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Tuesday,17-June-2025
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Business

FM Sitharaman cuts fiscal deficit to 4.4 per cent of GDP

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New Delhi, Feb1: Finance Minister Nirmala Sitharaman on Saturday presented the Budget 2025-26 in Parliament which aims to give a big push to employment-led growth with its focus on the agricultural and rural sector, MSMEs, and exports, while sticking to the fiscal consolidation path to ensure stability in the economy.

She has kept the budget deficit target on a declining path to 4.4 per cent of GDP in 2025-26 from 4.8 per cent of GDP in 2024-25.

The net market borrowing for the budget has been fixed at Rs 11.54 crore while the rest of the funds will come from small savings schemes, the Finance Minister said.

The government’s gross borrowing target for FY26 was revised upwards by 5.7 per cent to Rs 14.82 lakh crore. Earlier, it was set at Rs 14.01 lakh crore for FY25.

“In the July Budget, I committed to staying the course for fiscal consolidation… Our endeavour will be to keep the fiscal deficit each year such that the Central government debt remains on a declining path as a percentage of the GDP,” FM Sitharaman said.

“Coming to 2025-26, the total receipts other than borrowings and the total expenditure are estimated at Rs 34.96 lakh crore and Rs 50.65 lakh crore, respectively. The net tax receipts are estimated at Rs 28.37 lakh crore. The fiscal deficit is estimated to be 4.4 per cent of GDP,” the Finance Minister added.

In the FY’25 Budget, the government projected gross tax revenue at Rs 38.40 lakh crore, marking an 11.72 per cent increase from FY’24. This includes Rs 22.07 lakh crore from direct taxes (personal income and corporate tax) and Rs 16.33 lakh crore from indirect taxes (customs, excise, GST).

National

BJP, Congress engage in war of words over ‘caste’ census notification

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New Delhi, June 17: A day after the Centre notified the two-phased population census, the Congress and BJP are caught up in political bickering over former’s claims that caste clause have been given a miss.

Many Congress leaders questioned the government over ‘advertently’ dropping the caste clause from official notification on Census and also questioned its intentions behind the move, a charge strongly contested by BJP leaders.

Senior Congress leader and Odisha Congress in-charge Ajay Kumar Lallu commenting on the Census notification, questioned government’s intentions and demanded transparency.

“If the government is serious, then why is there a mismatch between its press releases and gazette notifications? The caste census remains pending. The Cabinet proposal appears more like an eyewash. We’ve always doubted the BJP-RSS regime’s intent on this issue”, said Lallu.

He also took a swipe at Uttar Pradesh Chief Minister Yogi Adityanath for rampant corruption in the state, said, “UP is the land of Baba Kashi Vishwanath, but CM Yogi is speaking lies from this holy land.”

Chhattisgarh Deputy Chief Minister Arun Sao, commenting on the issue, accused the Congress of historical betrayal and spreading deliberate misinformation.

Talking to media, Deputy CM Arun Sao said, “It is a well-known and historically documented fact who insulted Dr. Ambedkar, who conspired to defeat him in elections, and who denied him the Bharat Ratna. These are undeniable truths. The Congress should stop spreading lies.”

He further lashed out at the opposition for questioning the caste census notification. “They did nothing for 75 years except talk. Even now, when the government has officially notified the caste census for 2027, they continue to spread rumours and create confusion. But the people of this country are no longer unaware,” he added.

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disaster

Air India plane crash: 144 victims identified by DNA tests, recovery efforts intensify

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Ahmedabad, June 17: Four days after the devastating crash of Air India flight AI-171 en route from Ahmedabad to London, authorities have confirmed that 144 DNA samples have been successfully matched as of noon Tuesday, according to Gujarat Minister of State for Home, Harsh Sanghavi.

The identification process is being led by a combined team from the State Forensic Science Laboratory (FSL) and the National Forensic Sciences University, working around the clock to bring clarity to grieving families.

“This is a highly sensitive and emotional task. Every match is not just a technical confirmation, but a step toward giving closure to families waiting in anguish,” an official from the forensic unit said.

Emergency response teams remain stationed at the crash site in Meghaninagar, where investigators continue to recover personal belongings and body fragments amidst the wreckage.

Authorities have stated that all efforts are being made to ensure the dignity of the deceased and transparency in communication with the victims’ relatives.

Tata Group, which re-acquired Air India in 2022, has announced an ex gratia payment of Rs one crore to the families of each of the deceased from the AI‑171 crash near Ahmedabad. In addition, Air India has immediately released an interim relief payout of Rs 25 lakh per family — and to the lone survivor — to cover urgent needs.

The group will also cover all medical expenses for the injured and pledged financial support for rebuilding a damaged hostel at BJ Medical College. Chairman N. Chandrasekaran described it as “one of the darkest days in the Tata Group’s history.”

As of June 17, rescue and recovery efforts at the Ahmedabad crash site of Air India flight AI-171 remain intense and deeply coordinated. Over 300 firefighters, supported by 60 fire vehicles and 20 water bowsers from Ahmedabad, Gandhinagar, Vadodara, ONGC, and other nearby agencies, continue to clear debris and extinguish smouldering wreckage.

On the ground, three NDRF teams, 150 CRPF officers, Indian Army personnel, and teams from the CISF, BSF, and Western Railway Disaster Management are conducting systematic searches for remains and missing belongings.

Specialised sniffer dogs are aiding in the recovery of human remains, while Ahmedabad Police, responding to disturbing reports, have deployed animal rescue teams to safely relocate stray dogs scavenging at the crash site.

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Crime

EOW raids Indore Municipal official over disproportionate assets allegations

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Indore, June 17: The Economic Offences Wing (EOW) of the Madhya Pradesh Police on Tuesday launched raids at multiple locations linked to a senior official of the Indore Municipal Corporation (IMC), following allegations of amassing disproportionate assets.

Acting on a complaint, an EOW team from the Indore division arrived at the IMC’s Horticulture Department and conducted a thorough search of Assistant Superintendent Chetan Patil’s office. The search operation lasted for over an hour, after which the office was sealed.

Simultaneously, another EOW team, accompanied by police personnel, reached Patil’s residence in the city’s upscale Gulmohar area and began a detailed search operation. The raid at his residence was still ongoing at the time of filing this report.

According to official sources, the action was initiated following credible inputs that Patil had amassed wealth exceeding his known sources of income. Preliminary findings suggest he had acquired multiple properties in his and his family members’ names, not only in Indore but also in other districts of Madhya Pradesh.

Sources familiar with the investigation told media that Patil, who has been serving in the Horticulture Department of IMC for several years, had faced internal allegations in the past involving financial irregularities, including suspected siphoning of public funds.

During the raids, EOW officials seized several incriminating documents, including property papers, bank account details, and digital devices such as laptops. Jewellery, a significant amount of cash, and other valuables were also recovered. An evaluation of the seized assets, bank lockers, and financial records is currently underway.

This is the second such action against an IMC official in recent months. In March, the EOW had raided properties linked to Rajesh Parmar, a suspended Assistant Revenue Officer of the corporation, in connection with similar charges of disproportionate assets.

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