For every Re in govt kitty, 24 paise to come from borrowing

February 28, 2015

New Delhi, Feb 28: For every rupee in government coffer, about one-fourth will come from market borrowing in 2015-16, while 20 paise would be spent towards interest payment.

indian rupee

The government's dependence on debt has remained unchanged at 24 paise in the coming year, reflecting tight situation on revenue collections despite projected better economic outlook.

There has been no change in revenue mobilisation in terms of every rupee earned compared to the current fiscal.

During the current fiscal 63 paise were earned from both direct and indirect taxes, while for the next fiscal the estimate is 62 paise of every one rupee earned.

As per the budget proposals presented by Finance Minister Arun Jaitley in Parliament today, net borrowings of the government in 2015-16 are pegged at Rs 4.56 lakh crore, against Rs 4.53 lakh crore for the last fiscal.

On the expenditure side, the biggest component is interest payments with 20 paise followed by central plan allocation unchanged at 11 paise in 2015-16.

Defence allocation has been increased to 11 paise as compared to 10 paise in the current fiscal.

As the single largest source of revenue income, the collection from corporate tax has been lowered to 20 paise as a percentage of every rupee earned.

Similarly, tax mobilisation from service tax has been reduced to 9 paise against 10 paise in the current fiscal even as the service tax rate has been increased to 14 per cent, from from 12.36 per cent currently.

However, income tax mobilisation will go up marginally to 14 paise as compared to 13 paise in 2014-15 indicating more individual tax payers coming under the tax net.

On indirect tax front, government will earn 19 paise from excise and customs.

"Gross tax receipts are estimated to be Rs 14,49,490 crore. Devolution to the states is estimated to be Rs 5,23,958 crore. Share of Central Government will be Rs 9,19,842 crore. Non Tax Revenues for the next fiscal are estimated to be Rs 2,21,733 crore," he said.

The government intends to earn 10 paise from non-tax revenue like disinvestment while it plans to mobilise 4 paise from non-debt capital receipts.

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News Network
April 24,2024

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Campaigning for 14 Lok Sabha seats in Karnataka going to polls in the first phase on April 26 will come to an end on Wednesday evening.

A total of 247 candidates -- 226 men and 21 women -- are in the fray for this round of voting in most of the southern and coastal districts.

It is a straight electoral contest between the ruling Congress and the BJP-Janata Dal (Secular) combine in the State.

While the Congress is contesting in all 14 seats, BJP has fielded nominees in 11, and its alliance partner JD(S) in three -- Hassan, Mandya and Kolar.

Besides the three, the segments where elections will be held on Friday are: Udupi-Chikmagalur, Dakshina Kannada, Chitradurga, Tumkur, Mysore, Chamarajanagar, Bangalore Rural, Bangalore North, Bangalore Central, Bangalore South and Chikkballapur.

The intense campaigning for the past about a month saw Prime Minister Narendra Modi and Home Minister Amit Shah leading from the front for the BJP, holding rallies and roadshows. BJP President J P Nadda, some Union Ministers and Goa Chief Minister Pramod Sawant too pitched in.

Veteran BJP leader and former Chief Minister B S Yediyurappa and the party's state president B Y Vijayendra also campaigned extensively.

Congress president M Mallikarjun Kharge, senior leaders Rahul Gandhi and Priyanka Gandhi, Chief Minister Siddaramaiah and Deputy Chief Minister D K Shivakumar and Telangana Chief Minister A Revanth Reddy were among the prominent names who led the charge for the party.

And for the JD(S), it was the 90-year-old party patriarch and former Prime Minister H D Deve Gowda and former Chief Minister H D Kumaraswamy, who led the campaign.

Chikkaballapur has a maximum number of 29 candidates, followed by 24 in Bangalore Central and Dakshina Kannada has the least number - nine.

Kumaraswamy from Mandya, his brother-in-law and noted cardiologist C N Manjunath from Bangalore Rural on a BJP ticket, erstwhile Mysuru royal family scion Yaduveer Krishnadatta Chamaraja Wadiyar from Mysore, also from the BJP, and state Congress President Shivakumar's brother and MP D K Suresh from Bangalore Rural, are among the prominent candidates in the fray in the first phase.

The state has a total of 28 Lok Sabha segments. The remaining 14 constituencies, mostly in the northern districts, will go to polls on May seven.

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News Network
April 25,2024

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Bengaluru: The Congress and BJP will lock horns on the electoral battleground again, in less than a year, in Karnataka as the stage is set for voting in the first phase in 14 Lok Sabha seats on Friday.

It's going to be a straight fight between the ruling Congress and the BJP-JD(S) combine unlike the Assembly elections in May last year which witnessed a triangular contest among the three parties.

The state has a total of 28 Lok Sabha constituencies. The second phase of polling in the remaining 14 seats is on May seven.

A total of 247 candidates -- 226 men and 21 women -- are in the fray for the first phase in most of the southern and coastal districts.

More than 2.88 crore voters are eligible to exercise their franchise in 30,602 polling stations where polling will take place between 7 am to 6 pm.

While the Congress is contesting in all 14 seats, BJP has fielded nominees in 11 and its alliance partner JD(S), which joined the National Democratic Alliance (NDA) in three -- Hassan, Mandya and Kolar.

Besides the three, the segments where elections will be held on Friday are: Udupi-Chikmagalur, Dakshina Kannada, Chitradurga, Tumkur, Mysore, Chamarajanagar, Bangalore Rural, Bangalore North, Bangalore Central, Bangalore South and Chikkballapur.

