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The Latest Breaking News from Deficit

State govt. sanctions ₹781 cr. to improve rural roads, bridges

TN govt grants ₹781 cr to improve 285 rural roads, 141 bridges. Also, ₹843.40 cr for Ops, Maint & Deficit Grant Fund. Vertical sharing ratio of 51:49 for rural & urban local bodies, 55:39:6 for village panchayats, panchayat unions & district panchayats.

The Hindu

Out-of-towners bring average $523 each with visits to Canberra Theatre

Interstate theatre visitors spent a combined $16.8 million in 2022-23.

The Canberra Times

Ecosystem in Cauvery’s birthplace cries for attention amidst 42% deficit in Southwest monsoon rainfall

The dwindling storage in Karnataka’s Cauvery basin reservoirs due to drought prevailing in the State has caused concerns in the downstream areas, besides typically escalating the legal tussle over inter-State sharing of the river water. But the plight of the sensitive ecosystem of Kodagu, which is the main catchment area as…

The Hindu

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MGNREGS is a demand-driven scheme, no question of deficit in it: Rural Development Minister Giriraj Singh

Union Minister Giriraj Singh says MGNREGS is demand-driven, no scope of deficit. Finance Ministry has given blank cheque to meet shortfall. Govt. has shifted to DBT & Aadhaar seeding of job cards to bring transparency.

The Hindu

More English councils face bankruptcy, leaders warn, as deficits reach £4bn

Budgets ‘under pressure like never before’ due to inflation and rising demand for social care, with deep cuts to services likely

The Guardian - UK

Chicago’s budget deficit may force Mayor Johnson to shift his taxation policy

The mayor and his team filled the 2024 deficit with one-time fixes. Odds are that next year will start with a budget shortfall similar to this year’s, and the available tax fixes are all regressive.

Chicago Sun-Times

Karuvannur Service Co-operative Bank scam | Depositors in dire straits

The multi-crore loan scam at Karuvannur Service Cooperative Bank in Kerala’s Thrissur district may have a ripple effect on other institutions working with community-owned and controlled assets, finds Mini Muringatheri

The Hindu

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West Bengal releases ₹197 crore as crop insurance to farmers under Bangla Shasya Bima

West Bengal government releases ₹197 crore to 2.46 lakh farmers unable to sow paddy due to deficit rainfall. Under Bangla Shasya Bima (BSB) scheme, State government has paid ₹2,400 crore to 85 lakh farmers, no premium payment required, Mamata Banerjee said

The Hindu

Hydel storage: KSEB pinning hopes on northeast monsoon

KSEB hopes NE monsoon will improve hydel reservoir storage ahead of summer 2024. Storage currently lowest since 2016-17, 45% in Idukki. SW monsoon ended with 34% deficit. NE monsoon expected to bring above normal rainfall, but accounts for only 20% of annual rainfall. Cool weather keeping energy consumption at manageable…

The Hindu

Sindhu sweats past Vietnam’s Nguyen to enter Arctic Open semis

P.V. Sindhu overcame a first-game deficit to defeat Vietnam's Thuy Linh Nguyen in a 91-min battle, advancing to the Arctic Open Super 500 semis. Struggling to get into her elements before the Paris Olympics, Sindhu will face China's Wang Zhi Yi in her bid to win her first BWF title…

The Hindu

Goods exports dipped, but August tally lifts outlook

Goods exports dipped 2.6% from last September to hit a three-month low of $34.47 billion

The Hindu

Inflation Won't Go Away Until Congress Gets the Deficit Under Control

The Federal Reserve's higher interest rates were supposed to trigger changes to fiscal policy. So far, that hasn't happened.

Reason

State’s capex declined over 7% so far in 2023-24

Tamil Nadu has reduced capital expenditure by 7.37% in 2023-24 (till Aug) compared to 2022-23. The State had budgeted ₹44,366 crore for capital expenditure and spent 22.44% of it. Govt is monitoring capital works to spur growth and manage revenue deficit at budgeted level of ₹37,540 crore. Debt to GSDP…

The Hindu

India has high debt like China, but risks are moderated: IMF

IMF official advises India to have ambitious fiscal consolidation plan to bring down deficits. Debt is high but risks moderated by long maturities, domestic holdings, and high growth. Suggests revenue and spending reforms, public investments, and improved fiscal management.

The Hindu

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The Hindu

With scanty rain and RE deficit, Karnataka falls short of power while demand surges

The failure of the southwest monsoon and a surge in demand across various sectors has resulted in an unprecedented power situation in Karnataka with a mismatch in availability in demand. While the previous year’s power demand in the State on October 9 was 8,818 MW, on the same day this…

The Independent UK

Sean McDermott hopes Bills return to London despite loss to Jaguars

The Bills found themselves up against an 11-0 deficit after the first quarter.

The Hindu

State’s total revenue receipts increased marginally in 2023-24

TN's revenue receipts up 5.47% to ₹92,967.33 cr till Aug. SOTR increased to ₹59,616.01 cr, revenue deficit at ₹17,614.98 cr. Assembly session to commence on Monday, with focus on Kalaignar Mahalir Urimai Thittam & borrowings of ₹18,000 cr in Q3.

USA Today Sports Media Group

LSU overcomes 15-point deficit to topple Missouri

LSU rallied to topple Missouri in SEC play

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The Hindu

Budget deficit in MGNREGS an indicator of the deepening rural distress: Jairam Ramesh

Congress leader Jairam Ramesh: MGNREGS budget exhausted in six months of the current financial year, indicating "deepening rural distress" and “rising inequality". Modi government’s priorities seen in 48% SUV sales, while digitisation used to discourage demand for MGNREGA.

The Hindu

As rains failed, Varuna Mitra registers spike in calls from farmers

Farmers in Karnataka anxious due to 28% rainfall deficit in southwest monsoon. Varuna Mitra helpdesk received record 3.08 lakh calls in June and 2.94 lakh calls in Sept. Calls in extreme deficit months rose to all-time high, reflecting farmers' distress.

Barchart

Stocks Move Lower as Bond Yields Firm

What you need to know… The S&P 500 Index ($SPX ) (SPY ) today is down -0.75%, the Dow Jones Industrials Index ($DOWI ) (DIA ) is down -0.41%, and the Nasdaq 100 Index ($IUXX ) (QQQ ) is down -1.25%. Stocks this morning are moderately lower. A smaller-than-expected increase...

The Hindu

Karnataka facing ‘green drought’ in several parts with nil or severely reduced yield, says Minister

Karnataka urges drought review team from the Centre to assess impact of rainfall deficit on agriculture. While the State is expecting ₹4,860 crore from the Centre, the estimates losses in agriculture is pegged at ₹30,432 crore. The 10-member team will be touring 13 drought-hit districts till October 8.

USA Today Sports Media Group

U.S. Ryder Cup team squanders opportunity to cut into deficit; Team Europe leads 6½-1½

Team USA failed to earn a full point in any match on Friday.

The Guardian - UK

Wilko owed £625m when it collapsed, leaving pension fund £50m short

Retailer’s unsecured creditors, who include suppliers, will recoup less than 8% of what they are owed

Autosport

Vasseur: Ferrari can’t "postpone the fight" with Mercedes to 2024 F1 season

In the four races held since the summer break, Ferrari has passed Aston Martin for third place in the constructors’ championship, and cut the deficit to Mercedes in second from 56 points to 20, while Carlos Sainz became the first non-Red Bull winner of the season in Singapore.

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