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By unreservedly wooing private capital, the Kerala budget has offered the first draft of the CPM plan to jettison Left ideals and embrace neoliberal thinking.
Government had sold the story of Centre fiscally strangulating the state so well that it was a budget with very low expectations despite being a pre election one.
Balagopal estimated a 12.6% growth in state’s own tax revenues in 2023-24. What he got was just a 7% increase.
The budget expects a revenue of Rs 1,38,655 crore and expenditure of Rs 1,84,327 crore.
Sitharaman did not find the Bishop's offer hard to refuse and failed to address the Kerala rubber sector's nightmare of unrestricted imports of natural rubber.
Moreover, the Reserve Bank of India (RBI) has stopped monetising the government deficit long ago.
The cesses on fuel and liquor were sold as a kind of 'social responsibility' obligation. These cesses were to flow into a fund that would pay welfare pensions to over 60 lakh people.
The AICC chief said the Modi government's policies have affected minorities and women most.
The government itself has admitted to the crisis and added that the coming financial year would be worse.
There was no additional concession in taxes or give-aways including in the widely-expected PM-Kisan scheme.