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July 2019
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Sindhu looks to complete unfinished business in Japan        Griezmann says heart with Barca after ugly Atletico exit        Kotak Mahindra Bank Q1 consolidated up 23 pc; standalone net jumps 33 pc to Rs 1,360 cr        Investor wealth plummets over Rs 4 lakh cr in 3 days of market fall        China says Hong Kong protests 'absolutely intolerable'        Britain's May chairs emergency session on seized tanker        SC to hear on Aug 6 plea by Ahmed Patel against Guj HC order on his election to RS        Nadda pulls up Pragya Singh Thakur for her toilet remarks        Chandrayaan-2 illustrates India's determination to scale new frontiers of science: PM        India's second moon mission launched successfully; ISRO takes control of spacecraft        Ramya Haridas to not accept Youth Congress' car gift        ICC ran out of patience with Zimbabwe cricket: Flower        Pragya's latest: Have not become MP to clean toilets        Want to be an Indian superhero in Avengers: Taapsee Pannu        Have been able to achieve balance between commercial and parallel cinema: Sonakshi        Mahershala Ali to star in Marvel's 'Blade' reboot        Sindhu ends runner-up at Indonesian Open        UK car sector accelerates towards electric future        China importers seek to lift tariffs on US farm goods: State media        LIC offers Rs 1.25 lakh cr line of credit by 2024 to fund highway projects: Gadkari        
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Business News
Govt duty bound to achieve fiscal deficit of 3 pc as per law: FM
 
New Delhi, Jul 7 (PTI) Assuring that all the numbers mentioned in the Budget are realistic and achievable, Finance Minister Nirmala Sitharaman said as a government minister she is duty bound to follow glide path to achieve fiscal deficit target of 3 per cent as per the law.

In the Budget presented on Friday, the government lowered the fiscal deficit target to 3.3 per cent of the GDP for 2019-20 as compared to 3.4 per cent projected in the interim Budget in February.

"I am a government Minister. There is a law under FRBM where we have committed ourselves for the gliding path for the adherence to achieving 3 per cent (fiscal deficit) limit set on me. Till such time the law exists, I have to comply," Sitharaman said.

The Centre has committed to reduce the fiscal deficit -- the gap between total expenditure and revenue -- to 3 per cent of the gross domestic product (GDP) by 2020-21, and eliminate the primary deficit as per the Fiscal Responsibility and Budget Management (FRBM) Act.

Primary deficit refers to the deficit left after subtracting interest payments from the fiscal deficit.

On the narrative of fiscal relaxation to boost growth, she said, "I would happily join the debate either this way or that way to say should we for a country like India have obsession with 3 per cent (fiscal deficit)...Even now it is a debate. It has not come to the extent of changing FRBM law and permitting fiscal relaxation yet."

She further said that all the figures mentioned in the Budget are realistic and reasonable.

"People feel that targets set for ourself are reasonable and achievable. There is no exaggeration in any of the targets inclusive of disinvestment. It is only Rs 25,000 crore more than what it was earlier," she said in her interaction with media a day after the Budget was presented in Parliament.

As far as revenue targets are concerned, she said, projections for both direct and indirect tax collection are realistic.

The Budget has set a target of 17.5 per cent growth in direct taxes and about 15.5 per cent growth in indirect taxes.

On criticism that the Budget has too little to propel consumption, the finance minister said, "We have not ignored consumption. We did not ignore consumption even in the last term. I am reiterating that public expenditure would be focused through infrastructure development."

Public spending on infrastructure is one of the most effective ways money can reach the hands of the people and that will trigger consumption, she added.

She also said that the Budget has attempted to push consumption by taking the much needed step to tackle the crisis in non-banking financial companies (NBFC)sector.

In a bid to address the stress in NBFC sector, the government proposed that public sector banks would purchase high-rated pooled assets of financially sound NBFCs, amounting to a total of Rs 1 lakh crore during the current financial year.

For this, the government will provide one-time six months' partial credit guarantee to PSBs for first loss of up to 10 per cent.

The government also proposed to allow NBFCs raise funds in public issues and do away with the requirement for creating a debenture redemption reserve (DRR), which is currently applicable for only public issues as private placements are exempt.

As of now, NBFCs that do public placement of debt have to maintain a DRR and in addition, a special reserve as required by the RBI also has to be maintained.

In a bid to improve regulatory oversight, the government also proposed to bring housing finance companies under RBI from the fold of National Housing Bank.


Kotak Mahindra Bank Q1 consolidated up 23 pc; standalone net jumps 33 pc to Rs 1,360 cr
Investor wealth plummets over Rs 4 lakh cr in 3 days of market fall
UK car sector accelerates towards electric future
China importers seek to lift tariffs on US farm goods: State media
LIC offers Rs 1.25 lakh cr line of credit by 2024 to fund highway projects: Gadkari
Air India passengers travelling to UAE can now carry 40 kgs of check-in luggage
Huawei planning major job cuts in US: WSJ
China GDP growth slows to 6.2 pc in second quarter
RBI to come out with mobile app for currency notes identification
Nine of top-10 firms lose Rs 88,609 cr in m-cap
Pak, Afghan resume transit treaty negotiations
Blunt talk needed in country today, Murthy says, cites his spat with Sikka
Gadkari appeals to MSMEs to plant trees
Infosys Q1 net grows 5.2 pc to Rs 3,802 cr; ups revenue guidance to 8.5-10%
Vistara announces international operations; to launch services to Singapore
Zomato partners with TikTok; conducts food drive in 74 cities
Sebi slaps Rs 65 lakh fine on individual for fraudulent trading
HDFC to raise up to Rs 3,000 cr via bonds to augment long-term capital
80 city-centric plans coming soon to make earth green, sky blue again: Javadekar
Parliament passes Aadhaar amendment bill
KERALA NEWS
Ramya Haridas to not accept Youth Congress' car gift
 Thiruvananthapuram: Congress MP from Alathur Ramya Haridas Sunday said she will not accept the car w  
HC pulls up Kerala govt over Munnar encroachments
Student Stabbed at University College: SFI leaders have gone absconding
Ker CM takes a dig at Congress MLAs on quitting spree
INTERNATIONAL NEWS
China says Hong Kong protests 'absolutely intolerable'
 Beijing, Jul 22 (AFP) China reacted furiously on Monday to anti-government protesters vandalising th
Britain's May chairs emergency session on seized tanker
UK finance minister says will quit if Johnson becomes PM
Netanyahu to visit India on Sep 9 to meet PM Modi
NATIONAL NEWS
SC to hear on Aug 6 plea by Ahmed Patel against Guj HC order on his election to RS
 New Delhi, Jul 22 (PTI) The Supreme Court Monday fixed August 6 for hearing the plea of senior Congr
Nadda pulls up Pragya Singh Thakur for her toilet remarks
Chandrayaan-2 illustrates India's determination to scale new frontiers of science: PM
Pragya's latest: Have not become MP to clean toilets
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