Finance Ministry

Mid-Year Review: Govt sets focus on public spending, social security net

Targets fiscal deficit 'lower than 4.5% of GDP'

Growth slowdown, fiscal dilemma complicate India's Budget preparation

The Ministry pointed out that revenue receipts in the first half of the year, at almost 52 per cent of Budget Estimates, were above the five-year rolling average

How to tax popcorn? FM's formula sparks outrage against GST system

A finance ministry spokesperson, the GST Council Secretariat and a spokesman for the ruling Bharatiya Janata Party did not respond to requests for comment on the controversy

GST Council paves way for CGST Act amendments during Budget session

FinMin says some changes may take effect from April

Punjab demands greater financial support during pre-Budget meet with FM

Punjab has sought Rs 1,000 crore Central assistance to strengthen its police infrastructure and security efforts in the border districts, among a slew of other demands, at a pre-budget meeting with Union Finance Minister Nirmala Sitharaman held in Jaisalmer, an official statement said on Sunday. Industrial incentives similar to those provided to Jammu and Kashmir and the neighbouring hill states were also sought to support the MSMEs in Punjab's border and sub-mountainous regions, a Punjab government statement said on Sunday. Quoting Punjab Finance Minister Harpal Singh Cheema, the statement said the state has strongly raised the demand to restore NABARD's Short-Term Seasonal Agricultural Operations (ST-SAO) limit to Rs 3,041 crore, from the reduced limit of Rs 1,100 crore, for FY 2024-25. Cheema said this restoration is vital to prevent farmers from turning to moneylenders, aligning with the 'Sahakar se Samriddhi' principle. Several states raised this issue which was discussed at .

States seek higher interest-free capex loans, increased borrowing limit

Infrastructure development emerged as a key focus area, with states calling for dedicated funding for state-specific road and railway projects

Kerala seeks Rs 24,000 cr special package to tide over liquidity crunch

Emphasising the need for more central funding, Kerala on Friday demanded a special package of Rs 24,000 crore to tide over the state's liquidity stress as well as Rs 2,000 crore for relief works at Wayanad, which was devastated by landslides earlier this year. In a pre-Budget meeting here, Kerala Finance Minister K N Balagopal also sought continuation of the GST (goods and services tax) compensation scheme to states until systemic issues are fully corrected and the original promise of GST revenue is attained. Union Finance Minister Nirmala Sitharaman, finance ministers from other states and senior officials, among others, were present in the meeting. "We reiterate our demand for a special package of Rs 24,000 crore to tide over the current liquidity stress by scheduling it over a period of two years from 2025-26," Balagopal said. Citing that substantial resources are required for relief works in Wayanad, he urged the government to provide a special package of Rs 2,000 crore in the

States ask FM for more funds under loan scheme, higher borrowing cap

Finance ministers of states demanded an increase in allocation of 50-year interest free loan, while fiscally stressed states like Punjab and Kerala pitched for a special package and borrowing flexibility, sources said. In a pre-budget meeting with Union Finance Minister Nirmala Sitharaman, states have also urged for higher borrowing limits to support fiscal activities, besides additional funds for Jal Jeevan Mission to arrange for tanks and storage to enhance water supplies. Sources said in the meeting, Maharashtra wanted funds for Mukhyamantri Majhi Ladki Bahin Yojana and demanded that a Centrally Sponsored Scheme (CSS) be launched with the Centre and state sharing 50 per cent of the cost each. The Budget for 2025-26 is slated to be presented in Parliament on February 1, 2025. Finance ministers of all states attended Friday's meeting with Sitharaman here. Several states demanded increase in allocations for the 50 years interest-free loan scheme, sources said, adding they also ...

Plans underway for bigger role for TReDS, to enrol million MSMEs in 2 years

It is also expected that the Union Budget for FY26 may have more measures for MSME financing, with a bigger role for TReDS

Sitharaman to hold pre-Budget talks with state finance ministers on Friday

The official further noted that this year's Budget consultations are particularly significant due to the political outcomes of recent state elections

Rs 14,131.6 crore recovered from Vijay Mallya's asset sales: FM Sitharaman

The Enforcement Directorate has restored assets worth Rs 22,280 crore to victims or rightful claimants from cases involving economic offences, the finance minister informed Lok Sabha

IBA suggests FinMin for training sessions of bankers to handle fraud

The number of frauds in the banking sector increased over four times in the past five years to 36,075

Nehru, Indira's policies hurt Indian economy for first five decades: FM

In her nearly 80-minute speech, Sitharaman said the Congress keeps questioning the Sangh Parivar about its role during the freedom movement

