IMF wants India's Modi govt to be more transparent on fiscal numbers

Agencies
November 7, 2019

New Delhi, Nov 7: New Delhi needs to become more "transparent" on the fiscal numbers as it is a "laggard" among the G20 peers on this front, a senior official from the International Monetary Fund said on Wednesday.

The government has been missing its budgeted fiscal targets for the past few years and there is a need for a "credible fiscal consolidation" which is more ambitious as well, the official said, adding this is more so as government has not addressed how it will make up for the massive Rs 1.45 lakh crore tax giveaways in the form of corporate tax cuts.

The comments come amid allegations of the budget math not adding up with some pointing to a ₹1.7 lakh crore hole in the estimates, and also over 100 economists questioning the official data computation.

"Fiscal transparency should be increased. It is fairly difficult for the private sector to get the full picture on fiscal standing," the fund's deputy director Anne-Mary Gulde said speaking at an NSE event here.

"India is somewhat lacking in a programme on G20 data initiative on fiscal transparency where comparative countries have all made greater progress," she added.

She said there is also a need for more credible fiscal consolidation as such a move will help reduce the relatively high level of debt and free up financial resources for the private sector.

Fiscal stimulus is not possible to revive the sagging growth due to the relatively high level of public debt compared to the emerging economy peers, she said.

Welcoming the steep corporate tax cuts to get the levies at par with competition, she rued that so far little has been done to offset the revenue impact of the same.

"We feel that the revenue impact needs to be considered going forward & compensated for...we would urge that fiscal policy be formulated against more realistic background to give a more clear direction to private sector expectations," she said.

She also advocated using monetary policy tools to support the recovery and asked for the same to continue till revival is achieved, adding growth would have fallen further in the second quarter than the previous one.

"We see structural challenges and a weak cyclical position; we need to look at policies that address the cyclical weakness which will also address the structural challenges going forward," she said & called for urgent reform measures in the labour, land and factor markets to revive and sustain growth.

The IMF official said the ongoing mergers of public sector banks must be done "cautiously" and pitched for a relook at both governance and efficiency of capital allocation at state-run lenders.

In an apparent comment at the troubled NBFC sector, she said while such smaller institutions are not very important, they have caused a dent in the credibility of the system which warrants extra focus.

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News Network
April 9,2024

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The Delhi High Court rejected Chief Minister Arvind Kejriwal's plea challenging his arrest by the Enforcement Directorate (ED) and remand order passed by the trial court in connection with the excise policy case. The court delivered the verdict in the excise policy case on Tuesday.

In its order, the high court said the petition challenged the arrest and said it was in violation of Section 19 of the Prevention of Money Laundering Act, 2002 (PMLA). "The court clarifies that the plea is not for bail but for declaring the arrest illegal," Bar and Bench reported while citing the court order.

The high court said the material collected by the ED “reveals Arvind Kejriwal conspired and was actively involved in use and concealment of proceeds of crime." 

“The ED case also reveals that he was involved in his personal capacity as well as convenor of AAP," the order said.

Kejriwal had earlier questioned the timing of the arrest that came just ahead of the Lok Sabha Elections 2024.  Reacting to this, the court said, “Petitioner has been arrested in money laundering case and court has to examine his arrest and remand as per law irrespective of timing of elections."

Reacting to Kejriwal's argument casting doubt on the statements of “approvers" in the excise policy case, the court said the statements of “Raghav Magunta and Sarath Reddy are approver statements which were recorded under the PMLA as well as Section 164 CrPC".

“To cast doubt on the manner of recording statement of approver would amount to casting aspersions on the court and judge," the order added. “The law of approver is over 100 years old and not one year old. It cannot be suggested that it was enacted to implicate the present petitioner (Kejriwal)," it added.

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News Network
April 13,2024

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Mangaluru: After as the state health ministry issued guidelines to the public in view of a heatwave, the health department in Dakshina Kannada has advised people to be cautious about the impact of heatstroke, including heat rash, heat edema, heat cramps, heat tetany, heat syncope, and heat exhaustion.

Dakshina Kannada district nodal officer for climate change, Dr Naveenchandra Kulal, said that the impact of heat-related illness can also be found in the district, when there is a variation of about 4.5⁰C from the normal temperature.

Dr Kulal told media persons here on Friday, that the impact of heat-related illness is not confined to Raichur, Kalaburagi, and other North Karnataka districts.

“Those who reside inside tin sheet houses and closed environments are likely to suffer from heatstroke. People should hydrate themselves by drinking more water and avoid working under the direct Sun. Heat exhaust fans can be used. Though no heatstroke cases have been reported in the district, any negligence may cause heatstroke,” he said. 

DHO Dr Thimmaiah HR said that hotels and restaurants should supply boiled water, and they should clean the overhead tanks once every three months. The filter of drinking water units should be cleaned frequently, he said.

He also directed paying guest accommodations to supply fresh food to inmates.

“We have received complaints of many paying guest accommodations serving sambar cooked the previous day to inmates. Stale food should be avoided, as there are chances of food contamination. Plastics should be avoided while packing food in hotels. As per the Food Safety and Standards Authority of India (FSSAI) guidelines, the use of plastic to pack hot food is restricted,” the DHO said.

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coastaldigest.com news network
April 10,2024

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Mangaluru, Apr 10: Hundreds of thousands of Muslims in the coastal city of Mangaluru and other parts of coastal Karnataka today observed Eid-ul-Fitr, marking the end of 29-day-long blessed month of Ramadan. 

The occasion falls on the first day of the 10th lunar calendar month of Shawwal, the start of which varies based on the sighting of the new moon.

Braving the scorching sun, Muslim men and children - and in some parts women too - thronged Eidgahs and mosques to express gratitude to their Creator by offering Eid prayers after distributing Zakat and Fitr among the poor and needy.

While praying for the acceptance of their month-long fasting and charity among other deeds, the imams also prayed for the acceptance of sacrifices of people of Gaza wherein Israel regime’s bloody war claimed thousands of lives including children and women in past six months.

Twaqa Ahmed Musliyar, the Qadhi of Mangaluru, led the Eid prayers and delivered the sermon at the historic Eidgah mosque at Lighthouse Hill. “We have fasted for a month to comply with the command of the Almighty. Let us also lead a pious life in the remaining 11 months of the year,” he said.

He exchanged Eid greetings with the devotees and called upon them to remember the lesser privileged people and needy during the festivities. “We have a social responsibility towards the poor and needy. As long as we attend to their problems, God's blessings will continue to shower upon us,” he said.

Karnataka Legislative Assembly Speaker U T Khader and several people’s representatives offered prayers at Eidgah mosque. Volunteers from Zeeanth Bhaksh masjid helped the police in maintaining traffic and discipline.

Children dressed in festival attire added colour to the celebrations. People wished Eid Mubarak and hugged each other.

The Eid prayers were held in all prominent mosques across the city. Taqwa Masjid in Pumpwell, Masjidunnoor in Hampankatta, Ihasan Masjid near Unity Hospital, Bolar Islamic Centre in Bolar, Ibrahim Khaleel Masjid near State Bank, Jamia Masjid in Kudroli and Kachi Memon Masjid in Bunder were overcrowded with devotees. Several thousand devotees offered prayers at Central Juma Masjid in Ullal on the outskirts of the city.

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