#"union budget 2020"

[nilnews4]

Five new smart cities to be investment hubs NEW DELHI: Five new smart cities, proposed by finance minister Nirmala Sitharaman in the Budget, would be developed on the pattern of Gandhinagar’s…

[vsplusonline]

LIVE Budget 2020 Speech (बजट २०२० लाइव स्पीच): सैलरी वालों के लिए बड़ी खबर, बदल गया इनकम टैक्स स्लैब लेकिन शर्तें लागू

New Post has been published on https://apzweb.com/live-budget-2020-speech-%e0%a4%ac%e0%a4%9c%e0%a4%9f-%e0%a5%a8%e0%a5%a6%e0%a5%a8%e0%a5%a6-%e0%a4%b2%e0%a4%be%e0%a4%87%e0%a4%b5-%e0%a4%b8%e0%a5%8d%e0%a4%aa%e0%a5%80%e0%a4%9a-%e0%a4%b8%e0%a5%88/

LIVE Budget 2020 Speech (बजट २०२० लाइव स्पीच): सैलरी वालों के लिए बड़ी खबर, बदल गया इनकम टैक्स स्लैब लेकिन शर्तें लागू

Union Budget 2020 Live Updates: मोदी सरकार 2.0 का दूसरा बजट (Union Budget 2020) पेश हो चुका है. वित्त मंत्री निर्मला सीतारमण ने 11 बजे लोकसभा में बजट पेश किया. उन्होंने अपने बजट भाषण पर जीएसटी को ऐतिहासिक बताया है. वित्त मंत्री ने ऐलान किया अप्रैल 2020 में जीएसटी का आसान वर्जन लाया जाएगा.

डवांडोल अर्थव्यवस्था को पटरी पर लाने के लिए वित्त मंत्री के सामने कई चुनौतियां हैं. निर्मला सीतारमण के इस दूसरे बजट से कॉरपोरेट से लेकर आम आदमी को कई तरह की उम्मीदें हैं. सीतारमण अपने बजट भाषण में इनकम टैक्स स्लैब में बदलाव का ऐलान कर सकती हैं. वहीं, किसानों और युवाओं के लिए भी बड़े ऐलान की उम्मीद है.

बजट��२०२० से जुड़े सभी अपडेट्स के लिए जुड़े रहे News18 Hindi के साथ…

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[sonita0526]

गैर-राजपत्रित सरकारी नौकरियों के लिए एकल परीक्षा सरकार ने गैर-राजपत्रित पदों पर भर्ती के लिए एकल परीक्षा की स्थापना का निर्णय लिया है। । [टैग्सट्रोन्स्लेट] "यूनियन बजट" [टी] "बजट 2020" [टी] "गैर राजपत्रित पद" [टी] "सरकारी नौकरी" [टी] "निर्मला सीतारमण" [टी] "बेरोजगारी" Source link

[insanityclause]

In the longest scheduled extension to date of the blackout of Broadway theaters prompted by the COVID-19 pandemic, trade organization the Broadway League announced Tuesday that the 41 top-tier New York theaters that went dark March 12 will remain that way at least through Sept. 6.

That's a full three months beyond the last extension, which bumped back the original April 12 end date for the closure to June 7. However, few pundits are expecting to see theaters open for business Sept. 8, the day after Labor Day, which falls on a Monday when most Broadway theaters remain dark. The situation seems likely to be reevaluated as that date approaches, with producers and theater owners adopting a wait-and-see policy in accordance with state guidelines and other safety and economic considerations.

"No one wants to get too far ahead of the governor on this," said one prominent producer who spoke off the record.

"While all Broadway shows would love to resume performances as soon as possible, we need to ensure the health and well-being of everyone who comes to the theater — behind the curtain and in front of it — before shows can return," Broadway League president Charlotte St. Martin said Tuesday in a statement. "The Broadway League's membership is working in cooperation with the theatrical unions, government officials and health experts to determine the safest ways to restart our industry. Throughout this challenging time, we have been in close communication with Gov. [Andrew] Cuomo's office and are grateful for his support and leadership as we work together to bring back this vital part of New York City's economy — and spirit."

The League's decision follows last week's announcement from the Society of London Theatres, extending the shutdown of live entertainment venues in the British capital through June 28. Like Broadway, that date appears to be a marker rather than a set plan for reopening. West End theaters have been canceling performances on a rolling basis, which seems certain to continue through the summer.

Broadway was the first sector in New York to impose a blanket suspension of operations on March 12, and most insiders expect it to be one of the last to come back.

In a sign that producers are approaching reopening with the utmost caution, the Broadway revival of Neil Simon's Plaza Suite, starring Matthew Broderick and Sarah Jessica Parker, announced Tuesday that it will be pushed back by a full year, with the limited engagement now scheduled for March 19-July 18, 2021, at the Hudson Theatre. Directed by Tony-winning actor John Benjamin Hickey, the comedy was originally scheduled to begin previews March 13, the day after the Broadway shutdown, and was one of the fastest-selling productions of the spring.

"We remain deeply committed to bringing Neil Simon's Plaza Suite to New York as promised and cannot wait to help welcome audiences back to our beloved Broadway," said Broderick and Parker in a statement. "Until then, everybody please stay safe."

While some have floated the idea of theaters reopening with socially distanced seating plans, few if any producers think that model would work given Broadway's exorbitant running costs. The more likely scenario involves temperature checks for theatergoers along with compulsory masks and gloves, no intermissions and deep-disinfectant cleaning of auditoriums between performances. But many questions remain, including how to provide adequate protection for actors in productions that don't allow for social distancing. 

The famous William Goldman quote about the film industry seems especially applicable to post-pandemic Broadway: "Nobody knows anything." But the smart money seems to point to an early-2021 reopening, with anecdotal estimates ranging from January through March.

In what could turn out to be a harbinger of things to come for many of the country's stages, Minneapolis' Guthrie Theater, one of America's largest and most respected nonprofits, last week took the bold step of announcing that operations will resume with a compressed mini-season of just three productions running March-August 2021. That represents a massive reduction from the originally scheduled 11 shows, with a budget slashed from $31 million to $12.6 million. Those drastic measures make necessary allowances for the time required to build and rehearse productions, underscoring the complicated logistics for the theater sector of emerging from lockdown.

