Search Result for : Expenditure

The Dollar Business Bureau Mercedes Benz is planning to bring in BS VI emission compliant models into India in 2018. A press release to the media said that the company is also willing to forge partnership with oil firms for higher grade oil needed for these models. The car maker has already sought help from various ministries, including Ministry of Road Transport and Highways, which has asked them to get in touch with the oil and gas firms. "We would be ready as early as 2018. We could bring the first set of vehicles in 2018 into the country," Mercedes-Benz India Managing Director and CEO Roland Folger told PTI when asked about the company’s plans regarding launch of vehicles compliant with Bharat ...

The Dollar Business Bureau Subhash Chandra Garg, a senior bureaucrat on Wednesday took charge as the new Secretary of Department of Economic Affairs (DEA), Ministry of Finance. Garg succeeds Shaktikanta Das, who had retired on May 31 after an extended term. Tapan Ray, Corporate Affairs Secretary, was handling the additional charge of Economic Affairs Secretary after the exit of Das. “Subhash Chandra Garg assumed charge as full-time Secretary, Department of Economic Affairs, said an official statement on Wednesday. In his immediate preceding posting, Garg has served as the Executive Director, World Bank for India, Bhutan, Bangladesh and Sri Lanka. He is a 1983 batch IAS officer, from Rajasthan cadre and has worked in various capacities with the central government. “Garg has widespread administrative experience ...

The Dollar Business Bureau The domestic consumption story of India is likely to increase three-fold to $4 trillion by 2025 as the increasing affluence levels led to changes in the behaviour of consumers and the patterns of spending which have huge implications for the firms, a report by the BCG said. A minimal year-on-year growth of expenditure of 12% in India is more than two-fold compared to the anticipated world rate of 5% and this will make it the third-biggest consumer market at $4 trillion by 2025, the report said. India is already the third biggest economy with regards to purchasing power. "The consumer market in India is set for fundamental changes,” said Nimisha Jain, a partner at BCG and co-author of the report. ...

The Dollar Business Bureau Telangana on Sunday presented a tax-free and welfare-oriented 2017-18 budget, focusing on improving irrigation and revitalising traditional occupations of the state’s backwards classes, with a proposed expenditure of about Rs.1.50 lakh crore. “An amount of Rs.1,49,646 crore is proposed as total expenditure consisting of an estimated committed expenditure of Rs.61,607.20 crore and an expenditure of Rs.88,038.80 crore under ‘expenditure on schemes’,” Telangana’s Finance Minister E Rajender said in his Budget speech. This year’s budget was in line with the Central Government’s decision to abandon the classification of expenditure into plan and non-plan and continue with “the Constitutional mandate of classifying expenditure into revenue and capital”. The budget has also envisaged enhancing irrigation facilities of one crore acres in the state ...

PTI  Expenditure Finance Commission (EFC) under the Ministry of Finance cleared 29 proposals of various ministries involving expenditure of about Rs 2.11 lakh crore during the last year.  Besides, Public Investment Board (PIB) headed by Expenditure Secretary cleared 12 proposals involving expenditure of Rs 28,673 crore. Of these, three proposals worth Rs 8,612 crore of Ministry of Power were cleared by the board during calender year 2016.  Proposals of Ministry of External Affairs and Ministry of Road, Transport and Highway involving investment of Rs 7,291 crore and Rs 6,461 crore, respectively, were also cleared, Department of Expenditure under Ministry of Finance said in its year-end review for 2016.  “During the period from January 1 to November 30, 2016, the EFC chaired by Expenditure Secretary recommended 29 investment proposals or schemes of various ministries and departments costing Rs 2,11,049 crore,” it ...

The Dollar Business Bureau A steep hike in the government’s capital expenditure in the first quarter indicates brighter prospect for country’s manufacturing sector. The latest government data shows that total capital spending during April-June, 2015 was Rs 31,051 crore, up 38% compared to the same period during previous fiscal. A major part of the government’s expenditure is meant for manufacturing sector in which private investors are least interested due to high rate of interest. According to reports, the Finance Ministry has asked various departments to top-up their budget spending to push growth. Total expenditure from April to June was Rs 4.3 lakh crore, up 24.2% of the budget estimate and higher than 23% registered during the same period of the last ...