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Sensex opens above 40,000, April-Sep fiscal deficit at 92.6% of budgetary target

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Mumbai, Nov 1 Sensex opened above the 40,000 marks with marginal gain on Friday. India’s budgetary fiscal deficit for the April-September period came in at 92.6 per cent, or Rs 6.51 lakh crore, of the budget estimates (BE), official data showed on Thursday.

At 9.46 a.m., the Sensex was up 39.82 points at 40,168.87 while the Nifty was trading 10 points higher at 11,887.45.

The Sensex opened at 40,196.07 on Friday from its previous close of 40,129.05.

The government has targeted the fiscal deficit to be at Rs 7.03 lakh crore for 2019-20.

According to the Controller General of Accounts (CGA) data, the fiscal deficit during the corresponding months of the previous fiscal was 95.3 per cent of that year’s target.

The Central government’s total expenditure stood at Rs 14.88 lakh crore (53.4 per cent of BE) while total receipts were Rs 8.37 lakh crore (40.2 per cent of BE).

Besides, the total expenditure for the period under review comprised Rs 13.01 lakh crore on the revenue account, while Rs 1.87 lakh crore was on capital expenditure.

Total receipts comprised Rs 8.16 lakh crore of net tax revenue and Rs 20,598 crore of non-tax revenue receipts.

“With a subdued growth of tax revenues, the government of India’s fiscal deficit rose by a substantial 92.6 per cent to Rs 6.1 trillion in H1 FY2020, and stood at a considerable 93 per cent of the full year budget estimates,” said Aditi Nayar, Principal Economist, ICRA.

“The transfer of funds from the RBI has cushioned the impact of the muted 4 per cent growth in the government of India’s net tax revenues, and helped its overall revenue receipts to expand by a healthy 18 per cent in H1 FY2020,” Nayar added.

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No lay-offs by Wipro amid crorona crisis, no such plan

The Bengaluru-headquartered IT behemoth employs more than 1.75 lakh people in several countries across the globe.

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Azim Premji Wipro

Bengaluru, July 13 : Global software major Wipro has not laid off any employee during the Covid-19 pandemic nor has any such plan at the moment, a top company official said on Monday.

“I just want to give comfort and say this categorically that we have not laid off a single employee as the pandemic unfolded,” Wipro Chairman Rishad Premji said at the company”s 74th annual general meeting (AGM) held virtually.

“At the moment, we have no plans to lay off anybody at the company,” he said, replying to a female shareholder.

“We are trying to drive cost deductions through various other means operationally and otherwise,” said Premji.

The Bengaluru-headquartered IT behemoth employs more than 1.75 lakh people in several countries across the globe.

–IANS

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Google to invest Rs 75,000 crore to boost digitisation in India

The investment will focus on four areas important to India’s digitisation– first enabling affordable access to information to every Indian in their own language.

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Sundar Pichai

New Delhi, July 13 : Google CEO Sundar Pichai on Monday announced a Google for India digitisation fund through which, the company will invest Rs 75,000 crore or approximately $10 billion over the next five to seven years to help India go digital.

“We will do this through a mix of equity investment, partnerships and an operational infrastructure ecosystem in India. This is a reflection of our confidence in the future of India and its digital economy,” Pichai said during the Google for India virtual conference.

The investment will focus on four areas important to India’s digitisation– first enabling affordable access to information to every Indian in their own language.

“Second, building new products and services that are deeply relevant to India”s unique needs. Third, empowering businesses to continue or embark on digital transformation. And fourth, leveraging technology and Artificial Intelligence for social good in areas like health, agriculture and education,” the Google CEO said.

India’s Union IT Minister Ravi Shankar Prasad were also present during the conference.

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Business partner of Rajasthan CM’s son under ED scanner

Sharma was summoned by the ED four days ago. The agency suspects that large scale overseas transactions have taken place.

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Ashok Gehlot

New Delhi, July 13 : Amid political crisis in Rajasthan, the Enforcement Directorate (ED) on Monday conducted raids at Hotel Fairmont in Jaipur.

Investor Ratan Kant Sharma, close aide of Chief Minister Ashok Gehlot’s son, is under the agency’s scanner.

Sharma had allegedly received around Rs 96.7 crore from Mauritius and has stakes in Hotel Fairmont. Sharma and Vaibhav Gehlot, son of Chief Minister Ashok Gehlot, are business partners.

Sharma was summoned by the ED four days ago. The agency suspects that large scale overseas transactions have taken place.

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