27
Monday
January 2020
2:34 AM IST
News Headlines
Padma Vibhushan for Jaitley, Sushma, Fernandes posthumously; Parrikar given Padma Bhushan        Coronavirus scare: Nearly 100 people under observation, PMO reviews India''s preparedness        China facing ''grave'' situation, says Xi as coronavirus death toll rises to 41        Quake kills 22 in Eastern Turkey        Nepal offers to play role of mediator between India and Pakistan        India can play Asia Cup matches at neutral venue, but call is ACC''s: PCB CEO Khan        South Africa crumble after Broad, Wood help England rack up 400        Hugo Boumous inspires FC Goa to a thrilling 3-2 win over Kerala Blasters FC in Hero ISL        Growth slowdown in India temporary, expect momentum to improve going ahead: IMF chief        SC refuses to entertain plea against imposition of NSA amid anti-CAA protests        'Batman' script is beautiful, dark and moving: Colin Farrell        Scriptwriting is underrated: Ayushmann Khurrana        Agarkar applies for national selector's job, frontrunner for chairman's post, Prasad in running too        Rahul relishing dual role, says staying behind stumps helps batting too        Samsung moves India chief HC Hong to Latin America        WEF 2020 meeting ends with hopes for better and cleaner economy        Sebi fines Scan Steels Rs 18.8 lakh for fraudulent trading        Italy threatens Facebook with new fine for selling users' data        Nepal says if India can resolve boundary issue with Bangladesh, why not Kathmandu        Houston building explosion shakes city, scatters debris        
Home   | Main News   | Kerala  | National   | International  | Business   | Sports   | Entertainment   | Columns   | Offbeat   | Health   | About Deepika 
Business News
Budget-making team of Finance Ministry short of two key officials
 
New Delhi: The budget-making team of the Finance Ministry is short of two key officials, including a full-time expenditure secretary, while the preparation for the second budget of Modi 2.0 government has shifted into top gear.

The budget for 2020-21 to be presented on February 1 is keenly awaited for the expected second wave of structural reforms for pulling out the economy from its over six-year low growth of 4.5 per cent.

In addition to expenditure secretary, the position of joint secretary (Budget), one of the key officials in the entire Budget-making process, is also vacant for almost three months.

The post of Expenditure Secretary fell vacant after the appointment of G C Murmu as the first lieutenant governor of the newly-created Union Territory of Jammu and Kashmir. Murmu relinquished the post of Expenditure Secretary on October 29 and subsequently, the additional charge of the Department of Expenditure was given to Atanu Chakraborty.

Chakraborty, a 1985-batch IAS officer of the Gujarat cadre, is Secretary Economic Affairs in the Finance Ministry.

After over one year stint in the Department of Investment and Public Asset Management (DIPAM), Chakraborty was appointed Economic Affairs Secretary in July this year in a major bureaucratic reshuffle.

The finance ministry kick-started the exercise to prepare the annual budget for 2020-21 from October 14 with pre-Budget/RE (Revised Estimate) meetings. The series of meetings with different departments and ministries concluded last month.

The Budget Estimates for 2020-21 are provisionally finalised after the Expenditure Secretary completes discussions with other secretaries and financial advisers.

The second budget of Finance Minister Nirmala Sitharaman is considered to be crucial as it will come in against the backdrop of a slowdown in the economy.

The Reserve Bank in its monetary policy last week downgraded the growth forecast for 2019-20 to 5 per cent from the earlier projection of 6.1 per cent.

To beat the slowdown, the Finance Minister has said reforms to boost the economy would continue and also hinted at tweaking personal income tax rates in the upcoming Budget.

The government is examining the direct tax code (DTC) report concerning Personal Income Tax. It is considering the rationalisation of the personal income tax rate for boosting consumption.

Following the reduction in corporate tax in September, there has been a growing demand for a slash in the personal income tax to buttress consumption.

In the biggest reduction in 28 years, the government in September slashed corporate tax rates up to 10 percentage points as it looked to pull the economy out of a six-year low growth with a Rs 1.45 lakh crore tax break.

Base corporate tax for existing companies has been reduced to 22 per cent from 30 per cent, and to 15 per cent from 25 per cent for new manufacturing firms incorporated after October 1, 2019, and starting operations before March 31, 2023.


Samsung moves India chief HC Hong to Latin America
WEF 2020 meeting ends with hopes for better and cleaner economy
Sebi fines Scan Steels Rs 18.8 lakh for fraudulent trading
Raids on Lalit hotels group, promoter led to Rs 1,000-cr black foreign assets: CBDT
Rupee falls by 7 paise to end at 71.33 against US dollar
Looking to build new businesses in India on top of existing verticals: Canon
Rupee strengthens 2 paise to 71.19 on easing crude prices
Budget will have 'plan of action' on economy: Javadekar
India, Iran should work to expedite Chabahar Port development, connectivity to Afghanistan: Zarif
Forex reserves rise by USD 58 mn to record high of USD 461.21 bn
India, US in advance-stage talks to resolve trade issues: Goyal
Gadkari urges states to come forward in the drive for curbing accidents
IndusInd Bank down 5.44 pc to Rs 1400.60
Rupee up by 7 paise against USD
CCI directs probe against Amazon, Flipkart
Panic stricken depositors mill around bank after RBI caps withdrawal limit
US removes currency manipulator label on China ahead of inking of trade deal
Flipkart opens two warehouses in Haryana, to create over 5,000 local jobs
Rupee cuts short 5-day gaining streak; edges down 1 paise to 70.87 against dollar
Rupee extends gains by 8 paise to 70.86 against US dollar
KERALA NEWS
Man killed with soil excavator
 Thiruvananthapuram: A 36-year-old man was killed with an excavator near here when he objected to a g  
Delhi court extends ED custody of NRI bizman C C Thampi
Congress president restructures KPCC
Kerala Guv again criticises LDF govt for passing resolution in Assembly against CAA
INTERNATIONAL NEWS
China facing ''grave'' situation, says Xi as coronavirus death toll rises to 41
 Beijing: President Xi Jinping on Saturday said that China is facing a "grave situation" but exuded c
Quake kills 22 in Eastern Turkey
Nepal offers to play role of mediator between India and Pakistan
Italy threatens Facebook with new fine for selling users' data
NATIONAL NEWS
Padma Vibhushan for Jaitley, Sushma, Fernandes posthumously; Parrikar given Padma Bhushan
 New Delhi: Former union ministers Arun Jaitley, Sushma Swaraj and George Fernandes, Olympian boxer M
Govt will not allow universities to become political battlegrounds: Ramesh Pokhriyal
Maha phone tapping row hots up; Fadnavis rejects charge
Bru settlement: Tripura begins survey to identify beneficiaries
Untitled Page
Rashtra Deepika LTD
Copyright @ 2020 , Rashtra Deepika Ltd.