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UP to float Farmers' Relief Bond for composite waiver amount; decision to benefit 21.5 mn farmers Within a fortnight of taking office, the   Yogi Adityanath -led Bharatiya Janata Party (BJP) government in Uttar Pradesh (UP) on Tuesday fulfilled its key poll promise, writing off crop loans of up to Rs 1 lakh for about 21.5 million small and marginal farmers. The total waiver will be of Rs 36,359 crore — one of the highest-ever promised by a state. Of this, Rs 5,630 crore of NPAs, or non-performing assets, of 700,000 farmers will be immediately waived. This would not only enable these farmers to seek new loans, but also clean up the account books of the banks involved. According to the official data, there are 23 million farmers in UP, of whom about 92.5 per cent, or about 21.5 million, belong to the small and marginal segments. State Health Minister and Spokesperson Siddharth Nath Singh said the government would bear the entire burden, with no help from the Centre. He al...

The next financial year will be a tightrope walk for Finance Minister Arun Jaitley, with the mounted challenge of narrowing the fiscal deficit and enhancing tax revenue collections to compensate for higher salaries and pensions and capital spending. Besides raising tax revenue, Jaitley will have to deliver on the promise of a fair, transparent and non-adversarial tax regime in light of multinational companies such as Vodafone receiving fresh notices for payment of tax dues based on retrospective provisions. Though the government has been assuring investors that it will not invoke the retrospective tax clause, there has been no attempt to remove it from the statute. Read Full Article Over Here :  Business Standard News Read our full coverage on  Union Budget 2016

India’s fiscal deficit was Rs 4,88,000 crore ($71.90 billion) during April-December, or 87.9% of the full-year target, data from the government has revealed. The deficit was 100.2% of the full-year target during the same period a year ago. This means that the governnment will have to keep the excess of its expenditure over income  at  12.1% of budget estimates in the remaining three months of the fiscal.  Read Articles