A Shugoll Research industry survey this month indicated that only 41 percent of New York theatergoers say they are likely to return when theaters resume activity, while almost 1 in 5 people, or 17 percent, say they are very unlikely. More than half those polled, or 58 percent, said they will wait at least a few months before attending a show.

When theaters went dark, the 2019-20 season was just a little beyond the midway point, with another 16 productions scheduled to open before the April 23 cutoff for 2020 Tony Awards consideration. An announcement was made March 25 that due to the coronavirus shutdown, the Tonys would be postponed to a later date to be set once Broadway resumes activity.

Two Broadway shows that had begun previews when the lights went out — Martin McDonagh's Hangmen and a revival of Edward Albee's Who's Afraid of Virginia Woolf? — have already announced they will not reopen after the suspension ends. Other shows from nonprofit producers that were about to begin performances have been pushed back to next season, including Roundabout's Birthday Candles and Caroline, or Change; Lincoln Center Theater's Flying Over Sunset; and Manhattan Theatre Club's How I Learned to Drive.

With Plaza Suite also now postponed, that still leaves nine incoming productions in limbo, some of which had minimal advance sales and muted buzz at the time of the shutdown, even less so now. How many of those will forge ahead with opening plans remains to be seen. Uncertainty also hangs over established shows that had started to see a slight decline in business after the initial boom period — Mean Girls, Harry Potter and the Cursed Child and even Disney's Frozen among them.

Many are quietly wondering about the wisdom of coming back to half-empty houses even for long-running behemoths like The Phantom of the Opera, which relies heavily on tourism for the majority of its traffic. Even the most optimistic estimates don't anticipate the return of tourists to New York in sizable numbers before summer 2021 at the earliest.

If most of Broadway's 41 houses do reopen, the likelihood of swift financial casualties and prompt closings could mean many prime venues will sit vacant for the first time since the slump of the 1980s and early '90s. The steady growth since then, which propelled Broadway to a record $1.8 billion in grosses last season with attendance of 15 million, now inevitably seems headed for a major reset. Some industryites are asking whether this will mean renegotiating ticketing price scales, landlord percentages and union rates to bring down the prohibitive costs that put Broadway off limits to many entertainment consumers.

Losses to the sector are difficult to calculate, especially with no certainty about a reopening date, but 2019 box office grosses for mid-March through Labor Day totaled $915 million. Industry analysts generally estimate that factoring in the losses to theater-district businesses fed by the Broadway economy — hotels, restaurants, bars, parking garages, taxis and car services — means multiplying total ticket sales by three. That would peg the overall financial blow for the six-month period at a staggering $2.7 billion. At any rate, the impact on one of New York City's principal economic drivers and job pipelines will be devastating, with the fallout sure to be felt for years to come.

As for the Tony Awards, there are two principal schools of thought about which way to go.

Some are lobbying to put a cap on the partial season and present awards for the shows that opened before March 12. This, however, would handicap recent openings like West Side Story and Girl From the North Country given that not all of the Tony Nominating Committee will have seen them and certainly not the majority of voters. Shows that opened early in the season, on the other hand, like Moulin Rouge! and the limited-engagement, Tom Hiddleston-led revival of Harold Pinter's Betrayal, would have an advantage.

The alternate plan is to combine the truncated partial 2019-20 season with any shows that open between the resumption of Broadway operations and the late-April cutoff for 2021 Tony consideration, presenting the double awards at a ceremony in June next year. That option also has clear disadvantages for some, however, given that voters have notoriously short memories and shows like Betrayal or The Inheritance that have long closed will be ancient history by then.

Whichever route the Tonys choose to go, there are sure to be disgruntled players. But even a partial ceremony of outstanding Broadway artistry right now could serve as a much-needed morale booster to a sector facing unprecedented challenges.

[sanerontheinside]

ok for personal reasons I will not be reblogging upsetting posts, but I will be rebutting this one. It includes a link to the following article, published March 21st, 2020. I do not like this article. 

ETA: 

tl;dr: New York’s medicare cuts are part of a longterm effort to review and cut down spending. This is not a sudden pandemic-motivated, malicious action by the governor. Also, the federal government announced a month ago that it would be discontinuing grants to New York’s healthcare this year. 

more below cut

Instead, consider a different article, last updated February 24th of 2020. The headline reads “Feds cut $625M from community health care facilities”. The literal first sentence is:

The federal government has denied $625 million in grants that were to help move more Medicaid patients from expensive emergency room care to clinics and smaller medical facilities across the state [of New York]

The first article linked in this post explores nothing in depth. New York already had a $6.1 billion dollar hole in the budget from Medicaid, and was working on a way to close it. This conversation has been ongoing, since well before the pandemic (and before the federal cut of $625 million). There are publications going back to early 2019. 

Technically, if I’m reading this timeline right, the federal government cut funding to medical services in the time of a pandemic, although COVID-19 was not recognized as such until March 11, 2020.  But, of course, given that certain insider-trading Senators were aware of COVID-19′s potential impact in early January, I’m not sure that this counts as a defence. 

Now, Cuomo’s initial proposal to cut costs was to shift the bill from state governments and into local governments, which would put the brunt of paying for it on constituents’ shoulders. (Note: I saw nothing about individual healthcare cost caps, which was the OP’s major concern.) Here’s a second article, and opinion piece from the New York Times Editorial Board, published January 31st, 2020. 

A pertinent quote:

Really though, local governments have limited say over how the program is run. Most of that responsibility rests with the state.

When it comes to reducing Medicaid costs, that’s where the focus should remain. The most promising effort so far is Mr. Cuomo’s Medicaid Redesign Team, a working group assigned to find $2.5 billion in savings this year, preserving benefits while slashing waste.

The governor used a similar task force to successfully carry out cost-saving Medicaid reforms nearly a decade ago, aided by the Affordable Care Act.

The new group will be led by the same two men: Michael Dowling, the president and C.E.O. of Northwell Health, and by Dennis Rivera, the former head of 1199 S.E.I.U., the powerhouse health care union. They are set to make their recommendations ahead of the April 1 budget deadline.

Also, very relevant:

To get New York’s Medicaid program back on track, the group will need to take a hard look at spending on nonmedical services like cooking and bathing for homebound New Yorkers. According to the Empire Center, New York’s Medicaid spending on such personal services was the highest in the country. That may be because of a program that has expanded in recent years in which Medicaid pays nonmedical providers like family members to care for clients. In 2016, personal spending in New York accounted for 40 percent of national Medicaid spending for the category overall, up from 23 percent in 2011, the Empire Center said.

