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Maharashtra forms Kelkar panel to tackle fiscal stress, boost revenues

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Mumbai, Sep 17: In a major push to reinforce Maharashtra’s fiscal health and support its long-term growth roadmap, Maharashtra Chief Minister Devendra Fadnavis announced the constitution of the Maharashtra Sustainable Public Finance Committee.

Headed by renowned economist and former Union Finance Secretary Dr Vijay Kelkar, the high-level panel, which was announced late Wednesday evening, is tasked with recommending measures to ensure sustainable growth in tax and non-tax revenues.

The decision forms an integral part of the state’s ‘Viksit Maharashtra @ 2047’ vision document, which outlines a strategic roadmap to scale the state’s economy to $1 trillion by 2030 and $5 trillion by 2047—coinciding with the centenary of India’s Independence.

The panel has been tasked with making recommendations to modernise the tax system, plug revenue leakages, and rationalise tax rates, fees, and exemptions; identify untapped revenue streams and maximise returns from public assets and state enterprises; streamline public spending while balancing expanding committed expenditures such as salaries, pensions, interest payments, and welfare schemes; and devise a fiscally responsible roadmap to reduce reliance on borrowings for infrastructure projects and budget deficits.

The Kelkar Committee comprises Prof Karthik Muralidharan (founder-director, CEGIS), Dr Nitin Kareer (former Chief Secretary, Maharashtra), T Rabi Sankar (former Deputy Governor, Reserve Bank of India) and Dr Ashima Goyal (President, The Indian Econometric Society).

The formation of the panel comes at a critical juncture for Maharashtra. While the state actively pursues an investment-led growth strategy across core sectors—including infrastructure, human resource development, water security, urban management, and energy transition—it faces growing fiscal constraints.

Maharashtra government’s Vision document has suggested restructuring the government expenditure policy to align with long-term capital formation, identifying alternative financing models and private capital inflows.

Fiscal deficit targets are capped within standard Fiscal Responsibility and Budget Management (FRBM) boundaries, targeting 2.8 per cent to 3.0 per cent of Gross State Domestic Product (GSDP) while keeping the revenue deficit under 0.7 per cent of GSDP, and implementation is tracked quarterly via a dedicated Vision Management Unit chaired by the chief minister.

Adhering to the targets set under the FRBM Act has proved challenging due to rising welfare commitments and debt servicing costs. Consequently, the government has frequently resorted to market borrowings to fund capital projects and offset short-term liquidity shortfalls.

The newly appointed Kelkar Committee is expected to deliver structural fiscal remedies to reverse this trend and secure long-term financial sustainability for the state.

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PhonePe and DPCGC forge partnership to drive regulatory compliance in the OTT ecosystem

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New Delhi, Oct 9: PhonePe and the Digital Publisher Content Grievances Council (DPCGC), a self-regulatory body under the aegis of the Internet and Mobile Association of India (IAMAI), have announced the signing of a Memorandum of Understanding (MoU).

The partnership aims to facilitate seamless SRO certification for all merchants, champion regulatory compliance, and drive merchant education for all merchant partners onboarding on PhonePe’s Payment Gateway.

Under applicable Indian regulations, over-the-top (OTT) or Publishers of Online Curated Content (OCCPs) are legally required to be members of a recognised self-regulatory organisation (SRO) for grievance redressal.

Pioneering a compliance-first approach, PhonePe enforces this regulatory requirement as a mandatory prerequisite during its merchant onboarding process.

DPCGC is a Level II SRO formed under the IT Rules, 2021, which is registered with the Ministry of Information and Broadcasting.

Through the MoU, PhonePe and DPCGC aim to drive merchant education and awareness.

Recognising the limited awareness among OTT/OCCPs regarding SRO compliance, the joint initiative will educate both existing and prospective merchants on regulatory requirements and seamlessly facilitate their SRO certification through DPCGC.

The partnership further strengthens PhonePe’s position as a trusted, robust, and compliant payment partner tailored for the rapidly growing OTT ecosystem.

Dr. Subho Ray, President of IAMAI, said, “DPCGC, established under the IT Rules, is committed to efficiently addressing concerns and grievances related to OTT platforms through self-regulation.

This collaboration between DPCGC and PhonePe will foster greater alignment and adherence to the Code of Ethics, expanding the reach of self-regulation and strengthening its benefits for both the industry and its users.”

