Kerala, Goa, Chandigarh best governed states and union territory, says PAC

wayne

Kerala was adjudged the best-governed state in the country, while Uttar Pradesh ended at the bottom in the large states category, according to the Public Affairs Index-2020 released by the Public Affairs Centre here on Friday.


In its annual report released on Friday, the city-based not-for-profit organisation, headed by former Indian Space Research Organisation (ISRO) chairman K Kasturirangan, said the states were ranked on governance performance based on a composite index in the context of sustainable development.



Four southern states, Kerala (1.388 PAI Index point), Tamil Nadu (0.912), Andhra Pradesh (0.531) and Karnataka (0.468) stood in the first four ranks in the large state category in terms of governance, it said.


Uttar Pradesh, Odisha and Bihar were at the bottom of the ranking, scoring negative points in the category. They got -1.461, -1.201 and -1.158 points respectively.


In the small state category, Goa ranked first with 1.745 points, followed by Meghalaya (0.797) and Himachal Pradesh (0.725).


Worst performers who scored negative points are Manipur (-0.363), Delhi (-0.289) and Uttarakhand (-0.277), according to the PAC report.


Chandigarh emerged the best governed union territory in the category of UTs with 1.05 PAI

Covid-19: Remittances to India to drop by 9% in 2020, says World Bank

wayne


The on Thursday said to India would fall this year by nine per cent to $76 billion due to the ongoing coronavirus pandemic and global economic recession.


India followed by China, Mexico, the Philippines, and Egypt continue to be the top five countries in 2020 to receive foreign remittances, the said in its latest report.



As the Covid-19 pandemic and economic crisis continues, the amount of money migrant workers send home is projected to decline 14 per cent by 2021 compared to the pre-Covid-19 levels in 2019, according to the latest estimates published in the World Bank’s Migration and Development Brief.


The impact of Covid-19 is pervasive when viewed through the lens of migration as it affects migrants and their families who rely on remittances, said Mamta Murthi, Vice President for Human Development and Chair of the Migration Steering Group of the


Remittance flows to low and middle-income countries (LMICs) are projected to fall by 7 per cent to $508 billion in 2020, followed by a further decline of 7.5 per cent to $470 billion in 2021.


The

I-T refunds worth Rs 1.26 trn issued to 3.9 million taxpayers till Oct 27

wayne


The Income Tax department has issued refunds worth over Rs 1.26 lakh crore to over 39 lakh taxpayers this fiscal so far.


This include personal income tax (PIT) refunds amounting to Rs 34,532 crore and corporate tax refunds amounting to Rs 92,376 crore during this period.



Rs 1,26,909 crore tax refunds issued. 39.14 lakh taxpayers got refunds. Income tax refunds of Rs 34,532 crore have been issued in 37,21,584 cases. Corporate tax refunds of Rs. 92,376 crore have been issued in 1,92,409 cases (till 27th Oct,2020), the Office of Minister of State for Finance Anurag Thakur tweeted.

(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

Dear Reader,

Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of

States cut FY20 capital expenditure by 0.6% of GDP, says RBI study

wayne


States may see a massive cut in capital expenditure in FY21 due to the revenue impact of the pandemic, the Reserve Bank of India said in its annual study of state finances released on Tuesday.


The report “State Finances: A Study of Budgets of 2020-21” found that states drastically cut their capex by Rs 1.26 trillion, or nearly 0.6 per cent of the country’s gross domestic product (GDP), in the previous fiscal year 2019-20. This is the sharpest cut in at least two decades, the report shows, and it happened before the pandemic hit the economy.



The cut in capex in FY20 was so big that the rate of capital spending to GDP dropped from the 2018-19 levels for all states, the report said. The prevailing economic situation may force states to do the same this year, the report noted.


“States have a tendency to cut their capital expenditure by almost 0.5 per cent of GDP, on average, to meet fiscal deficit targets. A similar tendency relative to Budget estimates can be expected in 2020-21, particularly since states have not been able to start much capex because of lockdown

M&M Financial Services’ net profit rises 21% to Rs 304 crore in Q2

wayne


Mahindra & Mahindra Financial Services’ net profit rose by 21 per cent to Rs 304 crore in the second quarter ended September (Q2Fy21), from Rs 252 crore in the same quarter a year ago.


The provisions and write-offs stood at Rs 619.4 crore in Q2Fy21, up from Rs 360.7 crore in the year-ago period. It made higher level of impairment provisions of Rs 433 crore during quarter through management overlay to reflect deterioration in the macroeconomic outlook.



Its loan book rose to Rs 64,389 crore at the end of Q2 from Rs 63,793 crore a year ago.

Dear Reader,

Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.

We, however,

Covid-19: India has potential to shape global agenda, says WEF’s Schwab

wayne


Bullish on India’s power to shape the global agenda, the WEF’s Founder and Chairman Klaus Schwab has said the country’s early policy response to the Covid-19 pandemic was strong and now its biggest opportunity lies in leapfrogging to a more digital and sustainable economy.


He further said he remains optimistic about India and as the country continues its quest to build “a stronger and more equal nation, the world will watch it for inspiration.” “With its demographic advantage and extensive diversity, India has the power to shape the global agenda and define our collective future,” Schwab told PTI in an interview from Geneva where the (WEF) is based.


Schwab, who founded WEF over 50 years ago, said, “The early policy response in India to mitigate the impact of the pandemic was strong; from an early lockdown, to large-scale food rations to over 800 million people risking starvation, to collateral-free credit for small businesses.” “But what it couldn’t prevent is that this pandemic has put millions of informal workers, low-income migrant workers and daily-wage earners in a state of extreme insecurity. Protecting their lives and livelihoods is the prime concern today, as

Subscribe Now