New York is also going to be facing a hell of a hole post-pandemic. New York will also very likely be facing a lot more in Medicare costs, disability and homebound support, after and directly due to this pandemic.

Streamlining costs, particularly in healthcare and particularly in disability services, is always going to be quite reasonably cause for alarm, but it isn’t a mean-spirited urge to cull the weak. This is a massive undertaking that isn’t coming at the best time, but probably at the last possible moment.

At the moment, Cuomo’s approach to spending is very much no-holds-barred, couched in terms of “if we are in debt, then everyone will be having the same problem”. That stimulus package the senate just passed gave the state $5 billion (for COVID-19 expenses only, so nothing to be said for economic losses here). That’s not even close to the kind of bill they’re looking at.

[newstfionline]

Sunday, November 29, 2020

The global recession in democracy (The Economist) [In the wake of the election, there has been] a further partisan deterioration in American democracy. It is also part of a global democratic recession. The collapse of the Soviet Union led to a flourishing in the number and quality of liberal democracies, but the trend has now gone into reverse. Hungary and Poland are blocking the European Union budget because their governments refuse to bow to the rule of law. In the world’s largest democracy the Bharatiya Janata Party (bjp) under Narendra Modi is capturing institutions, including the courts, the police and now, it is feared, the election commission. The Economist Intelligence Unit (eiu), our sister organisation, has been compiling a democracy index since 2006. Last year’s score was the worst ever. Covid-19 has accelerated the decline. The threat is not from military coups but governments in power. Given time, unscrupulous leaders can hollow out democracy completely. Two decades ago Venezuela held meaningful elections; today it is about to eliminate the last kernel of opposition. But even in countries where such a calamity is unthinkable, the erosion of norms and institutions leads to worse government.

Los Angeles orders more restrictions as coronavirus surges (AP) Los Angeles County announced a new stay-home order Friday as coronavirus cases surged out of control in the nation’s most populous county, banning most gatherings but stopping short of a full shutdown on retail stores and other non-essential businesses. The three-week “safer at home” order takes effect Monday. It came as the county of 10 million residents confirmed 24 new deaths and 4,544 new confirmed cases of COVID-19. The order advises residents to stay home “as much as possible” and to wear a face covering when they go out. It bans people from gathering with others who aren’t in their households, whether publicly or privately. However, exceptions are made for church services and protests, “which are constitutionally protected rights,” the county Department of Public Health said in a statement.

El Salvador, Honduras, Guatemala stage mass raids in crackdown on MS-13, Barrio 18 (AP) The Central American countries of El Salvador, Guatemala and Honduras have rounded up hundreds of suspected street gang members as part of a U.S.-backed effort known as “Operation Regional Shield.” The attorney general’s office in El Salvador has taken the lead, reporting that it obtained arrest warrants for 1,152 suspects, of whom 572 had been arrested by Friday. The weeklong effort particularly targeted members of the Barrio 18 and MS-13 gangs, which operate in all three countries. Most of those arrested face charges ranging from extortion and kidnapping to murder.

Belarus’ Lukashenko says he will leave his post, state media reports (NBC News) Belarusian President Alexander Lukashenko said he would step down after a new constitution is adopted, the state-owned BelTA news agency cited him as saying on Friday. “I am not going to shape the constitution to suit my needs,” he is quoted as saying. “I am not going to be the president once the new constitution is in place.” Belarus has been rocked by months of anti-government protests ever since Lukashenko—often referred to as “Europe’s last dictator”—claimed victory in an Aug. 9 presidential election that his opponents say was rigged, a charge he denies. It remained unclear whether Lukashenko’s comments were sincere or whether he was just paying lip service to the prospect of him stepping aside. In any case, it is the first time he has publicly reflected on how the country will be governed when he is no longer president. Lukashenko has maintained his grasp on power in the former Soviet nation for the last 26 years.

Queues at barber shops as France eases coronavirus lockdown (Reuters) People eager to get a haircut stood in line outside barber shops and department stores selling gifts and Christmas decorations were busy on Saturday as France partially reopened following a month-long lockdown. Shops selling non-essential goods such as shoes, clothes and toys reopened in the first easing of a nationwide lockdown that started on Oct. 30 and will remain in place until Dec. 15. Bars and restaurants remain closed till Jan. 20.

Pope installs new cardinals, including first African-American (Reuters) Pope Francis on Saturday installed 13 new cardinals, including the first African-American to hold the high rank. Nine of the 13 are under 80 and eligible under Church law to enter a secret conclave to choose the next pope from among themselves after Francis dies or resigns. It was Francis’ seventh consistory since his election in 2013. He has now appointed 57% of the 128 cardinal electors, most of whom share his vision of a more inclusive and outward-looking Church. Thus far, he has appointed 18 cardinals from mostly far-flung countries that never had one, nearly all of them from the developing world. In Saturday’s consistory, Brunei and Rwanda got their first cardinals. In his homily, Francis told the men to keep their eyes on God, avoid all forms of corruption, and not succumb to a “worldly spirit” that can accompany the prestige and power of their new rank.

Hong Kong leader says she has ‘piles of cash at home,’ no bank account, due to U.S. sanctions (Washington Post) Hong Kong Chief Executive Carrie Lam keeps “piles of cash” at home and is unable to open a bank account after being targeted by U.S. sanctions, according to an interview the top official gave on Friday evening. “Sitting in front of you is a chief executive of the Hong Kong SAR [Special Administrative Region] who has no banking services made available to her. I’m using cash for all the things,” Lam told HKIBC, an English-language news channel based in Hong Kong. “I have piles of cash at home, the government is paying me cash for my salary because I don’t have a bank account,” Lam added. Lam is paid around 5.21 million Hong Kong dollars, roughly $672,000, a year, making her among the highest paid public officials in the world. Despite her bravado, Lam’s remarks were widely welcomed by her critics. Some activists noted that it appeared to suggest that even Chinese banks were complying with American financial restrictions.

Iran’s supreme leader vows revenge over slain scientist (AP) Iran’s supreme leader on Saturday called for the “definitive punishment” of those behind the killing of a scientist linked to Tehran’s disbanded military nuclear program, a slaying the Islamic Republic has blamed on Israel. Israel, long suspected of killing scientists a decade ago amid tensions over Tehran’s nuclear program, has yet to comment on the killing Friday of Mohsen Fakhrizadeh. However, the attack bore the hallmarks of a carefully planned, military-style ambush. The slaying threatens to renew tensions between the U.S. and Iran in the waning days of President Donald Trump’s term, just as President-elect Joe Biden has suggested his administration could return to Tehran’s nuclear deal with world powers from which Trump earlier withdrew. The Pentagon announced early Saturday that it sent the USS Nimitz aircraft carrier back into the Mideast.

