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Finance Ministry

FY24 to end with strong growth performance, macroeconomic stability, reports Finance Ministry

FY24 to end with strong growth performance, macroeconomic stability, reports Finance Ministry

Tue, Nov 21, 2023

Financial flows in the external sector need constant monitoring as they impact the value of rupee and the balance of payments, the report said, adding that a fuller transmission of the monetary policy may also temper domestic demand.

India 360: Government's coffers are filling during the festive season, GST collection increased

India 360: Government's coffers are filling during the festive season, GST collection increased

Thu, Nov 02, 2023

Cover Story: There is bumper demand all around during the festive season, and the government's coffers are getting filled as GST collection is increasing significantly.

India's fiscal deficit at Rs 7.02 lakh crore for April-September this year

India's fiscal deficit at Rs 7.02 lakh crore for April-September this year

Tue, Oct 31, 2023

India's fiscal deficit for the first six months (April-September) of the current financial year was Rs 7.02 lakh crore which works out to 39.3 per cent of the estimate for the whole year, according to government data.

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Budget 2017: Industry, experts want corporate tax slashed to 25%

Budget 2017: Industry, experts want corporate tax slashed to 25%

Mon, Jan 23, 2017

In a bid to attract more investments in the country, both India Inc and analysts are looking for an immediate cut in the corporate tax to bring it down to 25% in the upcoming Union Budget 2017-18 from the current 30%.

Budget 2017: Can Centre deliver on its disinvestment promise?

Budget 2017: Can Centre deliver on its disinvestment promise?

Mon, Jan 23, 2017

Sanjeev Prasad, Suvodeep Rakshit , Sunita Baldawa and Anindya Bhowmik of Kotak Institutional Equities wrote, “We expect the government to continue to focus on divestment of its stakes in various companies to bolster its overall revenues. The divestment figure will be crucial as tax revenues may not be entirely supportive of likely higher capital expenditure as well as revenue expenditure.”

NITI Aayog proposes anywhere banking for deposits and withdrawals

NITI Aayog proposes anywhere banking for deposits and withdrawals

Mon, Jan 23, 2017

Aseem Manchanda reports that NITI Aayog has sent a proposal to the Government stating that customers should be able to deposit or withdraw money from their accounts from any bank.

Govt analyses cash deposits in last 10 days of demonetisation

Govt analyses cash deposits in last 10 days of demonetisation

Sun, Jan 22, 2017

Expanding scrutiny of suspicious transactions post demonetisation, the government has begun analysing deposits in new accounts and loan repayments as well as transfers to e-wallets and advance remittance for imports during the last 10 days of deadline to turn in junked notes.

Budget 2017: Government may incentivise food processing SMEs

Budget 2017: Government may incentivise food processing SMEs

Sun, Jan 22, 2017

The government is likely to announce incentives for small and medium food processing units in areas such as rice and tea in the Budget to promote the sector and boost manufacturing activities.

Profits improve as India Inc focuses on repaying loans

Profits improve as India Inc focuses on repaying loans

Thu, Jan 19, 2017

The banking sector and India Inc has been a story of over-leveraging for quite some time now. With non-performing assets (NPAs) and bad loans rising, deleveraging has been one of the major themes for corporate India in 2016. Also, the strategy seems to be paying off.

Talks with govt on demonetisation began early last year: Patel

Talks with govt on demonetisation began early last year: Patel

Wed, Jan 18, 2017

Reserve Bank of India Governor Urjit Patel is learnt to have told the parliamentary panel on demonetisation that discussions between the central bank and the government on the process began early last year.

India inks $48 million financing pact with World Bank for Nagaland Health Project

India inks $48 million financing pact with World Bank for Nagaland Health Project

Mon, Jan 16, 2017

Multilateral lending agency World Bank and India on Monday signed a financing agreement for International Development Association (IDA) credit of $48 million (nearly Rs 319.33 crore) (equivalent) for the 'Nagaland Health Project'.

