School education gets highest allocation, revenue deficit sees decline in TN budget
Tamil Nadu will see a reduction in the absolute level of the Revenue Deficit by over ₹7,000 crore this year, reversing an alarming trend of increasing deficits every year since 2014, finance minister PalanivelThiagaRajan said while presenting the ruling DMK’s first full-fledged budget.
The fiscal deficit as a percentage of GSDP has reduced to 3.80% in the Revised Estimates from 4.33% in the Budget Estimates while the 15th Central Finance Commission has recommended this grade to be up to 4.5% of GSDP for states in 2021-22.
The financial strain caused by the Covid-19 pandemic’s third wave and the record rains last November, added to an already distressed economic situation. But despite that, the ruling DMK which formed the government in May and presented an interim budget in August, fulfilled many poll promises focused on improving the livelihood of the poor and also implemented announcements from the previous budget, Rajan said.
This has also resulted in an increase in expenditure on subsidies but the finance minister assured the House that through “prudent fiscal management” they managed to contain other expenditure. “Despite massive expenditure commitments, this government has shown unparalleled fiscal discipline and management, asking the Legislature for an increase of only 1% of the Budget Estimates in the First Supplementary Estimates to the Budget,” he said.
So, the total revenue expenditure in the Revised Estimates 2021-22 has been estimated at Rs.2,59,150.97 crore which is a decrease as against the Budget Estimates 2021-22 of Rs.2,61,188.57 crore. And the overall revenue deficit has decreased to Rs.55,272.79crore in revised estimates as against the budgeted amount of Rs.58,692.68 crore.
G7 leaders to discuss Russia's invasion on March 24 in Brussels
More than 9,000 civilians were evacuated from combat zones, including almost 5,000 from the besieged southern city of Mariupol as the Ukraine war continues. In the past 24 hours, Russian missiles landed near western city of Lviv, which has been a key gathering point for people fleeing the conflict. Russia also hit a military facility in the region about 20 miles from Poland. The number of refugees reaching Poland from Ukraine now exceeds 2 million, mostly women with children, Polish border authorities said.
MykhailoPodolyak, Ukraine’s chief negotiator in talks with Russia, said Friday the talks could take weeks or longer as the two sides discuss security guarantees, a cease-fire, withdrawal of Russian troops and a resolution of disputed areas. Ukraine, he said, will not give up any territory.
Meanwhile, US President Joe Biden warned his Chinese counterpart of “implications and consequences” if Beijing provides material support to Russia. Xi Jinping told Biden that China regrets the war, but criticised American sanctions.
EU officials are discussing the possibility of using the assets of sanctioned Russian tycoons to help fund Ukraine’s war recovery efforts, Bloomberg reported, quoting three people familiar with the matter.
Oil steadies near $103 after jumping on doubts over Moscow-Kyiv peace talks
Oil was steady in Asia -- after the biggest daily surge in 16 months pushed prices back above $100 a barrel -- as the Kremlin cast doubt on the progress of peace talks with Ukraine.
Futures in New York traded near $103 a barrel after jumping 8.4% on Thursday. Crude rallied after a Kremlin spokesman said a report of major progress in negotiations over Ukraine was “wrong,” but that discussions will continue. Oil is still set for a second weekly loss after another tumultuous period of trading that’s seen West Texas Intermediate swing over $9 in three sessions.
The market has been whipsawed by developments surrounding the war and concerns about Covid-19 lockdowns in China, with a liquidity crunch adding to oil’s volatility and leaving prices vulnerable to big swings. Russian crude is still being treated with extreme caution by buyers worried about damage to their reputation or falling foul of sanctions.
Russia’s invasion of Ukraine has fanned inflation, providing a challenge to central banks and governments as they seek to encourage economic growth after the pandemic. The Federal Reserve this week raised interest rates and signaled further hikes to tackle the fastest price gains in four decades.
Global benchmark Brent has swung by more than $5 a barrel for 16 consecutive sessions -- the longest run of such volatility ever. The extent of the liquidation shows up in open interest figures. Holdings for WTI fell to the lowest since 2016, while those for Brent were the lowest since 2015.
Barcelona to face Frankfurt in Europa quarters, West Ham get Lyon
Former European champions Barcelona were drawn against German side Eintracht Frankfurt in the quarter-finals of the second-tier Europa League on Friday while West Ham United face a tough challenge against Olympique Lyonnais.
Barcelona beat Napoli and Galatasaray in the previous rounds under new coach Xavi Hernandez while Frankfurt eliminated Real Betis in a tense tie that went to extra time in the second leg.
The two German sides avoided each other after RB Leipzig were drawn against Italian side Atalanta.