The Mint Report for 24 May 2011

The Mint Report for 24 May 2011

India’s fiscal situation isn’t getting any better, and that’s prompted a top official to suggest a novel solution. On Tuesday revenue secretary Sunil Mitra said the government could pay up tax refunds at a slower pace. He added that it would be hard for India to meet its gross tax revenue target of Rs9.32 trillion this year. The government hopes to keep the fiscal deficit to 4.6% of GDP during the same period.

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Bharti Walmart has announced plans for a slew of new wholesale outlets across India. The company already runs six of such stores in north Indian locations. Now, it’s looking to spread its wings. On Tuesday Bharti revealed plans to open 20 new stores over the next two years. Most of these outlets are slated to come up in southern and western India.

Indian markets managed to eke out some gains on Tuesday following the previous day’s heavy losses. The Sensex nudged up 19 points to 18,012. And the Nifty closed eight points higher at 5, 395.