Ethiopia says its military now controls the Tigray capital (AP) Ethiopia’s military has gained full control of the capital of the defiant Tigray region, the army announced Saturday after Tigray TV reported that the city of a half-million people was being “heavily bombarded” in the final push to arrest the region’s leaders. The army chief of staff, Gen. Birhanu Jula, made the comment about the military’s control of Mekele while speaking on an Ethiopian state broadcast. Prime Minister Abiy Ahmed said in a separate statement, “We have entered Mekele without innocent civilians being targets.” Neither mentioned the arrest of any of the leaders of the Tigray People’s Liberation Front, which runs the region. The Tigray leader could not be reached. With communications cut to the region of 6 million people, it is difficult to verify claims by the warring sides. Each government regards the other as illegal.

Dispel Lockdown Woes and Hectic Holidays With Simple Tips For Boosting Mood (Good News Network) Wintertime weather, holidays, and a pandemic lockdown can make routines difficult, but practicing mindfulness can offer a solution, and be done in very simple forms. The year has been a real humdinger for some and a tragedy for others, and using mindfulness—the direct mental effort to make yourself present in each passing moment, can help remind so many of us why the holidays are a favorite time of the year. Even though the thermometers are reading low, walking is not only a great way to practice mindfulness, but it gets you out of doors—which every psychologist worth their salt would explain is great for your mental health. 1. Reduced daylight hours lead to a reduction in the natural absorption of vitamin D from UV light. Vitamin D is one of the most important biochemicals for the immune system and fighting off viruses. 2. Exposure to cold increases the brain’s production of norepinephrine, a behavioral chemical that can make you feel elated and excited. 3. Exposure to trees, sky, the stars, and nature has been shown time and time again to help improve mental well-being. Studies have shown walking in forests or in close sight of trees has been shown to lower levels of stress and anxiety.

[nadziejastar]

Thoughts on Project Xehanort?

Well, I have mixed feelings about this new game, but I will say that I am interested in it. Most likely, I’ll play it. I’m very interested in Xehanort’s character. 

First reservation is about the platform. I actually think that smaller KH games can be better in many ways. Days had so much character development because it didn’t have to follow the console KH formula. It could do something different and offer a “slice of life” feel that wouldn’t be possible in a regular KH game. The characters benefited tremendously from this. Especially Axel. It’s why he’s my favorite.

In many ways, KH3 was a victim of its enormous budget and its need to appeal to everyone, even the most casual of KH fans who don’t care about the intricacies of the story and characters. So, a smaller release like Project Xehanort may have more creative freedom. It might be just the game Xehanort needs to flesh out his character. But like with Union X, tying so much essential backstory to a mobile game can be a problem in the future. And then there’s the focus on micro transactions, which sets mobile games apart from PSP or DS games.

Presently there are 4 main untold stories to consider: “the period of the King’s absence”, “the period of Riku’s absence”, “Roxas’s time in Organization XIII” and “Xehanort’s past”. In this case, the story of “the period of the King’s absence” is set in the realm of darkness. I am examining a way to tell these 4 stories so I might be able to find a way to tell them soon.

At the same time, I have to look at this game for what it is. Xehanort’s past was one of the blank periods Nomura wanted to cover. No doubt, this was going to be covered in BBSV2.

—In KH BbS, Master Xehanort’s goal behind opening Kingdom Hearts was to “create a new world.” But in this game, he says it is to “reset the world.” Why the difference?

What was revealed in this game was another piece of the truth: his goal was “this world is no longer any good, and we have to recreate it from scratch.”

—We are interested in why Xehanort would come to such a conclusion.

At first, I did want to use a next game to dig down into how Xehanort went from that simple boy playing the chess-like game to an admirer of the darkness. But, if I do that, then the Dark Seeker Chronicle wouldn’t have ended with KH3 after all (laughs.) Some ideas had solidified to a degree, but it’s shelved for now.

After that was canceled, Nomura didn’t think he’d get the chance to cover Xehanort’s past at all, because the Dark Seeker Saga was supposed to be over. IMO, we’re lucky to even get this game. And it shows just how badly Nomura wanted to show Xehanort’s past.

So, I am interested in this game and unless it’s just absolutely terrible, I will play it. But at the same time, since it’s coming out in 2020 instead of 2011, I don’t think it’s going to be the same backstory we were originally supposed to get for Xehnaort. Like KH3 itself, ten years ago, this game would have been a lot different.

I mean, Look at Lea and Isa. I am 99.9% sure that their original backstory was that they were test subjects in the experiments on the darkness of the heart. They were so obviously set up for that role. Around 2010/2011 BBSV2 gets cancelled. The leftover plot threads get repurposed to fit a new story arc. Suddenly Lea and Isa are no longer former test subjects. Oh, no. They were just friends with a girl who was a human test subject. In other words, their backstory was repurposed to fit the change in direction. If KH3 came out in 2014/2015, there’s not a doubt in my mind that Lea and Isa would have still been test subjects (I wish they were getting the Xehanort Project treatment, too).

And that is no doubt going to be the same situation with Xehanort’s backstory. I’m sure there will be many elements that are going to be the same, and that is the main reason I’m excited for this game. It’s a rare opportunity to get some cancelled scraps from the ill-fated Xehanort Saga and KH0.5. I’m very excited to see Xehanort and Eraqus’s past together, if that gets shown in detail. But is it going to be the exact same backstory as it was originally conceived before the story got butchered? No. It’s too late for that, unfortunately.

This game is going most likely to be half-Xehanort Saga and half-New Arc. IMO, we should have already learned more about those black things from Scala ad Caelum before the end of KH3. These are the Dark Seekers. These dudes are the true nature of “Replicas,” including Xion. The Xehanort Saga was obviously NOT READY TO BE FINISHED when KH3 released, since we never even leaned what the fuck those guys were.

“Pitiful Heartless, mindlessly collecting hearts. And yet they know not the true power of what they hold. The rage of the Keyblade releases those hearts. They gather in darkness, masterless and free…until they weave together to form Kingdom Hearts. And when that time comes at last, we can truly exist.”