Nirmala Sitharaman signals start-ups may get tax benefits in Budget 2017

Nirmala Sitharaman signals start-ups may get tax benefits in Budget 2017

Mon, Jan 16, 2017

Commerce and Industry Minister Nirmala Sitharaman on Monday indicated that start-ups may get additional tax benefits in the forthcoming budget, to be unveiled on February 1.

Finance Ministry finalising fund infusion for PSBs to exceed Rs 25,000 crore

Finance Ministry finalising fund infusion for PSBs to exceed Rs 25,000 crore

Sun, Jan 15, 2017

The Finance Ministry is likely to finalise capital infusion plan for public sector banks (PSBs) this week based on the request of various lenders which have been impacted by demonetisation amid rising bad loans.

Government fully respects independence and autonomy of RBI: Finance Ministry

Government fully respects independence and autonomy of RBI: Finance Ministry

Sat, Jan 14, 2017

It said in a release, "There has been a report in sections of the Press that some unions have alleged infringement of the autonomy of the Reserve Bank of India. It is categorically stated that the Government fully respects the independence and autonomy of the Reserve Bank of India."

RBI employees resent ''government interference''

RBI employees resent ''government interference''

Sat, Jan 14, 2017

The letter asked the Governor whether a recent media report, according to which the Finance Ministry had deputed a Joint Secretary-level officer to the RBI to oversee its currency chest operations, is true.

Growth in 2016-17 would be 7% to 7.75%, NITI Aayog says

Growth in 2016-17 would be 7% to 7.75%, NITI Aayog says

Thu, Jan 12, 2017

The 12th Five-Year Plan appraisal document, prepared by NITI Aayog has made a strong case for clear tax policies and focus on manufacturing, even as it exuded confidence that growth in 2016-17, the final year of the Plan would be 7 per cent to 7.75 per cent.

Hope to resolve issues for GST rollout from April 1: Arun Jaitley

Hope to resolve issues for GST rollout from April 1: Arun Jaitley

Thu, Jan 12, 2017

With states and the Centre still locked in stalemate over control of tax payers, Finance Minister Arun Jaitley today said the issue will be resolved in next few weeks for rollout of the GST regime from April 1.

Government on course to achieve FY17 disinvestment target: Official

Government on course to achieve FY17 disinvestment target: Official

Wed, Jan 11, 2017

The Government has already garnered Rs 23,500 crore by divesting its stakes in public sector units (PSUs) so far in the current fiscal and is hopeful of achieving the fiscal 2016-17 (FY17) disinvestment target of Rs 56,500 crore, a Finance Ministry official said on Wednesday.

Board recommended note ban after govt advice: RBI to Parliamentary panel

Board recommended note ban after govt advice: RBI to Parliamentary panel

Tue, Jan 10, 2017

Contrary to popular belief, it was the Government which had "advised" the Reserve Bank to junk Rs 500/1000 notes on November 7 and the board of the central bank the very next day recommended the demonetisation.

Quoting of PAN card number now mandatory for bank accounts

Quoting of PAN card number now mandatory for bank accounts

Sun, Jan 08, 2017

The government on Sunday announced amendments to the Income-tax rules that banks need to obtain and link PAN card numbers to all existing accounts.

Finance Ministry clears 29 investment proposals worth Rs 2.11 lakh crore

Finance Ministry clears 29 investment proposals worth Rs 2.11 lakh crore

Wed, Jan 04, 2017

Expenditure Finance Commission (EFC) under the Ministry of Finance cleared 29 proposals of various ministries involving expenditure of about Rs 2.11 lakh crore during the last year.

Steel Ministry seeks lower import taxes on key raw materials

Steel Ministry seeks lower import taxes on key raw materials

Tue, Jan 03, 2017

India`s Steel Ministry wants lower import taxes on a number of key steelmaking raw materials, including nickel, to protect the domestic industry from the rising costs of basic resources, a senior government official said on Tuesday.

Budget to be presented on February 1: Govt official

Budget to be presented on February 1: Govt official

Tue, Jan 03, 2017

Union Budget 2017 will be presented on February 1, 2017, a government official confirmed on Tuesday.

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