Karnataka expects more revenue with economic recovery: CM Bommai
Bengaluru, Sep 22: Karnataka Chief Minister Basavaraj Bommai on Thursday told the Legislative Assembly that with recovery in the economy after COVID-19 pandemic, the State is expected to receive more revenue in 2022-23 than expected.
The Chief Minister, who also holds the Finance portfolio, was speaking while piloting the supplementary estimates in the Legislative Assembly.
"Post-COVID economic recovery is on, last year we performed better than expected, in the last six months, too, as the trend continued, there has been additional revenue collection and other sources," Bommai said.
He said the State had received GST compensation of Rs 8,633 crore in the last six months.
"With the Central government's revenue collection being good, the State's share from the Centre is also likely to increase, adding to that State's performance is also good. Looking at the last six month's trend, we are likely to exceed the target," he added.
Further speaking on the GST compensation, Bommai said Rs 14,015 crore is pending, out of which Rs 8,633 has already come.
The State has also claimed additional Rs 6,000 crore and it is expected soon after the audit of the accounts by the Centre.
"Out of the GST we have to get, about Rs 6,000 crore we had to get audited by the AG ( Accountant General) and send it, it is now with the CAG. I have spoken to the Union Finance Minister Nirmala Sithraman, she has said that once CAG approval is given, the money will be released immediately," he said.
The supplementary estimates of Rs 14,762.2 crore, was passed by the Assembly today.
The Chief Minister said, as promised earlier, he has set aside a sum of Rs 857 crore for the Backward Class Department.
He also assured that strict rules would be implemented and technology like satellite and drone would be used in the identification of extraction of minor minerals.
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Gold declines Rs 1,700 to Rs 1.35 lakh/10g; snaps 4-day record rally
New Delhi (PTI): Snapping the four-day record rally, gold prices declined by Rs 1,700 to Rs 1,35,900 per 10 grams in the national capital on Tuesday as investors booked profits amid weak global cues, according to the All India Sarafa Association.
The precious metal of 99.9 per cent purity had surged by Rs 4,000 to touch an all-time high of Rs 1,37,600 per 10 grams on Monday. The metal rose by Rs 6,000 over the previous four days, trading at record highs.
"Gold prices witnessed profit booking and remained volatile, with the yellow metal slipping towards the USD 4,275 level in global markets and staying under pressure," Jateen Trivedi, VP Research Analyst - Commodity and Currency, LKP Securities, said.
Echoing sentiments, Dilip Parmar, Research Analyst, HDFC Securities, said, "Domestic gold prices also softened, curtailing a four-day advance. These losses were, however, notably mitigated by the persistent weakness in the Indian Rupee which quoted at a record low level".
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In the local bullion markets, silver prices also depreciated by Rs 1,000 to Rs 1,98,500 per kilogram (inclusive of all taxes). The white metal had ended flat at Rs 1,99,500 per kg, also its all-time high level, as per the association.
Parmar added that physical jewellery demand is expected to be subdued commensurate with the onset of the inauspicious period, investment demand is forecast to remain robust, a tendency driven by prevailing risk-averse market sentiments.
In the international markets, spot gold snapped a five-day winning streak, declining by USD 27.80, or 0.65 per cent, to USD 4,277.42 per ounce.
"Gold prices experienced a modest decline, easing following five consecutive sessions of appreciation, as market participants strategically positioned themselves ahead of a critical suite of US economic data releases this week," Dilip Parmar said.
These incoming reports are poised to offer significant clarity regarding the Federal Reserve's predilection for implementing further interest-rate cuts, a key macroeconomic catalyst for the non-yielding asset, he added.
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Spot silver also dropped by USD 1.07, or 1.67 per cent, to USD 63.02 per ounce in the overseas markets.
Bullion prices are trading lower as caution prevails ahead of US nonfarm payroll (NFP) data to be released later in the day, which will show NFP figures of both October and November, Praveen Singh, Research Analyst, Mirae Asset ShareKhan, said.
