Advocate for pro-growth approach in tax devolution among states: Siddaramaiah tells Sitharaman
According to an official release, the Chief Minister informed the Finance Minister that Karnataka's share in tax devolution had declined significantly under the 15th Finance Commission, from 4.713 per cent to 3.647 per cent, amounting to a reduction of over 23 per cent.
The release further stated that Karnataka was also not allocated Rs 11,495 crores of the special grants. As a result, the state has lost a total of Rs 80,000 crores during the award period.
A major reason for this is the overreliance on the income-distance criterion, which received 45 per cent weightage under the 15th FC. The state has requested that the 16th FC reduce the weightage for income distance by 20 percentage points and reallocate it to fiscal contribution, which is the state's share of national GDP.
'We have also requested to discontinue Revenue Deficit Grants in their current format, as they are against the principles of fiscal discipline as proposed in the FRBM framework. We have proposed that the same amount -- which was 1.92 per cent of Gross Union Receipts under the 15th Finance Commission -- should be redistributed among all states using the horizontal devolution formula,' Siddaramaiah said in the press statement.
The Chief Minister has also highlighted the developmental challenges in the Bengaluru, Kalyana Karnataka, and Malenadu regions, and said that a fair and growth-oriented devolution formula would help accelerate the state's progress.
The Chief Minister emphasised that Karnataka's proposals are not a request for special treatment. On the contrary, it will improve overall national resource mobilisation and foster cooperative and competitive federalism.
The meeting concluded with the Chief Minister requesting the Finance Minister to include these proposals in the Union Government's Memorandum to the 16th Finance Commission, as a growth-friendly devolution will ensure that all states are empowered to contribute their best to India's development journey. (ANI)
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Economic Times
5 minutes ago
- Economic Times
Tata Investment shares rally 9% after board approves first-ever stock split
Tata Investment Corporation shares surged over 9% after the board approved its first-ever 1:10 stock split to enhance liquidity and retail participation. The move accompanied Q1FY26 results, showing an 11.6% rise in PAT. Technically, the stock remains bullish, trading above all key moving averages and showing strong momentum indicators. Tired of too many ads? Remove Ads Tired of too many ads? Remove Ads Stock moves and technical Shares of Tata Investment Corporation climbed as much as 9.2% on Tuesday to Rs 7,625 on the BSE after the company's board approved its maiden stock split in a move aimed at improving liquidity and accessibility for retail investors. The announcement came alongside its June quarter results, which showed a double-digit rise in board of Tata Investment Corporation on Monday approved the sub-division of its equity shares in a 1:10 ratio, from one share with a face value of Rs 10 to ten fully paid-up equity shares with a face value of Re 1 its exchange filing, the company said the stock split was designed 'to make the equity shares of the company more affordable for the retail investors and to encourage wider participation in the company's ownership'. The Tata Group-firm said that the sub-division is expected 'to improve the liquidity of the equity shares of the company in the stock market'.The decision is subject to shareholder approval via postal ballot, in addition to any required statutory or regulatory clearances. The company said it would announce the record date for the stock split 'in due course', once all approvals are in is the first time Tata Investment has undertaken a stock split since listing. The company last offered bonus shares in 2005, in a 1:2 ratio, according to Trendlyne Investment also reported its financial results for the quarter ended June 2025. Consolidated profit after tax rose 11.6% year-on-year to Rs 146.30 crore, compared to Rs 131.07 crore in the same period last year. Revenue from operations stood at Rs 145.46 crore, up 2.1% from Rs 142.46 crore in stock has advanced 6.1% year-to-date and is up 21.6% over the past 12 months. In the last one month alone, it has gained nearly 8%.From a technical perspective, Tata Investment shares are trading above all eight of their key simple moving averages, including the 5-day, 10-day, 20-day, 30-day, 50-day, 100-day, 150-day, and 200-day levels, signalling sustained bullish momentum across Relative Strength Index (RSI) is at 65.2, indicating that the stock is approaching overbought territory but remains within a neutral range. Meanwhile, the Moving Average Convergence Divergence (MACD) stands at 43.1 and continues to hover above both the centerline and signal line, underscoring the strength of the ongoing Read: Sri Lotus Developers IPO: Latest GMP suggests SRK, Big B and Ashish Kacholia may pocket 28% gains (Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of the Economic Times)
Indian Express
9 minutes ago
- Indian Express
Suvendu Adhikari's convoy attacked: ‘Couldn't have happened without nod from TMC top brass'