Markets today: Nov WPI; Dec PMI flash; MobiKwik, Vishal Mega IPO allotment

In the previous session, the Sensex settled 843.16 points or 1.04 per cent higher at 82,133.12. Similarly, the Nifty ended higher 219.60 points or 0.89 per cent at 24,768.30

NCP's Ajit Pawar knocks on Shah's door to reclaim state's Finance Ministry

Ajit Pawar stated that talks regarding the cabinet expansion have been scheduled for December 14

FinMin asks banks to closely monitor NCLT, NARCL cases to reduce delays

The Finance Ministry on Thursday asked banks to closely monitor cases in NARCL and NCLT to minimise procedural delays and adjournments so that bad loan resolution matters are expedited. An integrated portal is being developed by the Ministry of Corporate Affairs for seamless information flow to banks on the National Company Law Tribunal (NCLT) cases, the finance ministry said in a statement. The decision was taken in a review meeting chaired by Department of Financial Services Secretary M Nagaraju to address key operational challenges and enhance the efficiency of resolution mechanisms through the National Asset Reconstruction Company Limited (NARCL) and NCLT. The discussion on cases at NARCL centred on expediting timelines for the resolution of accounts. The Secretary underscored NARCL's pivotal role as a specialised entity designed to accelerate the resolution of large-value stressed assets, thereby, strengthening the financial ecosystem, it said. During the meeting, it was info

FIU helped detecting Rs 11k cr undisclosed income, 461 kg narcotics: FinMin

The Financial Intelligence Unit (FIU) has helped in detection of undisclosed income of Rs 11,000 crore and seizure of 461 kg of narcotic drugs, the finance ministry said on Thursday. The FIU under the finance ministry collects, analyses and disseminates information to law enforcement agencies about suspicious financial transactions pertaining to money laundering, terror and proliferation financing. The intelligence shared by FIU-IND with agencies has led to Rs 983 crore worth of assets attached, Rs 2,763 crore worth criminal proceeds identified and Rs 10,998 crore undisclosed income detected. Besides, it helped in seizure of 461 kg of narcotic/psychotropic substances, levy of Rs 39.14 crore penalty and 184 arrests in money laundering and terror financing cases. In a post on X, the finance ministry also said 46.31 per cent higher refunds were issued between April-November 27, 2024, during FY25. Refunds amounting to Rs 3.08 lakh crore issued during this period.

GNPA of PSBs declines to 3.12% in Sep from 14.58% in March 2018: FinMin

Gross non-performing assets (NPAs) of public sector banks (PSBs) have declined to a decade low of 3.12 per cent at the end of September 2024 from a peak of 14.98 per cent in March 2018 on the back of measures like the 4Rs -- recognition, recapitalisation, resolution, and reform -- taken by the government, the finance ministry said on Thursday. Since 2015, the government implemented a comprehensive 4Rs strategy of recognising NPAs transparently, resolution and recovery, recapitalising PSBs, and reforms in the financial system to address the challenges faced by PSBs, it said. Capital adequacy ratio of PSBs improved 393 bps to reach 15.43 per cent in September 2024 from 11.45 per cent in March 2015, it said. During 2023-24, PSBs recorded the highest-ever aggregate net profit of Rs 1.41 lakh crore against Rs 1.05 lakh crore in 2022-23, it said, adding that the figure was Rs 0.86 lakh crore in the first half of 2024-25. In the last three years, PSBs have paid total dividend of Rs 61,964

Centre seeks Parliament approval for extra Rs 86,730 crore spending in FY25

The net additional spending, as stated by the government, amounts to Rs 44,183 crore for the financial year ending March 31

PSBs were UPA's ATM for cronies: FM Sitharaman hits out at Rahul Gandhi

Finance Minister Nirmala on Wednesday termed the allegation of Leader of Opposition (LoP) Rahul Gandhi against state-owned banks as an insult to the hardworking employees and to the citizens who benefit from a cleaner, stronger banking system. Gandhi has a penchant for making baseless statements and the fact is that high concentration of corporate credit and indiscriminate lending during UPA tenure had resulted in significant deterioration in the health of public sector banks, she said in a series of posts on X. Banking sector, especially Public Sector Banks (PSBs), have seen a remarkable turnaround under the leadership of Prime Minister Narendra Modi, she said. Earlier in the day, Gandhi after meeting a delegation from the All India Banking Officers Confederation accused the government of using public sector banks, the "lifelines of the masses", as an unlimited source of funds for their "fraudulent friends". "The Modi government has turned these lifelines of the masses into privat