In the 2019 Lok Sabha polls, Congress and JD(S), which were in alliance and ruling the state then, had secured just one seat each in these 14 segments. The BJP had won in 11 and ensured the victory of a party supported independent candidate in Mandya.

Having scored a thumping victory in the Assembly elections, the Congress now appears determined to put up a strong show.

Karnataka is the most important state for the BJP in south India as it's only here that it had held power in the past. 'Its alliance partner JD(S) is fighting to remain politically relevant, after the Assembly poll drubbing,' a political analyst said.

The Old Mysore region is the Vokkaliga heartland and parts of it have been the traditional bastion of the JDS.  However, the current elections are a battle for survival for JDS.

According to Karnataka Chief Electoral Officer Manoj Kumar Meena, 1.4 lakh polling officials will be on duty for the first phase.

Besides them, 5,000 micro-observers, 50,000 civil police personnel, 65 companies of Central Parliamentary Force and State Armed Police force of other States will also be deployed for security.

All the 2,829 polling stations of Bangalore Rural parliamentary constituency will be webcast, Meena said.

'This is as per the request of our returning officers and observers; so we have given more than double the Central parliamentary force for Bangalore Rural constituency. Seven companies of Central paramilitary forces have been inducted at the constituency since April 22,' he told reporters on Wednesday.

In fact, out of the total 30,602 polling stations in the first phase, 19,701 will be webcast, and 1,370 covered via CCTVs, he said.

Chikkaballapur has a maximum number of 29 candidates, followed by 24 in Bangalore Central, and Dakshina Kannada has the least number - nine.

JD(S) leader H D Kumaraswamy from Mandya, his brother-in-law and noted cardiologist C N Manjunath from Bangalore Rural on a BJP ticket, erstwhile Mysuru royal family scion Yaduveer Krishnadatta Chamaraja Wadiyar from Mysore, also from the BJP, and Deputy Chief Minister D K Shivakumar's brother and MP D K Suresh of Congress from Bangalore Rural, are among the prominent candidates in the fray in the first phase.

Also in the fray are BJP MP Tejasvi Surya from Bangalore South against Minister Ramalinga Reddy's daughter Sowmya Reddy of Congress, Union Minister Shobha Karandlaje on BJP ticket from Bangalore North against former IIM Bangalore professor M V Rajeev Gowda of Congress.

The Congress' performance in the elections, especially in the first phase which covers almost all Vokkaliga-dominated districts, is being seen as a big test of sorts for its state unit chief Shivakumar, who has made no secret of his ambition to become chief minister, amid speculations of change in guard mid-way of the Assembly term.

Stakes are also high for Chief Minister Siddaramaiah, as victory in particular in his home turf—Mysore and Chamarajanagar—is seen as key for strengthening hands, analysts say.

For the JD(S) and its state chief Kumaraswamy, the task is cut out -- to prove that the regional party is still a force to reckon with, particularly in the Vokkaliga dominated Old Mysuru or South Karnataka region.

Both Shivakumar and Kumaraswamy are Vokkaligas, and are engaged in a fierce turf war to consolidate their clout over the dominant community.

It is also seen as a kind of a 'litmus test' for state BJP president B Y Vijayendra, who has the onerous task of helping the party retain its supremacy in the Lok Sabha elections.

Ensuring a BJP sweep is paramount for the son of veteran leader B S Yediyurappa, to consolidate his position and silence critics who have questioned his selection for the post, overlooking seniors and seasoned hands.

The ruling Congress is mostly banking on the implementation of its populist five guarantee schemes. The BJP and JD(S) seem to be leveraging the 'Modi factor' to the hilt.

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April 20,2024

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New Delhi: The Aam Aadmi Party on Saturday alleged that Delhi Chief Minister Arvind Kejriwal is being pushed towards a “slow death” inside Tihar jail by denying him insulin and consultations with his doctor.

Kejriwal, who has Type-2 diabetes, has been asking for insulin and a video conferencing with his family doctor but his requests are being denied by the jail administration, party spokesperson Saurabh Bharadwaj said in a press conference.

"I want to say with full responsibility that a conspiracy is underway for the slow death of Kejriwal," Bharadwaj claimed citing blood sugar readings of the Chief Minister in jail.

He also slammed the Tihar administration, BJP, Centre and Delhi LG for allegedly denying insulin to Kejriwal and said the Delhi Chief Minister had been suffering from diabetes for the last 20-22 years.

On Friday, the chief minister council Senior advocate Abhishek Singhvi said Kejriwal has not been administered insulin to control his sugar levels since his arrest, terming it “shocking” and “alarming”.

The ED had on Thursday claimed before the court that Kejriwal was eating food high in sugar like mangoes and sweets every day, despite having Type-2 diabetes, to create grounds for medical bail.

Kejriwal, however, refuted the ED’s claims by asserting before a court that the food he consumed was in conformity with the diet chart prepared by his doctor.

“Out of 48 meals sent from home, only three times mangoes were there…,” Singhvi told the court.

Bharadwaj said Kejriwal was allowed by the court to use a machine in the jail to monitor his daily blood sugar levels.

"Overall, it was a conspiracy to finish Kejriwal so his multiple organ damage and when he comes out of jail after 2-4 months he goes for treatment of kidney, heart and other organs," said Bharadwaj, who holds the portfolio of health in Delhi government.

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