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Finance Commission can create more fiscal space for states through grants
Money Control
·
10m ago
Medial
- The declining share of Finance Commission (FC) grants to states is a pressing issue in India's fiscal federal landscape. - The share of FC grants in total central transfers to states has dropped from 6 percent to 3.6 percent over a decade. - This decline in FC grant's share has implications for state finances and leads to fiscal contention between the Union and state governments. - The existing transfer mechanism has a mismatch between expenditure responsibilities and resource generation capacity. - The increasing share of conditional grants poses a threat to fiscal federal landscapes and limits states' autonomy. - There is a need to increase the base of FC grants and advocate for a greater share of unconditional grants relative to conditional allocations to enhance states' autonomy and cater to their specific development needs.
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Govt does not foresee revenue shortfall, aims to achieve deficit target: MoS Finance
Economic Times
·
18d ago
Medial
The Central Government does not anticipate any revenue shortfall and aims to meet the fiscal deficit target of 4.4% of GDP, amounting to Rs 15.69 lakh crore for 2025-26, according to Minister of State for Finance Pankaj Chaudhary. The government will support state finances through various grants and schemes, with total resources transferred to states estimated at Rs 25.01 lakh crore. Public sector banks are close to fully staffed, with ongoing recruitment efforts.
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Siddaramaiah seeks increase in Karnataka’s share of taxes to 50%, Rs 1.15 lakh cr for Bengaluru infrastructure
Economic Times
·
1m ago
Medial
Karnataka Chief Minister Siddaramaiah met with the 16th Finance Commission in Delhi, urging for an increase in the state's share of central taxes to 50% and proposing the inclusion of non-tax revenues in the divisible pool. Highlighting Karnataka's significant GDP contribution, he emphasized the disparity in fiscal returns and sought a ₹1.15 lakh crore investment for Bengaluru's infrastructure. Siddaramaiah also advocated for a formula-based allocation of special grants to address regional disparities.
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'Tamil Nadu gives more than what it receives': Financial planner reignites debate on fiscal federalism
Business Today
·
4m ago
Medial
The debate on fiscal federalism in India highlights concerns raised by states like Tamil Nadu, Maharashtra, and Karnataka regarding revenue distribution. Economist Muthukrishnan emphasizes the need to perceive financial exchanges with the Centre as reciprocal. Economically stronger states often contribute more in taxes than they receive in allocations and grants. The government is considering reducing the central tax revenue shared with states from 41% to at least 40%, further sparking discussions on equitable financial distribution.
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UGC warns edtech companies offering degree courses online in association with foreign universities
Economic Times
·
1y ago
Medial
The University Grants Commission (UGC) has warned edtech companies and colleges about offering degrees in collaboration with unrecognized foreign universities. The UGC states that these degrees will not be valid and advises students against enrolling in such programs. The commission has also noticed edtech companies advertising degree and diploma programs in association with foreign universities, which is not permissible. The UGC warns the public to exercise caution and states that any enrollment in these courses will be at their own risk.
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Rooftop solar focused NBFC Dugar Finance raises $3 Mn in debt
Entrackr
·
1m ago
Medial
Non-banking financial company (NBFC) Dugar Finance has raised $3 million in debt from the $75-million Green Basket Bond issued by Swiss based impact investment firm Symbiotics Investments. The bond was issued by Symbiotics Investments and subscribed to by British International Investment (BII), the UK’s development finance institution and impact investor, aiming to drive the adoption of renewable energy solutions across Asia and Africa. The proceeds will be utilized to expand its presence in the EV financing and rooftop solar financing space, primarily targeting residential as well as MSME customers, including housing societies, in tier-II and tier-III cities, Dugar Finance said in a press release. According to Dugar Finance, it provides income-generating vehicle loans tailored for self-employed individuals and gig economy workers, helping create livelihoods and foster upward mobility. Beyond traditional vehicle and mortgage loans, it actively promotes green and inclusive financing through electric vehicle (EV) loans, rooftop solar financing, and credit solutions for micro, small, and medium enterprises (MSMEs). Since its inception, Dugar Finance states that it has made significant strides in promoting EV/renewable energy solutions. Until now, the company has helped over 1,200 customers adopt rooftop solar solutions and help purchase EV vehicles. With over 30 branches across 6 states, Dugar Finance claims to have served more than 25,000 customers since its inception, focusing on underserved and credit-invisible segments.
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Andhra's Kanakadurga Finance eyeing up to $15 mn in fresh funding
VCCircle
·
9m ago
Medial
Andhra-based Kanakadurga Finance is seeking to raise Rs 100-125 crore ($11.9-14.9 million) in equity funding through a series B round. The company, which provides financing for used commercial vehicles and gold loans, has engaged consulting and advisory firm Intellecap for the funding round. Kanakadurga Finance currently operates 154 branches across six states and one union territory, with an expected asset under management of over Rs 800 crore by the end of the fiscal year. The company's promoters have over 30 years of experience in the vehicle finance industry.
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Trump says 'you're welcome' after bitcoin leaps over $100,000
Economic Times
·
8m ago
Medial
US President-elect Donald Trump claims credit for bitcoin's surge past $100,000, following a more than 50% jump since his election victory. The rally continued after Trump nominated cryptocurrency supporter Paul Atkins to head the US Securities and Exchange Commission. Trump previously launched his own crypto platform and has expressed support for cryptocurrencies. Despite its volatility and criticism of facilitating criminal activities, bitcoin's ascent is reshaping finance and gaining legitimacy through institutional interest and changing regulations. Trump's involvement in the crypto space and his appointment of Atkins signal potential positive developments for the digital asset.
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National Quantum Mission to Award Grants to 10-15 Startups in Quantum Technology: Report
OutlookIndia
·
8m ago
Medial
The National Quantum Mission (NQM) plans to offer grants to 10-15 quantum technology start-ups, aiming to boost research and development in the field. The mission, which received government funding of INR 6,003.65 crore last year, aims to create a vibrant ecosystem in quantum technology and support sectors such as communication, health, finance, energy, drug design, and space applications. The initiative will also set up four thematic hubs in leading academic and national R&D institutes to focus on quantum computing, sensing, metrology, and materials and devices.
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Indian states are in a race to board space-tech wagon
Economic Times
·
3m ago
Medial
Indian states are now focusing on the space ecosystem after investing in IT and electronics. States like Gujarat, Tamil Nadu, and Maharashtra are formulating space policies, setting up space parks, and incentivizing private space companies and startups. This trend aims to attract investments, create hubs, and align with central projects, propelling India's space industry's growth to a projected $44 billion by 2033. Careful policy management is crucial to avoid fragmentation and ensure fair competition.
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Budget Snapshot: Centre can afford to not cut its FY25 borrowing target
Money Control
·
1y ago
Medial
The central government in India can easily borrow from the domestic bond market to finance its fiscal deficit, especially with the unexpected increase in revenue from a large dividend payout by the Reserve Bank of India (RBI). This gives the government more flexibility for spending or potentially reducing the fiscal deficit. Some market participants suggest that the government could even bring down the fiscal deficit target further from the 5.1 percent of GDP stated in the interim budget.
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