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Time of India
6 days ago
- Business
- Time of India
Bihar's GSDP grew at 14.47 % in fiscal 2023-24: CAG
Patna: The state finances audit report of the Auditor and Comptroller General of India (CAG) on the govt of Bihar, tabled on the floor of the state legislature on Thursday, mentioned that during the financial year 2023-24, the GSDP of the state grew by 14.47 per cent over the previous year. The report said that during the same financial year, the liabilities of the state increased by 12.34 per cent over the previous year, with internal debt contributing 59.26 per cent of the total outstanding liabilities of the state. Net liabilities under internal debt increased by 13.51 per cent over the previous year, it said. As per the report, the committed expenditure, including interest payments, salaries, and pensions, constituted 36.89 per cent of the revenue expenditure and 36.35 per cent of the revenue receipts of the state during 2023-24. The committed expenditure increased at an average rate of 8.86 per cent, from Rs48,477.72 crore in 2019-20 to Rs70,282.32 crore in 2023-24, the report said. If the report is to be believed, the state's outstanding liabilities to GSDP ratio ranged from 33.24 per cent to 40.01 per cent during 2019-20 to 2023-24. The major component of the liabilities was internal debt (70.99 per cent during the current year), which included market borrowings. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Top 15 Most Beautiful Women in the World Undo The CAG report also mentioned that during the same period, the state had a revenue surplus of Rs2,833.06 crore over the revenue deficit of Rs11,288.20 crore during the previous year. "The fiscal deficit of the state decreased to Rs35,659.88 crore in the financial year 2023-24 from Rs44,823.30 crore in 2022-23," it said. According to the report, the revenue receipts of the state increased by 11.96 per cent over the previous financial year. Similarly, the contribution of the state's share in union taxes and duties and own tax revenue increased by 18.95 per cent (Rs18,094 crore) and 9.87 per cent (Rs4,343 crore) respectively, over the previous year. Similarly, the non-tax revenue increased by 27.14 per cent, whereas grants-in-aid from GoI decreased by 9.99 per cent over the previous year. The CAG report stated that the total budget of the state was Rs3,26,230.12 crore for the financial year 2023-24, but the state spent only 79.92 per cent of the total budget, which was less than its original budget. It said the state surrendered 36.44 per cent of its total savings of Rs65,512.05 crore. It added that the state incurred excess expenditure of Rs39.47 crore over the budgetary provisions in two grants. The report further highlighted that savings under 08 grants constituted 42 per cent of the total savings. "Most of the savings pertained to rural development, health, rural works, disaster management, and agriculture departments. In 17 grants, there were significant savings of more than 30 per cent," said the CAG report.
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First Post
7 days ago
- Business
- First Post
Pakistan farmers threaten wheat cultivation boycott over 'unethical' farm tax
Sindh Chamber of Agriculture (SCA) alleged that a new 45 per cent income tax on farm earnings was introduced under pressure from the IMF and threatened of a widespread wheat cultivation boycott in protest read more In a development reflecting rising rural frustration at mounting economic pressures in Pakistan's farm belt and potentially spelling a world of trouble for food security in the cash-strapped nation, Sindh's largest agricultural body said it would mount a legal challenge against a new 45 per cent income tax on farm earnings, branding the levy 'unconstitutional, illegal and unethical'. The Sindh Chamber of Agriculture (SCA) warned of a widespread boycott of wheat cultivation in protest, escalating tensions between farmers and the provincial government. STORY CONTINUES BELOW THIS AD The chamber convened in Pakistan's Hyderabad on Tuesday (July 22) under the leadership of its patron-in-chief, Dr Syed Nadeem Qamar, to formalise its response. It alleged the tax was introduced under pressure from the International Monetary Fund (IMF), with the move drawing strong resistance from growers who argue that poor returns on crops leave no room for additional fiscal burdens, Dawn reported. Farmers attending the meeting said they were struggling to receive adequate prices for their produce and slammed the government's tax move as unjustified. The SCA responded by instructing farmers across Sindh to refrain from paying the new tax, adding that if authorities attempted arrests, 'millions of other farmers would also court arrest.' 