He almost sounded as though he were reciting an incantation.

From what I can gather of the original story, Xehanort—or the entity possessing him, No Heart–needed 13 empty vessels so that each one of those black replica clone guys could have a body as a host. Those beings wanted to truly, finally exist, and that’s why they wanted KH to be completed so badly. Xehanort himself was just a pawn to them and was not entirely human by the time the story began. Saix was also NOT HUMAN. He was Isa’s empty vessel inhabited with one of those horned replica guys. That’s why he was so fucking creepy and it sounded like he was reciting an incantation when he said the above quote. They were going somewhere with all of this.

Portals from the corridors rippled and opened atop the chairs of the Round Room, like candles lighting in negative, and a few members of the Organization appeared in their black cloaks. Numbers 1 through 7 took their seats—Xemnas, Xigbar, Xaldin, Vexen, Lexaeus, Zexion, and Saïx.

“Why are we allowing a novice to attend?” Vexen complained.

The aforementioned “novice”—Saïx, the lowest ranked of those present—didn’t even glance up from the dais.

The whole goal of Organization XIII was to bring those black horned dudes into the Realm of Light. That’s why the organization felt like a satanic cult with the black robes and “candles”. They all gathered around the Nobody symbol in a circle. The Demon Tide was a harbinger of something bad happening. Honestly, I just want that story to be finished. KH morphed into something unrecognizable over the long wait for KH3. It’ll never really be the same as it used to.

[kccinstitutes]

Seminar on ‘Union Budget 2020’

KCCILHE invited CA Pawan Rastogi as a guest speaker for a Seminar on  ‘Union Budget 2020’ for the students of BBA, B.Com (H),BCA, BJMC on 27 Feb. 2020. Mr Pawan Rastogi, looking at the diversity of students, adopted a very creative approach to make budgetary terms clear to everyone. Instead of quoting just numbers from the budget, he also explained objectives behind various elements of budget. Overall, it was an enlightening session for all.

#kcc #kccinstitutes #kcciilhe #kccitm #ggsipu #ipuniversity #aktu #bba #bca #bajmc #bcomh #btech #delhincr #greaternoida #GuestLecture

[myashpal]

Counting the zeros of 2,00,00,00,00,00,000 in 2020.

The ‘fiscal stimulus’ package of nearly ₹20 lakh crore that was announced on May 12th, by our honourable Prime Minister, is not actually as relieving as it sounds. There will be nothing wrong if I say that the package is transcendent for the ‘Headline Management’ rather than crisis management and it was all about marginalising the screen time of migrant labour distress. It should be kept in mind that the Union budget for year 2020-21 was ₹30.4 lakh crores (to be very precise ₹30,42,230 crores), which is approx. 15% of the GDP of the country. Total GDP of India is ₹190.54 lakh crores (US$ 3.2 trillion)

Last year central government announced a package of ₹100 lakh crores for infrastructure development projects. Now the question arises that if the last years budget of the government was ₹30.4 lakh crore, then how can it announce a package of worth ₹100 lakh crores? Well, “la risposta si trova qui!” (the answer is here!)

In that package the total budget expenditure of the government (in simple term — engagement of govt. money) was only about ₹7,000-8,000 crores and the remaining amount was to be financed to infrastructure companies by banks as loans. The banks didn’t financed the infrastructure projects because they found that many of the infrastructure companies were already running in huge losses and were turning into NPA’s. As a result, that package halted there only.

Structure of the so-called 20 lakh crores package (as per announced by govt.) —

March 26th, 2020 - ₹1.92 lakh crores

May 06th, 2020 - ₹8.1 lakh crores (by RBI)

May 13th, 2020 - ₹5.94 lakh crores

May 14th, 2020 - ₹3.10 lakh crores

May 15th, 2020 - ₹1.5 lakh crores

May 16th, 2020 - ₹81,000 crores

May 17th, 2020 - ₹40,000 crores

The fact here to be remembered is that - ‘currently we need to restart our economy, not to stimulate it.’ Stimulation is provided when a running economy is going through a slowdown. Presently, we are at 0% growth where all the business enterprises were fully shut since more than 50 days. A slowdown could be stimulated, but not breakdown.

There are three kinds of packages —

Fiscal package - expenditures from the government's earnings for public in form of tax subsidies, direct transfers and injecting funds directly in the economy.

Financial package - government asks banks to provide finance to citizens for boosting economy by liberalising rules for loans or sometimes acting as a guarantor to banks.

Monetary package - RBI decides to infuse liquidity in the economy by reducing repo rate**, so banks can provide loans to public at lower interest rates.

A ‘financial package’ can’t be termed as ‘stimulus’ package because the process of granting a loan entirely depends upon the bank, it is a transaction between a bank and the applicant. Government here, can only be a facilitator among both. Whether bank will sanction/provide a loan or not, depends fully upon the credibility of that applicant.

On May 13th, finance minister Nirmala Sitharaman announced that ₹3.7 lakh crores from the total package of ₹20 lakh crores, would be provided to MSME (Micro, Small and Medium Enterprise) sector as debt finance (loans), guaranteed by the central government. She also added that a 12 month moratorium period will be provided to Small Enterprises.

It must be committed to the memory that — ‘moratorium’ will only be for the principal amount but the interest calculated by banks would be on a ‘compounding’ basis. Compounded calculations of interest for 12 months for a Small Enterprise is not an easy play, where interest rates would be decided by the banks. This package was entirely dependent on the sole discretion of banks, whether to provide loans or not and also upon the enterprise’s willingness to take up a loan. The entire focus of this package is only upon — loan, loan, cheap loan, MSME loan and loan. People are being pushed to a system which is entirely based upon the ‘debt/credit finance’.

Post 9 to 12 months scenario due to this package :

After the period of about one year, we might experience that a majority of depositors will be seen, whose deposits will get eroded in terms of interest. They will not even be getting as much returns as their cost of living or inflation would have been. SBI had reduced its interest rates on the fixed deposits thrice, in the last 4 months.

Indian banks who were already trapped in a web of bad debts will be groaning, because of distribution of these new loans. It is also possible that we may experience a completely new explosive form of debt crisis.

There is also a possibility of bank loan scams making a comeback in the Indian economy on an extensive scale because of political interference for compelling banks to provide loans to the dear ones or relatives of the politicians.

