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Curretn Affairs 14 August 2013



US posts $98 billion budget deficit in July

The United States ran a budget deficit in July, although government revenues increased from a year earlier due to tax hikes and a strengthening economy, The US government spent $98 billion more than it took in last month, with the deficit driven by spending on healthcare programs, pensions for the elderly and the military. The country has run full-year budget deficits continuously since 2001, and the amount of red ink has grown immensely since 2009 when a surge in unemployment fueled higher spending on the social safety net. Another factor that has been leading to a lower deficit is the steam that appears to be gathering in the US economy. That is also lifting tax receipts, which rose to $200 billion in July from $185 billion in July 2012.

 

Khel Ratna for ace shooter Ronjan Sodhi, Virat Kohli gets Arjuna Award

Trap shooter Ronjan Sodhi, the first Indian to win two back-to-back World Cup gold medals, was today recommended for the prestigious Rajiv Gandhi Khel Ratna, while star cricketer Virat Kohli was among the 14 sportspersons picked for the Arjuna award by the selection committee here. Gagan Narang had been presented the award in 2011, followed by Vijay Kumar in 2012

 

For social returns on CSR, corporates can invest in SIBs

Social impact bonds should interest Indian companies looking to meet their 2 per cent CSR commitment. They allow the private sector to participate in welfare programmes and are strongly linked to social outcomes

 

Anna Hazare to ring the bell at Nasdaq

Indian Americans here are preparing to throw a red-carpet welcome to anti-corruption crusader Anna Hazare, during his two-week visit to the US, a kind of welcome, which has not been seen for a non-politician from India During his stay in the US, Hazare is scheduled to crisscross the country after leading India’s Independence Day parade in New York to be attended by thousands of people, ring the bell at Nasdaq and have dinner with the South Carolina Governor Indian American Nikki Haley.

 

Cabinet approves setting up of Tax Administration Commission

The Union Cabinet today approved the proposal for setting up of the Tax Administration Reform Commission (TARC). Finance Minister P. Chidambaram in his Budget Speech 2013-14 had announced a proposal to set up the Commission.  The Commission will consist of a Chairman, two full-time members and four part-time members, of which at least will be from the private sector.

 


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