Page 11 - Finance Ministry

Economy expected to have grown at slower pace in Jan-Mar qtr: Survey

The median forecast from a survey of 54 economists put GDP growth at 6.7% year-on-year for the three months, the fourth quarter of India's 2023-24 fiscal

Transparent financing

Next govt must address political funding

Modi govt reshaped, transformed Budget in last decade: FM Sitharaman

Finance Minister Nirmala Sitharaman on Monday said the Modi government has reshaped the Union budget in the last 10 years from a mere record of expenditures to a strategic blueprint for equitable distribution. The minister asserted that the government would continue to maximise the value of taxpayers' money by putting it to the best possible use. She said the Modi government has prioritised transparency in its budgeting practices and numbers. Countries with transparent budgets are often viewed more favourably by international bodies such as the IMF and World Bank. This can lead to improved global trust. "This starkly contrasts the @INCIndia-led UPA government's repetitive practice of hiding the deficits through off-budget borrowings and issuance of 'Oil Bonds', which somewhat covertly shifted the fiscal burden to future generations. Under UPA, standard fiscal practices were routinely changed to make Budget numbers look favourable," Sitharaman said in a series of posts on X. She sa

Govt bond yields seen flattish at start of new week amid consolidation

The government's fiscal position is expected to strengthen after a better-than-estimated dividend transfer and could further reduce some supply pressure

LS polls: If economy growing fast, why people not prosperous, asks Priyanka

Congress leader Priyanka Gandhi Vadra lashed out at the BJP-led Centre on Sunday, asking why people have not prospered if the country's economy is growing at a rapid pace. Addressing her first Lok Sabha poll rally in Punjab in favour of Amar Singh, the Congress candidate from Fatehgarh Sahib, Gandhi accused Prime Minister Narendra Modi of "speaking lies and making hollow promises to the public only to capture power". At another rally in Chandigarh, she countered the Bharatiya Janata Party's (BJP) charge that the Congress is anti-Hindu, saying her party's philosophy is based on the teachings of the Bhagavad Gita, which has taught people about truth, love, harmony and non-violence. In Fatehgarh Sahib, the Congress general secretary urged people to ensure Singh's victory in the June 1 polls. Hitting out at the Modi government, she claimed that 70 crore youngsters are unemployed in the country and the rate of unemployment is the highest in 45 years. Gandhi said 30 lakh posts are vacan

Development path for India will not be the same as China's: CBC chairman

As India moves towards the mission of Viksit Bharat' and becoming a developed country by 2047, the development path for India will not be the same as that of China as they have a different environment and capabilities, Chairman of the Capacity Building Commission Adil Zainulbhai has said. Prime Minister Narendra Modi has laid out a vision of what India will be as a developed country and there is a lot of thinking in terms of we want this to be different, Zainulbhai said. The development path for India will not be the same as the development path for China. So for every article that compares China's growth with India's growth, India's growth for the next 25 years will not follow the China model. Because we can't, it's a different environment and India's capabilities are different, he said. According to the World Bank, China's strong growth has been based on investment and export-oriented manufacturing, an approach that has largely reached its limits, and has led to economic, social,

Govt considers easier regulations for CPSEs' entry into 'Ratna' club

A second official said the Ratna status allows CPSEs to do hassle free business. "They don't have to come to the government for permission for every business decision," the official added

After strong FY24, economic growth momentum to stay in Q1FY25: FinMin

Industrial activity gaining momentum with improved capacity utilisation

India mulls GST relief for foreign airlines; fitment committee to review

Foreign airlines with offices in India have been issued GST notices for failing to pay taxes on services imported by Indian entities from their headquarters

Govt may review inverted duty structures in washing machines, air purifiers

The government is likely to consider addressing the issue of inverted duty structure for certain products like paper, furniture, washing machines, solar glass, and air purifiers to promote domestic manufacturing, an official has said. Inverted duty structure refers to taxation on inputs at higher rates than finished products that result in the build-up of credits and cascading costs. The official said the Commerce and Industry Ministry has shared a list of products with the Finance Ministry to look at the inverted duty structure issues. The list was shared after holding detailed consultations with industry associations and export promotion councils. "We have already sent the list to the Finance Ministry. The list includes products such as paper, furniture, washing machines, solar glass, air purifiers, and some cases in apparel and jewellery also," the official said. Inverted duty structure impacts the domestic industry, as manufacturers have to pay a higher price for raw materials