Deep Agrawal, Head of Payments at PhonePe, added, “At PhonePe, compliance and trust are at the core of everything we build. The OTT segment has exploded in terms of coverage and penetration over the last couple of years.

Agrawal further stated that our MoU with DPCGC will allow us to educate the OTT platforms to seamlessly drive higher awareness about customer grievance redressal, reinforcing PhonePe as the most trusted & compliant growth partner for India’s booming OTT ecosystem.”

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DRI seizes gold worth Rs 1.8 crore hidden in luggage trolley, probe underway

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The Directorate of Revenue Intelligence (DRI) has seized 1.3 kg of gold biscuits worth Rs 1.8 crore in a smuggling operation involving luggage trolleys. Two accused transported the gold from Kuala Lumpur, Malaysia, and concealed the biscuits by sticking them to luggage trolleys.

The accused allegedly targeted unsuspecting passengers who picked up these trolleys and crossed customs. They reportedly followed the passengers and later retrieved the gold from the trolleys, using innocent travellers as unwitting carriers without their knowledge.

Acting on intelligence inputs, DRI officials seized the gold. The investigation is expected to focus on the alleged smuggling network and the modus operandi used to transport the gold through unsuspecting passengers.

Earlier, on October 4, the DRI had seized a cumulative 15.59 kg of narcotic drugs, including amphetamine, cocaine and heroin, in three separate intelligence-led operations, the Finance Ministry said. Five people were arrested under the provisions of the Narcotic Drugs and Psychotropic Substances (NDPS) Act, 1985.

In one operation, the DRI, in coordination with the Central Bureau of Narcotics (CBN), had intercepted a car suspected of carrying amphetamine at the Ujjain-Dewas Toll Plaza in Madhya Pradesh.

When signalled to stop, the driver had allegedly broken through the barricade and sped away. The officers pursued the vehicle in a high-speed chase lasting approximately 1.5 hours before intercepting it near Bicholi Mardana in Indore.

A detailed search of the vehicle led to the discovery of the contraband concealed inside the spare tyre mounted on the rear door of the Thar, according to the statement.

Earlier, on October 2, the DRI’s Mumbai Zonal Unit had busted an international syndicate involved in smuggling 8.5 kg of gold worth Rs 12.65 crore into India and trafficking 1,168 carats of diamonds worth Rs 1.09 crore out of the country to Dubai through Chhatrapati Shivaji Maharaj International Airport (CSMIA).

The DRI had arrested eight members of the syndicate for their alleged involvement in trafficking valuables into and out of the country.

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India’s WTO fisheries ratification a pragmatic step with focus on fair Phase 2

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New Delhi, Oct 8: India’s decision to ratify Phase 1 of the World Trade Organization’s Agreement on Fisheries Subsidies is a pragmatic step to curb illegal, unreported and unregulated fishing while preserving its policy space on issues that directly affect small-scale and artisanal fishers, an official statement said on Thursday.

The statement from the Ministry of Fisheries, Animal Husbandry & Dairying said India deposited its Instrument of Acceptance on July 20, 2026, and that the ratified phase targets IUU fishing, overfished stocks and unregulated high‑seas fishing.

“It does not cover the more difficult questions of overcapacity and overfishing, including subsidies for fuel, gear, ice, vessel construction and modernisation,”

“Those issues belong to Phase 2, where India continues to seek fair and differentiated treatment for developing countries,” the statement said citing views of Dr. M. Krishnan, former Principal Scientist & Head, ICAR – CIFE and Dr. P. Krishnan, Director, BOBP-IGO.

India supports measures aimed at the most harmful fishing practices but insists conservation rules must not reduce the development space of coastal communities that depend on marine fisheries for livelihoods.

“For India, the challenge is not whether to support conservation, but how to ensure that conservation does not come at the cost of equity,” the statement, calling the country’s position principled and practical.

India made clear that its ratification of Phase 1 does not weaken its demand for a longer transition period and more flexible treatment in Phase 2. The call for a 25-year transition period for developing countries within their exclusive economic zones remains part of the broader negotiating position.

India also insists that subsidy disciplines should be assessed using a per-fisher benchmark, rather than through comparisons that overlook vast differences in scale, capacity and state support.

Across the Bay of Bengal region, fisheries are a source of food security, employment and social stability for millions of small-scale fishers rather than merely an economic activity.

Hence, any multilateral discipline on subsidies must recognise the realities of artisanal and coastal fisheries in developing countries, where support is often aimed at livelihood protection rather than industrial expansion.

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