Till February 2020, Indian banks were already burdened with NPA’s of ₹9.9 lakh crores, and government was pressurising them for not sanctioning any more loans because of the growing numbers of NPA’s & frauds. Government was telling banks to clear their balance sheets by various means — bankruptcy code, writing off loans, putting provision funds for bad debts, creating bad banks etc. India’s major pre COVID economic highlights were only about ���troubles of the banking sector’.

Just with the outbreak of COVID-19, the very first steps took by the RBI were — releasing liquidity of ₹4 lakh crores to banks to provide economic stimulus to various sectors as loans and, reducing the repo rate from 5.15% to 4.40% (cutting it by 75bps), it was the lowest in the history of the Reserve Bank of India. As a result, all the retail loans also hit the record low (in rates and demand), ever since 2009. Finance Minister admitted that banks are sanctioning loans but consumers are not willing to take them. Even one-third amount of the funds that RBI released for various sectors (Mutual Funds, NBFC’s, DISCOMs) were not used by the banks.

On May 4th, 2020, banks returned ₹8.54 lakh crores to the RBI via ‘reverse repo’ window. So, the RBI slashed reverse repo rate window because of this. On this event, FM Nirmala Sitharaman told that banks are not distributing loans and are keeping funds with the RBI. The banks were provisioning funds for future balancing for NPA’s and moratoriums, amid this, the RBI announced that it will not provide any dividends for the current year. Banks were calculating the losses that they had to bear in the coming year due to bad loans & NPA’s.

Suddenly, out of the way, May 12th, 2020 on 20:20hrs, a relief package of ₹20 lakh crores descended, and was announced with idea of “AatmaNirbhar Bharat” (Self-reliant India) by the PM Narendra Modi and was quoted as — “20 lakh crore in 2020”.

The basic default rate in India is close to 15%. So, if we calculate the maximum risk on the government for MSME sector package of ₹3.70 lakh crores, it will be around ₹15,000 - ₹20,000 crores. That also on a condition — ‘if’ these loans will get disbursed and get default, then only these would be repaid from the government treasury. The intent of government was not clear on emphasis to provide new loans to the bad MSME’s which are already in default and running in losses.

The contradiction and ridiculousness —

Just before a month from now (in April 2020), the government was directing banks to pause recoveries/provide moratoriums for a period of 3 months to the people and industries because they hadn’t performed any business operations as everything was completely closed due to the nationwide lockdown. And now (May 2020), the government is telling for those same industries, to take up a new loan to restart their business operations. It is quite obvious in nature that any enterprise will primarily focus to repay the existing/ongoing loans rather than taking up a new one.

The total amount of loans distributed in the Indian Banking System (IBS) is nearly ₹93.8 lakh crores, in this, ₹56 lakh crores is distributed to large industries, ₹11.8 lakh crores to agriculture industry and ₹26 lakh crores are personal/other retail loans including loans to small industries. The small industries for whom the package of ₹3.7 lakh crores was announced, are the industries that are already in debts of ₹10 lakh crores.

Till February 2020, these small industries were requesting the governments for restructuring of their loans and stop recoveries as they were going through a very bad phase due to the slowdown, since 2 years. Now the question is, Why the enterprises who were unable to repay their existing loans and demanding for restructuring of their loans in normal days, would take a new loan in a juncture when there is total ‘uncertainty’ for demands and supplies? Many industrial reports had caveated that a large number of defaults in retail loans will take place in the coming 6-9 months because of the unemployment occurred and occurring during & after the lockdown. The major problem of the Indian economy before the COVID-19 was only the debt-crisis — the debts in company’s accounts, debts in bank’s accounts, debts in state and central government’s accounts, and when the people were already struggling hard to get rid of the debt cycle; they suddenly are being sent back to a system where they should be going to take up another new debt, due to COVID-19 crisis. At last, I would conclude myself with the famous lines of the scholar ‘Nassim Nicholas Taleb’, — “The solution for a debt-crisis in any economy, cannot be a new debt”.

- M. YASHPAL

[jettadarkwynd]

UK's Hammond says growth, not budget surplus, key to reduce debt

New Post has been published on https://worldwide-finance.net/news/commodities-futures-news/uks-hammond-says-growth-not-budget-surplus-key-to-reduce-debt

UK's Hammond says growth, not budget surplus, key to reduce debt

© Reuters. FILE PHOTO – Britain’s Chancellor of the Exchequer Philip Hammond appears on the Marr Show on BBC Television in central London

By David Milliken and Alistair Smout

LONDON (Reuters) – British finance minister Philip Hammond raised the prospect of looser budget policy after Brexit and said faster growth was the best way to cut Britain’s debt burden, but insisted he was still committed to ultimately running a budget surplus.

Hammond’s annual budget last week reinforced some analysts’ doubts about his commitment to a budget surplus, after he used a tax windfall to fund public spending commitments rather than to make faster progress at reducing public debt.

Prime Minister Theresa May said last month that austerity was ending after a series of cuts to public services and welfare benefits since 2010, and had previously announced a big rise in public healthcare spending.

The non-partisan Institute for Fiscal Studies said Hammond’s actions suggested that the idea he really intended to eliminate the budget deficit by the mid-2020s was “surely for the birds”.

Asked by a parliamentary committee if the Treasury had given up on the prospect of running a budget surplus in the next decade, Hammond said: “No, it hasn’t been abandoned.”

However, he declined to say when he expected a surplus. Budget forecasts last week showed government borrowing as a share of national income on track to fall to 0.8 percent in 2023/24 from a lower-than-expected 1.2 percent — or 25.5 billion pounds ($33.3 billion) — this financial year.

“We are within touching distance (of a surplus), but it will be a policy decision at successive fiscal events how to balance whatever available fiscal headroom there is between reducing the deficit, reducing taxes, increasing spending … and investing in capital infrastructure,” he told legislators.

Government borrowing is already forecast to rise to 1.4 percent of gross domestic product (GDP) next year, and Hammond said he could borrow more after Britain leaves the European Union on March 29 next year and still meet budget rules.

“We could, if we chose to, allow borrowing to rise a little,” Hammond said.

Hammond said finding a way to boost sluggish growth was likely to be a more viable strategy to rapidly reduce debt as a share of GDP than persistently running budget surpluses, which Britain has rarely managed in previous decades.

“There’s a very hard way of doing it, which is running a budget surplus every year and paying off the cash debt,” he said. “And there’s a much easier way of doing it, which is (to) get the economy growing faster.”