'We are ready to face imprisonment, but will not pay the agricultural income tax,' the group's leaders declared. Participants vowed full-scale defiance, comparing their treatment unfavourably to industrialists, who they said had been granted tax exemptions. The SCA also declared a boycott of wheat cultivation for the 2025-26 season, citing inadequate support prices. Instead of sowing wheat, the SCA said farmers would switch to alternative crops such as mustard, nigella (kalonji), sunflower and other oilseeds. The group said growers were unable to recover their costs due to low wheat prices and declared 2025-26 a 'boycott year' for the staple crop. The chamber also raised alarm over a 40 per cent decline in cotton output, forecasting a total yield of no more than four million bales. It said that although the Sindh agriculture minister had pledged a support price of Rs11,000 per maund, farmers were currently receiving just Rs6,500. STORY CONTINUES BELOW THIS AD The SCA called for the immediate removal of an 18 per cent local tax on cotton and demanded a 25 per cent tariff on imported cotton to encourage domestic production. At the same time, it voiced concern over the surging cost of key inputs, noting a PKR 22 per litre jump in diesel prices and a PKR 600 increase in DAP fertiliser per bag over just a fortnight. Such rising costs, paired with stagnant farmgate prices, were pushing cultivators to the brink. The chamber warned that this squeeze signalled a 'deliberate destruction' of the agricultural sector and called on the authorities to reverse the price hikes on diesel, fertiliser, seeds and pesticides immediately. Farmers were urged to register for the government's Benazir Hari Card via local administrative offices to access welfare benefits. The chamber also demanded that existing subsidies of PKR 10,000 per acre– currently applied to sunflower and canola– be extended to mustard and rapeseed crops as well. STORY CONTINUES BELOW THIS AD The meeting included senior figures from Sindh's farming leadership, including Sindh Irrigation and Drainage Authority Chairman Kabool Khatian, general secretary Zahid Bhurgari and agricultural organisers from across the province.
Hans India
19-07-2025
- Business
- Hans India
Milk sales, procurement drive Heritage Foods to highest-ever Q1 revenue
Hyderabad: Heritage Foods Limited, a leading Indian dairy brand, reported its highest-ever quarterly revenue of Rs11,368 million for the first quarter of FY26, registering a 10% year-on-year growth despite headwinds from unseasonal rainfall across its key markets. The company, which is celebrating 34 years of operations, attributed its strong performance to steady progress in milk procurement, resilient milk and value-added product (VAP) sales, and its continued focus on quality, innovation, and farmer empowerment. Heritage also unveiled its 'Vision 2030' strategy to become India's most admired dairy nutrition brand. During the quarter ended June 30, 2025, milk procurement increased 9.9% YoY to 17.8 lakh litres per day, while milk sales rose 2.8% to 11.6 lakh litres per day. Average milk selling prices also improved by 2.9% to Rs56.4 per litre. Although the early arrival of monsoon rains in April and May muted demand for VAPs like curd, buttermilk, and ice cream—resulting in a slight drop in VAP contribution to overall revenue from 37.5% to 36.1%—the segment recovered in June, with Q1 VAP sales rising 5.5% YoY to Rs4,034 million. Including Ghee and Butter, total VAP revenue reached Rs4,540 million, up 7.4% YoY, contributing 40.6% to total revenue. The company also saw cost pressures, as raw milk prices increased by 4.74% YoY. Blended revenue per kg rose by 4.1%, but a lower VAP mix and selective pricing strategies caused margin compression, with EBITDA dropping 21% YoY to Rs739 million and profit after tax (PAT) falling 31% to Rs405 million. Strategically, the board approved increasing its stake in Heritage Novandie Foods Pvt Ltd (HNFPL) to 94.4%, enhancing control over the yogurt supply chain. Capital investments in an upcoming greenfield ice cream facility and other VAP projects are expected to accelerate growth in the coming quarters. Subsidiary Heritage Nutrivet Limited posted standout results, with revenue rising 26% YoY to Rs533 million and profit before tax jumping 130% to Rs67 million. The company also rolled out a 360° marketing campaign and launched a refreshed range of Heritage Livo flavored milk and high-protein yogurts, targeting health-conscious consumers. Additionally, Heritage was recognized among 'India's Best Workplaces in FMCG' by the Great Place to Work Institute. Executive Director Brahmani Nara expressed confidence in the company's trajectory: 'This quarter's performance, despite inclement weather, reflects the strength of our brand portfolio and robust procurement system. With rising consumer loyalty, expanding networks, and innovation-led momentum, we are poised for strong growth in the rest of FY26.' Heritage Foods will host an earnings call on July 18, 2025, at 11:00 AM IST to discuss results. Details are available on the company website.