The convoy of BJP MLA Suvendu Adhikari, the leader of opposition in the West Bengal Assembly, was attacked, allegedly by Trinamool Congress workers, in Cooch Behar. The incident took place in Khagrabari in the afternoon. Adhikari was going to meet with the police superintendent over alleged incidents of party workers being targeted in the district, after securing an order from the Calcutta High Court. He was also scheduled to hold a party meeting there. TMC organised protests in 19 spots along the route of the convoy against'possible NRC (National Register of Citizens)' in Bengal, alleged harassment of migrant workers working outside the state, and disrespect to the Bengali language. TMC workers chanted 'Joy Bangla' slogans and waved block flags at the convoy. While the convoy was passing through the Khagrabari area, stones were pelted at the convoy, and cars were attacked with bamboo poles. Apart from the vehicle in which Adhikari and Nisith Pramanik were travelling, police cars were also damaged. 'TMC, under the leadership of Udayan Guha, has done this in the presence of police. They smashed the glass of even a bulletproof car with stones,' said Adhikari afterwards. #WATCH | Cooch Behar, West Bengal: The convoy of West Bengal LoP Suvendu Adhikari was allegedly attacked in Cooch Behar, while he was on his way to the Superintendent of Police Office. More details awaited. — ANI (@ANI) August 5, 2025 'This is unacceptable. Our leader of the opposition was attacked by TMC goons. This could not have happened without a nod from the TMC top brass. Our state president has asked us to protest throughout Bengal; we will do it,' said Sukanta Majumder, the former state president and Lok Sabha MP. 'It is a pre-planned attack on us. We asked our security guards to remain calm. TMC is now desperate,' said Nisith Paramanik, a former Lok Sabha MP. Partha Pratim Roy, the TMC Cooch Behar district party president, said, 'Today, the people of Bengal and TMC workers showed black flags and protested against the BJP. Our workers engaged in a peaceful demonstration. No one was involved in violence. BJP has staged the incident to get sympathy.' Udayan Guha, the Dinhata MLA and North Bengal Development Minister, said, 'People protested against the BJP's aim to bring in NRC in Bengal. Whoever is trying to do such things, to insult the Bengali language, harass our migrant workers outside the state, will face the wrath of the people.'
&w=3840&q=100)
Business Standard
9 minutes ago
- Business Standard
KICL forays into value footwear market with Zodiz and Jeetlo acquisition
Chennai-based Kothari Industrial Corporation (KICL), a part of the D C Kothari group, has acquired Zodiz, Jeetlo, and other associated sub-brands in the footwear field. These brands cater to the price- and quality-conscious mass market, offering products below Rs 1,000 per pair — a segment that accounts for nearly 80 per cent of total Indian footwear consumption, valued at Rs 80,000 crore to Rs 85,000 crore annually. This is KICL's official entry into the branded value footwear and accessories segment, marking a significant milestone in its growth journey in the footwear sector. "We are pleased to confirm the successful acquisition of the Zodiz, Jeetlo, and other associated sub-brands, effective 4 August 2025. This acquisition gives KICL an immediate foothold in one of the fastest-growing and underserved consumer segments," said Jinnah Rafiq Ahmed, Executive Chairman, KICL. This comes at a time when India's footwear industry is witnessing rapid shifts in consumer preferences. Footwear is no longer viewed purely as a utility — it has evolved into a symbol of personal style and self-expression, the company said. "This entry in the value segment is significant, given the fact that Indian footwear consumption is slated to grow and is evolving from a utility to self-expression for young, discerning consumers," said N Mohan, Director of the company. "Key differentiators will be fashion-relevant, comfort-first, and price-accessible products aimed at Tier 2 and Tier 3 consumers, the emerging urban centres," he added. With per capita consumption at 1.9 pairs per annum and expected to double by 2030, the opportunity for value-driven, fashion-apt products is immense in India. The Government of India's continued focus on this sector further reinforces the timing and relevance of entry, a statement said. "Our business strategy will be distribution-led, targeting Tier 2 and Tier 3 cities — India's emerging urban hubs where the appetite for affordable fashion is on the rise," said Ahmed. "We aim to deliver products that are style-relevant, aligned with evolving fashion sensibilities, comfortable, and affordable. Our extensive distribution network will be instrumental in scaling reach and building long-term value across the ecosystem," he added. "With a strong team, deep market understanding, and robust infrastructure, KICL is well-positioned to capture this opportunity. We view this move not just as an acquisition, but as the beginning of a new chapter — one that will unlock value for consumers, partners, and stakeholders alike," Ahmed said. "We are excited to embark on this journey at a time when the Indian footwear market is undergoing a profound transformation. Our goal is to serve the rising aspirations of young Indian consumers while creating lasting stakeholder value," he said.