Total public sector net debt is forecast to fall to 83.7 percent of GDP this year, or 1.835 trillion pounds.

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.

Read More https://worldwide-finance.net/news/commodities-futures-news/uks-hammond-says-growth-not-budget-surplus-key-to-reduce-debt

[nilnews4]

Budget 2020: Renewed push likely to asset monetisation, disinvestment

Budget 2020: Renewed push likely to asset monetisation, disinvestment

NEW DELHI: Budget 2020 is expected to give a renewed push to disinvestment and asset monetisation as the government strives for capital creation and investment promotion in the economy by augmenting non-tax revenue.

A top official told ET that the budgetis likely to relax long-term capital gains tax and dividend distribution tax norms, besides setting a clear road map for the government to sell…

[vsplusonline]

Union Budget 2020 Live TV: आम बजट २०२० लाइव टीवी - देखें निर्मला सीतारमण की लाइव स्पीच Lok Sabha TV और DD National पर

New Post has been published on https://apzweb.com/union-budget-2020-live-tv-%e0%a4%86%e0%a4%ae-%e0%a4%ac%e0%a4%9c%e0%a4%9f-%e0%a5%a8%e0%a5%a6%e0%a5%a8%e0%a5%a6-%e0%a4%b2%e0%a4%be%e0%a4%87%e0%a4%b5-%e0%a4%9f%e0%a5%80%e0%a4%b5%e0%a5%80-%e0%a4%a6/

Union Budget 2020 Live TV: आम बजट २०२० लाइव टीवी - देखें निर्मला सीतारमण की लाइव स्पीच Lok Sabha TV और DD National पर

वित्त मंत्री निर्मला सीतारमण 11 बजे देश का बहीखाता पेश करेंगी.

आम बजट २०२० लाइव टीवी कवरेज, वित्त मंत्री निर्मला सीतारमण की संसद में स्पीच डीडी नेशनल, लोकसभा टीवी पर लाइव देखें. India Union Budget 2020 Live TV Coverage, FM Nirmala Sitharaman Speech on Lok Sabha TV, DD National and News18 India.

News18Hindi

Last Updated: February 1, 2020, 8:19 AM IST

Union Budget 2020: आर्थिक चुनौतियों के बीच मोदी सरकार 2.0 का आज पहला पूर्ण बजट सुबह 11 बजे पेश होने जा रहा है. बढ़ती महंगाई, बेरोजगारी की समस्या, जीडीपी की समस्याओं के बीच आज वित्त मंत्री निर्मला सीतारमण लोकसभा में देश का बही खाता रखेंगी. आम बजट में इनकम टैक्स (Income Tax Slab Changes) से राहत मिलने की पूरी उम्मीद है. इसके संकेत शुक्रवार को पेश हुए आर्थिक सर्वे से मिले हैं.

निर्मला सीतारमण के इस दूसरे बजट से कॉरपोरेट से लेकर आम आदमी को कई तरह की उम्मीदें हैं. सरकार क��� लिए जो सबसे बड़ी चुनौती है, वो ये कि इस बजट से आर्थिक चुनौती से निपटा जा सके और राजकोषीय घाटे (Fiscal Deficit) के मोर्चे पर सही संतुलन बनाया जा सके. हालांकि, सरकार के पास एक ऐसा मौका भी है, जब वो आम लोगों को इस बात का भी एहसास करा सके कि डूबती अर्थव्यवस्था में तेजी लाने के लिए वो लगातार प्रयास कर रही है.

कहां देख पाएंगे पूरा बजट लोकसभा में पेश किए जाने वाले आम बजट से जुड़ी पूरी कवरेज आप Loksabhatv और DD National पर देख सकते हैं. यहां पर बजट से जुड़ी सभी खबरें, अपडेट और बड़ी बातें आपको देखने को मिलेंगी. इसके अलावा News18 हिंदी के लाइव टीवी पर आप वित्त मंत्री के भाषण को हिंदी में सुन सकेंगे. इसके अलावा News18 Hindi की मोबाइल ऐप पर सभी कवरेज आपको मिलेगी. 

  News18 Hindi पर सबसे पहले Hindi News पढ़ने के लिए हमें यूट्यूब, फेसबुक और ट्विटर पर फॉलो करें. देखिए मनी से जुड़ी लेटेस्ट खबरें.

First published: February 1, 2020, 8:15 AM IST

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[sonita0526]

ईटी ऑनलाइन पोल: बढ़िया काम! वह कारक जो भारत को बनायेगा वह बजट दिवस पर FM के लिए देगा बिगड़ते रोजगार के दृश्य भारतीय अर्थव्यवस्था को कई तरह से प्रभावित कर सकते हैं। । Source link

[cute1dfacts]

UK's Hammond says growth, not budget surplus, key to reduce debt

New Post has been published on https://worldwide-finance.net/news/commodities-futures-news/uks-hammond-says-growth-not-budget-surplus-key-to-reduce-debt

UK's Hammond says growth, not budget surplus, key to reduce debt

© Reuters. FILE PHOTO – Britain’s Chancellor of the Exchequer Philip Hammond appears on the Marr Show on BBC Television in central London

By David Milliken and Alistair Smout

LONDON (Reuters) – British finance minister Philip Hammond raised the prospect of looser budget policy after Brexit and said faster growth was the best way to cut Britain’s debt burden, but insisted he was still committed to ultimately running a budget surplus.

Hammond’s annual budget last week reinforced some analysts’ doubts about his commitment to a budget surplus, after he used a tax windfall to fund public spending commitments rather than to make faster progress at reducing public debt.

Prime Minister Theresa May said last month that austerity was ending after a series of cuts to public services and welfare benefits since 2010, and had previously announced a big rise in public healthcare spending.

The non-partisan Institute for Fiscal Studies said Hammond’s actions suggested that the idea he really intended to eliminate the budget deficit by the mid-2020s was “surely for the birds”.

Asked by a parliamentary committee if the Treasury had given up on the prospect of running a budget surplus in the next decade, Hammond said: “No, it hasn’t been abandoned.”

However, he declined to say when he expected a surplus. Budget forecasts last week showed government borrowing as a share of national income on track to fall to 0.8 percent in 2023/24 from a lower-than-expected 1.2 percent — or 25.5 billion pounds ($33.3 billion) — this financial year.

