registration Act will give them safety and security.
by Editor | Aug 30, 2024 | News, Politics
New Delhi: Facing financial headwinds, SpiceJet has decided to furlough 150 cabin crew members for three months.
The budget carrier is operating with a reduced number of planes amid financial, legal and lessor woes. Currently, it has an operational fleet of around 22 aircraft.
A total of 150 cabin crew members will be sent on leave without pay for three months, an airline spokesperson said on Thursday.
Earlier in the day, aviation regulator DGCA said the airline has been placed under enhanced surveillance.
“SpiceJet has made the difficult decision to temporarily place 150 cabin crew members on furlough for three months.
“This step has been taken in response to the current lean travel season and the reduced fleet size, with the long-term stability of the organisation in mind,” the spokesperson said in a statement.
by Editor | Aug 30, 2024 | News, Politics
Mumbai: Prime Minister Narendra Modi said that he looks forward to his visit to Mumbai and Palghar in Maharashtra on Friday for a series of engagements, including laying the foundation stone for the ambitious Vadhvan Port and addressing the Global Fintech Fest-2024.
“…I will take part in the Global Fintech Fest 2024 at around 11 AM. This platform showcases India’s strides in the world of Fintech and brings together key stakeholders of the sector. Thereafter, I will be in Palghar for the foundation stone laying programme of the Vadhvan Port project. This is a very important project, signifying our commitment to port-led development and to the progress of Maharastra,” said PM Modi in the post.
In Palghar, PM Modi will perform the ground-breaking ceremony for the prestigious greenfield Vadhvan Port, coming up for Rs 76,220 crore, including land acquisition costs.
Expected to become a growth engine in the coming years along India’s western coast, on completion, the all-weather Vadhvan Port with a deep draft will be one of the top ten seaports in the world.
The PM will preside over the foundation stone laying ceremony at CIDCO Grounds in Palghar around 140 km from downtown Mumbai, near the Maharashtra-Gujarat state boundary.
