Updated Feb 07, 2021 | 11:26 IST
India s fiscal deficit is estimated to be 9.5 per cent of the GDP in the current fiscal and is expected to come down to 6.8 per cent in 2021-22 beginning April 1. Economic Affairs Secretary Tarun Bajaj | Photo Credit: PTI
India s sovereign rating should not come under pressure due to surge in fiscal deficit which was mainly on account of higher expenditure to deal with the COVID-19 pandemic, said Economic Affairs Secretary Tarun Bajaj.
Given the credibility of the numbers projected in the Budget, he hoped that the global rating agencies would retain India s sovereign rating at the existing levels.
‘Investor Charter’ likely to find place in SEBI, IRDAI regulatory framework
February 02, 2021
High-level group to work on single securities market code: Tarun Bajaj
The Finance Ministry has indicated that the Securities and Exchange Board of India (SEBI) and the Insurance Regulatory and Development Authority of India (IRDAI) could consider introducing the ‘investor charter’ as part of the regulatory framework.
“It is up to SEBI and IRDAI to consider ‘investor charter’ as part of regulatory compliance,” Economic Affairs Secretary Tarun Bajaj told
BusinessLine. It has been proposed, but the final shape will take place with due consultations with the regulators.
Finance Minister Nirmala Sitharaman, in her Budget speech, said, “I propose to introduce an investor charter as a right of all financial investors across all financial products.”
Updated:
Share Article
AAA
The government on Monday projected a 16.67% growth in gross tax revenue in the next fiscal beginning April 1, at over ₹22.17 lakh crore. The revised estimates of gross tax revenue for the current fiscal has been pegged at ₹19 lakh crore, lower than the ₹24.23 lakh crore budgeted earlier. Economic Affairs Secretary Tarun Bajaj said, “our revenue figure is under-stated not overstated. We have taken nominal GDP at 14.4% and revenue growth at 16.7%. So the buoyancy is only 1.16. We are hopeful we will get more than this”.
In FY22, while the corporate tax collection is expected to grow 22.65% at ₹5.47 lakh crore, personal income tax is estimated to grow 22% to ₹5.61 lakh crore. Customs collection is projected to grow 21.43% to ₹1.36 lakh crore in the next fiscal.
Synopsis
The revised estimates of gross tax revenue for the current fiscal has been pegged at Rs 19 lakh crore, lower than the Rs 24.23 lakh crore budgeted earlier.
Getty Images
New Delhi: The government on Monday projected a 16.67 per cent growth in gross tax revenue in the next fiscal beginning April 1, at over Rs 22.17 lakh crore. The revised estimates of gross tax revenue for the current fiscal has been pegged at Rs 19 lakh crore, lower than the Rs 24.23 lakh crore budgeted earlier. Economic Affairs Secretary Tarun Bajaj said our revenue figure is under-stated not overstated. We have taken nominal GDP at 14.4 per cent and revenue growth at 16.7 per cent. So the buoyancy is only 1.16. We are hopeful we will get more than this .
FinMin gets suggestions on reforms, spending push and disinvestment
Sitharaman’s last meeting was with a second group of economists; the first one with economists was held on Saturday. December 24, 2020 3:00:29 am
Finance Minister Nirmala Sitharaman interacts with members of Gujarat Chamber of Commerce & Industry. via @nsitharamanoffc
Finance minister Nirmala Sitharaman concluded her pre-Budget consultations on Wednesday, having held 15 virtual meetings over nine days with more than 170 invitees representing nine stakeholder groups. They presented her with dozens of suggestions from focussing on growth and reforms to deepending the bond market and privatising PSUs for adoption in the Budget for FY22 to get the Covid-ravaged economy back on the high-growth path.