Finance Ministry asks PSBs to review their IT disaster preparedness

Initially, the government directed major banks such as SBI, BOB and Canara Bank to assess their disaster recovery systems

FinMin likely to raise FY25 CPSE dividend target by Rs 5K cr in full Budget

The finance ministry is likely to raise the CPSE dividend estimates by Rs 5,000 crore to around Rs 53,000 crore for the current fiscal in the full budget to be presented in July. In the interim budget 2024-25, the government had pegged dividend estimates from non-financial central public sector enterprises (CPSEs) at Rs 48,000 crore for the current fiscal. "The estimates may go up by about Rs 5,000 crore in the final budget to be presented in July," an official told PTI. The interim budget estimates were based on the estimates in December 2023, and January 2024, and the estimates in the full budget will be higher as we have a better picture of the dividend now, the official added. The dividend receipts of the government in a particular fiscal include interim dividends announced by state-owned companies during the fiscal, as well as final dividends for the previous fiscal. So far in the current financial year, the government has obtained Rs 4,837.25 crore as dividends from the ...

UN revises India's 2024 economic growth projection upwards to nearly 7%

The United Nations has revised upwards India's growth projections for 2024, with the country's economy now forecast to expand by close to seven per cent this year, mainly driven by strong public investment and resilient private consumption. The World Economic Situation and Prospects as of mid-2024, released Thursday, said, India's economy is forecast to expand by 6.9 per cent in 2024 and 6.6 per cent in 2025, mainly driven by strong public investment and resilient private consumption. Although subdued external demand will continue to weigh on merchandise export growth, pharmaceuticals and chemicals exports are expected to expand strongly. The 6.9 per cent economic growth projections for India in the mid-year update is an upward revision from the 6.2 per cent GDP forecast made by the UN in January this year. The UN World Economic Situation and Prospects (WESP) 2024 report that was launched in January had said that growth in India was projected to reach 6.2 per cent in 2024, amid robus

Finance Ministry asks SBI to form committee to tackle co-lending issues

Department of financial services holds meeting with major banks and stakeholders

India to become $4 trn economy in FY25, surpass Japan by FY26: Sanyal

India will be a USD 4 trillion economy in 2024-25 and surpass Japan by early next fiscal to become the world's fourth largest economy, Economic Advisory Council to the Prime Minister (EAC-PM) member Sanjeev Sanyal said on Thursday. Sanyal further said that a 7 per cent economic growth rate will be a 'very good' growth rate for India, given various constraints, including the country's weak exports. "So, this financial year, we will become a USD 4 trillion economy," he said at an event here. Recently, Finance Minister Nirmala Sitharaman said that India is expected to overtake Japan and Germany to emerge as the world's third-largest economy by 2027. Currently, in US dollar terms, India is the fifth largest economy with a size of about USD 3.7 trillion in nominal terms. Sanyal said Japan is now just a little ahead of us at USD 4.1 trillion. "So, either very early next year or even you know this year, we will cross Japan to become the world's fourth largest economy," Sanyal ...

Taxpayers can now see if feedback is acted upon by reporting entities: Govt

CBDT releases new functionality in AIS for taxpayers to display status of information confirmation process in real time

China to kick off long-awaited $138 bn stimulus bond issues this week

Market participants have been waiting for weeks for details of the issuance pipeline of these special treasury bonds

FinMin to discuss RBI's draft project financing norms with banks, IBA

The official said banks will assess the impact of the draft rules on their balance sheets and can approach the RBI based on their assessment

India expects FY25 growth of over 7%, says CEA V Anantha Nageswaran

The possibility of growth touching 8% in the last fiscal year that ended on March 31 is quite high, he added

FM's clarification on capital gains tax could see markets recover on Monday

Ambareesh Baliga, an independent market analyst believes the markets want 'more of the same' in terms of income tax-related policies - continuity amid a stable regime