Express Tribune
18-07-2025
- Business
- Express Tribune
Passenger train fares jacked up by 2%
The Pakistan Railways has made a 2% increase in the fares of passenger trains in view of a hike in the price of High Speed Diesel (HSD). This increase in fares will take effect from today, July 18. An undated office memorandum seen by The Express Tribune directed the director IT to ensure the announcement of the new fares on the PR website. The railways has also increased the rate of its freight trains transporting coal by 3% and the trains transporting rock phosphates and fertilizers by 2%. These hikes will apply from July 21. The government on Tuesday raised the prices of petroleum products by up to Rs11 per litre for the second half of July in a regressive step that is likely to exacerbate the economic hardships of people. According to a notification issued by the Finance Division on July 15, petrol price went up by Rs5.36 - from Rs266.79 to Rs272.15 per litre, while the price of the HSD rose by Rs11.37 per litre - from Rs272.98 to Rs284.35 for the July 16-31 period. This hike in the HSD price increased the cost of the PR operation by Rs4 million [39,86,500] per day and around R199 million [119,500,000] per month. On an average, the PR consumes around 350,000 litres of HSD on a daily basis.
Time of India
17-07-2025
- Time of India
NMC mops up Rs79L fine from road encroachers in 6 months
Nagpur: In a bid to ensure smooth traffic flow and maintain public cleanliness, the Nagpur Municipal Corporation (NMC) has stepped up its campaign against those who block public roads by erecting pandals, shamianas, and decorative gates for private or public events. Tired of too many ads? go ad free now Over the past six months — from January 1 to June 30, 2025 — the civic body's Nuisance Detection Squad (NDS) took action against 7,118 violators and collected a whopping Rs79,23,650 in penalties. The crackdown is part of NMC's ongoing 'Swachh Nagpur' initiative, which aims to make the city cleaner, healthier, and more beautiful. Under the guidance of municipal commissioner Abhijeet Chaudhari, the civic body prioritised actions that ensure uninterrupted mobility and better civic discipline. To prevent traffic congestion caused by unauthorised encroachments during ceremonies and functions, NMC formed dedicated teams under NDS. These teams have been conducting regular inspections across all zones of the city. The squad's actions are also driven by citizen complaints, which are taken seriously and acted upon immediately. The Dharampeth zone topped the chart with the highest number of violations, where 1,212 individuals were penalised and fines totalling Rs17,89,200 were collected. It was followed by Hanuman Nagar, which recorded 1,174 cases and fines amounting to Rs11,59,100. In Nehru Nagar, 563 people were fined, generating Rs8,89,500 in revenue for the civic body. Other zones, including Laxmi Nagar, Dhantoli, Gandhibagh, Satranjipura, Lakadganj, Ashi Nagar, and Mangalwari, also saw significant action. In each of these areas, hundreds of cases were registered and lakhs of rupees collected in fines. Tired of too many ads? go ad free now Officials emphasised that the primary goal is not just penalisation but also awareness. "The campaign aims to sensitise citizens about the importance of keeping roads obstruction-free and public spaces clean. The NDS' work reflects NMC's commitment to enforce civic discipline while creating a more organised and accessible urban environment for all," they said.
