Page 12 - Finance Ministry

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

Enlightened leadership needed to resolve tax distribution: Subbarao

Former RBI Governor Duvvuri Subbarao has opined that only enlightened leadership at Centre and state levels can resolve the complex north-south divide in deciding on the distribution of the tax pool among states, saying it is beyond the remit of the Finance Commission. Subbarao, who held various positions including the finance secretary of Andhra Pradesh and Union finance secretary, and wrote extensively on issues in fiscal federalism in his new book titled 'Just A Mercenary?: Notes from My Life and Career' further said that horizontal sharing of the divisible pool of taxes has always been a contentious issue but will be even more so in this round. "This (north-south divide in deciding on the distribution of the tax pool among states) is a complex political challenge beyond the remit of the Finance Commission. "Resolving it will demand enlightened leadership at central and state levels that can look beyond politics and build a consensus around an optimal way forward," he told PTI.

GST collections hit new record at Rs 2.10 trillion in April 2024, up 12.4%

Driven by domestic transactions and imports, the gross goods and services tax (GST) collections for April 2024 saw a 12.4 per cent year-on-year growth

IEG applies afresh after licence cancelled under FCRA over procedural lapse

Institute could not submit documents to govt due to 'minor technical issues', say sources

UPA tenure lost decade, India's growth not arithmetic inevitability: FM

Calling the ten years of UPA tenure India's lost decade because of bad policies and corruption, Sitharaman said growth in GDP does not happen automatically and requires a lot of effort

LS election phase 2: FM Sitharaman, Rahul Dravid among early voters

Polling was underway on Friday in 88 constituencies spread across 13 states and union territories in the second phase of the Lok Sabha polls, with Prime Minister Narendra Modi urging people to cast their votes in record numbers. Polling started at 7 am and will continue till 6 pm. Asserting that their vote is their voice, Modi especially told the youth and women voters to turn up at the polling booths in great numbers, and said a high voter turnout strengthens democracy. Congress president Mallikarjun Kharge also urged voters to come out and vote to protect democracy from the clutches of dictatorship. He also said that the Constitution should reverberate in their hearts before they push to voting button. In Kerala and Karnataka, long queues of voters were seen outside polling booths as soon as voting started. However, there were reports of EVM breakdowns in various booths across Kerala, delaying the election process in those places. Polling in underway at 20 Lok Sabha seats in .

Above-normal monsoon likely to ease food prices: Finance ministry

FinMin report says rupee expected to remain within comfortable range

Nearly 46 FDI proposals pending: DPIIT writes to 17 govt departments

Of these 46 proposals, 27 have also received comments from the Ministry of Home Affairs regarding security clearance

BoB World app scam cases: FinMin pushes for enhanced KYC procedure

In a bid to check incidence of BoB World app scam and other such financial frauds, the finance ministry makes a case for an enhanced KYC procedure and extensive due diligence by banks and financial institutions for onboarding merchants to safeguard customers against cyber risks, sources said. Appropriate due diligence of merchants and Business Correspondents (BCs) who offer banking services in rural and remote areas is necessary not only to check frauds but also to fortify the financial ecosystem, sources said. According to sources, there is a need to strengthen data security and data protection at the level of merchants and BCs as chances of compromise are higher at that level. Therefore, sources said, RBI may advice banks and financial institutions to review the concentration of BCs in cyber fraud hotspots and their onboarding, blocking of micro ATMs found to be involved in frauds. This was one of the suggestions made at an inter-ministerial meeting held recently with the objecti

At Rs 3.1K crore, revenue mop-up of top local bodies of UP soars 33%

According to a former UP Chief Secretary, the rising tax and non-tax revenue from the local bodies augurs well for the urbanisation agenda of the Yogi Adityanath government

Public-sector banks may be allowed to transfer unclaimed shares to IEPF

FinMin preparing to amend Banking Companies (Acquisition and Transfer of Undertakings) Act, 1970

Securities tribunal gets new presiding officer, new technical member

Securities Appellate Tribunal was without a presiding officer or a judicial member for three months

SBI billed govt Rs 10.68 crore as 'commission' for electoral bonds

The amount was charged across 30 phases with fees ranging from Rs 1.82 lakh to Rs 1.25 crore

RBI monetary policy highlights: Last mile of disinflation is always challenging, sticky, says Governor Das

RBI MPC highlights: Catch all the highlights related to RBI's Monetary Policy Committee announcements here

The long road to liberalisation

The return of Indira Gandhi and the subsequent takeover by Rajiv Gandhi saw one of the periods of highest economic growth initially but these and associated investments were powered by dollops of debt