“We are within touching distance (of a surplus), but it will be a policy decision at successive fiscal events how to balance whatever available fiscal headroom there is between reducing the deficit, reducing taxes, increasing spending … and investing in capital infrastructure,” he told legislators.

Government borrowing is already forecast to rise to 1.4 percent of gross domestic product (GDP) next year, and Hammond said he could borrow more after Britain leaves the European Union on March 29 next year and still meet budget rules.

“We could, if we chose to, allow borrowing to rise a little,” Hammond said.

Hammond said finding a way to boost sluggish growth was likely to be a more viable strategy to rapidly reduce debt as a share of GDP than persistently running budget surpluses, which Britain has rarely managed in previous decades.

“There’s a very hard way of doing it, which is running a budget surplus every year and paying off the cash debt,” he said. “And there’s a much easier way of doing it, which is (to) get the economy growing faster.”

Total public sector net debt is forecast to fall to 83.7 percent of GDP this year, or 1.835 trillion pounds.

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.

Read More https://worldwide-finance.net/news/commodities-futures-news/uks-hammond-says-growth-not-budget-surplus-key-to-reduce-debt

[breakbit]

UK's Hammond says growth, not budget surplus, key to reduce debt

New Post has been published on https://worldwide-finance.net/news/commodities-futures-news/uks-hammond-says-growth-not-budget-surplus-key-to-reduce-debt

UK's Hammond says growth, not budget surplus, key to reduce debt

© Reuters. FILE PHOTO – Britain’s Chancellor of the Exchequer Philip Hammond appears on the Marr Show on BBC Television in central London

By David Milliken and Alistair Smout

LONDON (Reuters) – British finance minister Philip Hammond raised the prospect of looser budget policy after Brexit and said faster growth was the best way to cut Britain’s debt burden, but insisted he was still committed to ultimately running a budget surplus.

Hammond’s annual budget last week reinforced some analysts’ doubts about his commitment to a budget surplus, after he used a tax windfall to fund public spending commitments rather than to make faster progress at reducing public debt.

Prime Minister Theresa May said last month that austerity was ending after a series of cuts to public services and welfare benefits since 2010, and had previously announced a big rise in public healthcare spending.

The non-partisan Institute for Fiscal Studies said Hammond’s actions suggested that the idea he really intended to eliminate the budget deficit by the mid-2020s was “surely for the birds”.

Asked by a parliamentary committee if the Treasury had given up on the prospect of running a budget surplus in the next decade, Hammond said: “No, it hasn’t been abandoned.”

However, he declined to say when he expected a surplus. Budget forecasts last week showed government borrowing as a share of national income on track to fall to 0.8 percent in 2023/24 from a lower-than-expected 1.2 percent — or 25.5 billion pounds ($33.3 billion) — this financial year.

“We are within touching distance (of a surplus), but it will be a policy decision at successive fiscal events how to balance whatever available fiscal headroom there is between reducing the deficit, reducing taxes, increasing spending … and investing in capital infrastructure,” he told legislators.

Government borrowing is already forecast to rise to 1.4 percent of gross domestic product (GDP) next year, and Hammond said he could borrow more after Britain leaves the European Union on March 29 next year and still meet budget rules.

“We could, if we chose to, allow borrowing to rise a little,” Hammond said.

Hammond said finding a way to boost sluggish growth was likely to be a more viable strategy to rapidly reduce debt as a share of GDP than persistently running budget surpluses, which Britain has rarely managed in previous decades.

“There’s a very hard way of doing it, which is running a budget surplus every year and paying off the cash debt,” he said. “And there’s a much easier way of doing it, which is (to) get the economy growing faster.”

Total public sector net debt is forecast to fall to 83.7 percent of GDP this year, or 1.835 trillion pounds.

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.

Read More https://worldwide-finance.net/news/commodities-futures-news/uks-hammond-says-growth-not-budget-surplus-key-to-reduce-debt

[taylordmorris]

UK's Hammond says growth, not budget surplus, key to reduce debt

New Post has been published on https://worldwide-finance.net/news/commodities-futures-news/uks-hammond-says-growth-not-budget-surplus-key-to-reduce-debt

UK's Hammond says growth, not budget surplus, key to reduce debt

© Reuters. FILE PHOTO – Britain’s Chancellor of the Exchequer Philip Hammond appears on the Marr Show on BBC Television in central London

By David Milliken and Alistair Smout

LONDON (Reuters) – British finance minister Philip Hammond raised the prospect of looser budget policy after Brexit and said faster growth was the best way to cut Britain’s debt burden, but insisted he was still committed to ultimately running a budget surplus.

Hammond’s annual budget last week reinforced some analysts’ doubts about his commitment to a budget surplus, after he used a tax windfall to fund public spending commitments rather than to make faster progress at reducing public debt.

Prime Minister Theresa May said last month that austerity was ending after a series of cuts to public services and welfare benefits since 2010, and had previously announced a big rise in public healthcare spending.

The non-partisan Institute for Fiscal Studies said Hammond’s actions suggested that the idea he really intended to eliminate the budget deficit by the mid-2020s was “surely for the birds”.

Asked by a parliamentary committee if the Treasury had given up on the prospect of running a budget surplus in the next decade, Hammond said: “No, it hasn’t been abandoned.”

However, he declined to say when he expected a surplus. Budget forecasts last week showed government borrowing as a share of national income on track to fall to 0.8 percent in 2023/24 from a lower-than-expected 1.2 percent — or 25.5 billion pounds ($33.3 billion) — this financial year.

“We are within touching distance (of a surplus), but it will be a policy decision at successive fiscal events how to balance whatever available fiscal headroom there is between reducing the deficit, reducing taxes, increasing spending … and investing in capital infrastructure,” he told legislators.

Government borrowing is already forecast to rise to 1.4 percent of gross domestic product (GDP) next year, and Hammond said he could borrow more after Britain leaves the European Union on March 29 next year and still meet budget rules.

“We could, if we chose to, allow borrowing to rise a little,” Hammond said.

Hammond said finding a way to boost sluggish growth was likely to be a more viable strategy to rapidly reduce debt as a share of GDP than persistently running budget surpluses, which Britain has rarely managed in previous decades.

“There’s a very hard way of doing it, which is running a budget surplus every year and paying off the cash debt,” he said. “And there’s a much easier way of doing it, which is (to) get the economy growing faster.”

Total public sector net debt is forecast to fall to 83.7 percent of GDP this year, or 1.835 trillion pounds.

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