Will follow fiscal consolidation roadmap in Budget: FinMin
The government on Friday said it would stick to its fiscal consolidation roadmap without compromising on development spending and expenditure budgeted for the current fiscal. As a result of sound prudent policies formulated during 2015-16, the fiscal deficit at the end of November is Rs 4.83 lakh crore or 87 per cent of the Budget Estimate for this fiscal. "The fiscal deficit i.e. the gap between expenditure and revenue, for the entire current fiscal year has been pegged at Rs 5.55 lakh crore (3.9 per cent of GDP)," it said.
Won't cut capex despite fall in oil prices, revenue: ONGC
State-owned Oil and Natural Gas Corp said it would not cut capital expenditure despite its revenues falling because of international oil prices slumping to 12-year low. The fall in cost of services, however, will lower the financial outgo, it said. There will be no cut in capex activities. In fact there will be an increase, but financially there will be a reduction because of the fall in services cost, ONGC Chairman and Managing Director Dinesh K Sarraf said.
Rupee at fresh 28-month low, down 30 paise at 67.59
Rupee dipped by 30 paise to fresh 28-month low at 67.59 on fresh dollar demand from importers in view of persistent foreign capital outflows amidst sharp fall in equities. Persistent fall in crude oil prices also affected the market sentiment. Oil prices eased in Asia on Friday, with the under-pressure commodity sitting around 12-year lows as dealers prepare for the return of Iranian exports to the market while the US stockpiles increase.
MFs involved in dividend stripping to face action: Sebi chief
The government has sought a report from the Securities and Exchange Board of India on possible adoption of dividend stripping plan by mutual funds for possible tax evasion and it has sought clarification from mutual funds on the issue, Sebi chairman UK Sinha said.
PM Narendra Modi to launch 'Start-Up movement' on January 16
Prime Minister Narendra Modi will launch the 'Start-Up movement' on Saturday by unveiling the action plan aimed at boosting entrepreneurship at the grassroots level.