'We kept this Budget on a larger plank, rather than on one incident, however serious.'
At an estimated 1.9 billion in losses and over 5,000 UK organisations affected, the Jaguar Land Rover cyberattack has been labelled the most economically damaging cyber incident in UK history, exposing the deep vulnerability of interconnected supply chains.
The government has approved the 'Terms of Reference' for the 16 Finance Commission, which makes recommendations on sharing of tax revenues between the Centre and states. The recommendations would cover a five-year period commencing April 1, 2026, Information and Broadcasting Minister Anurag Thakur said on Wednesday, giving details about the decisions taken at the Cabinet meeting last evening. The commission would submit its report by October 31, 2025, Thakur said.
What stood out in his 15-year journey as a member of the political executive at the Centre was his glowing record as India's most successful and effective finance minister. Both as prime minister and finance minister, he understood the importance of gradualism, except when the economy or the polity was in a crisis.
'We are going to need more technical people in government.' 'You can't expect a generalist to understand the complicated world of financial engineering.' 'I regret to say that most of our politicians have no competence to deal with these things. Nor is there a willingness to learn.'
Sri Lanka's new Finance Minister Ali Sabry on Tuesday resigned, a day after President Gotabaya Rajapaksa appointed him after sacking his brother Basil Rajapaksa amidst the island nation's worst economic crisis.
The minister customarily meets industry chambers, industrialists, economists, agriculturalists, trade unions and so on for pre-Budget interactions.
Watal a 1978-batch Andhra Pradesh cadre IAS officer.
With barely a month to go for Budget 2011-12, the government on Thursday appointed Sushma Nath as the new Finance Secretary and gave her an extension for two months till May 31 this year.
Investors want lower securities tax, tax breaks on equity investments.
Nine days after he took charge of the finance ministry after incumbent P Chidambaram was shifted to the home ministry following the terror attacks in Mumbai, Prime Minister Manmohan Singh has informed Congress President Sonia Gandhi that a full-time Cabinet minister would be needed for the portfolio because he was extremely busy with other works.
Adani Power, part of the Adani group, plans to add close to 6 gigawatts (Gw) of new power assets in the next five years, according to an investor presentation by the company. That is clearly meant to ride on India's burgeoning power demand. But there is another side to it: All of this new capacity is expected to be thermal power, or power produced from coal.
The first major aspect is that of the veto power to the governor.
After the Planning Commission rejected its financing plan for the second time, the National Highways Authority of India (NHAI) is preparing a new draft plan. The earlier proposals were rejected citing that NHAI would find it difficult to borrow funds from the market.
There are wide spread speculations in corridors of power in the Capital that Deputy Chairman of Planning Commission Montek Singh Ahluwalia may take over as the next finance minister of India.
Gone are the days when banks would treat payment delays as part of life. Instead, they are taking measures to minimise chances of any kind of payment default by doing rigorous background checks.
Financial Services Secretary Arun Ramanathan has been appointed as the Finance Secretary. "The Appointments Committee of the Cabinet has approved the appointment of Arun Ramanathan as Finance Secretary," an official statement said on Tuesday.
The government will have to allocate more resources for banks in the Budget.
A decision to this effect has been taken after Arun Ramanathan retired as finance secretary on Thursday. Currently, Chawla is the senior-most official in the finance ministry. In addition, G C Chaturvedi, currently serving as additional secretary in the ministry of health and family welfare, has been appointed as additional secretary in-charge of the financial services department.
'Given that debt AIFs, by nature, target a higher portfolio return, it is likely to attract investors like HNIs, family offices, etc, looking for a higher yield debt product.'
Palanivel Thiaga Rajan was on Thursday relieved of the finance portfolio by Tamil Nadu Chief Minister M K Stalin.
Democratic Left Front politician Nanayakkara was among the 42 members who declared independence in Parliament from the ruling Sri Lanka Podujana Peramuna (SLPP) coalition.
The Government also defended the President's decision to enforce a state of emergency, that had given him sweeping authority to act in the interests of public security and preserving public order, including suspending any laws, authorising detentions and seizing property, saying it was declared after attempts were made to attack the President's Office and other public property.
BlackBuck, India's leading online trucking platform, has closed a $67 million round of equity financing. The round was led by Tribe Capital, IFC Emerging Asia Fund and VEF. Existing investors Wellington Management, Sands Capital, and International Finance Corporation also participated in the round. The investment has made the Bengaluru-based company a 'unicorn,' or a startup valued at more than $1 billion, according to the firm. The company will use these funds to further penetrate the market and launch new service offerings for its customer base.
Postman, a leading application programming interface platform, has secured $225 million in a Series D round, placing its valuation at $5.6 billion. With this, Postman has emerged as the most-valued software-as-a-service (SaaS) firm started by Indian founders, overtaking web and mobile testing firm BrowserStack, which was valued at $4 billion in June. The valuation of the San Francisco-headquartered firm with offices in Bengaluru, where it was founded, has almost trebled in just about one year and risen multi-fold since 2019. Postman, with team members spread across four continents, had secured $150 million in a Series C investment round led by Insight Partners at a $2-billion valuation last summer.
Governor Acharya Devvrat administered the oath to 10 cabinet ministers and 14 ministers of state, including five ministers of state with independent charge.
Tamil Nadu Chief Minister M K Stalin's Cabinet, including him, would be 34-member strong and he has retained senior leaders like Duraimurugan and over a dozen shall be ministers for the first time.
India is currently home to 52 unicorn startups and one of the fastest-growing startup ecosystems.
Sourav Ganguly hinted on Monday that a contract system will soon be in place for the thousands of first-class cricketers in the country.
The MP for Richmond in Yorkshire, married to Murthy's daughter Akshata, first entered the UK Parliament in 2015 and has fast risen up the Conservative Party ranks as a staunch Brexiteer who had back Johnson's strategy to leave the European Union.
Sitharaman, who became the first full-time woman defence minister in the first tenure of the Bharatiya Janata Party-led National Democratic Alliance government -- will also head the Corporate Affairs ministry in the new cabinet.
Subhash Chandra Garg, the former finance secretary who was shunted out of the finance ministry within three weeks of Modi-2.0 government's first budget last year, on Saturday alleged that new Finance Minister Nirmala Sitharaman got him transferred out.
Fuel cess, TDS on large cash payouts bid to destroy truckers and get foreign players in, says an industry body.
'There are deliberations on whether there can be lowering of income taxes and other sops to keep more money in the hands of taxpayers, enabling them to spend more and boost demand.'
It was 55.3 per cent for the same period last year, and data shows the fiscal deficit for April-May was kept in reasonable check in spite of heavy frontloading of expenditure.
Falling private sector investment and farm distress are problems that call for immediate attention, says T N C Rajagopalan.
The meeting, which comes just days before the next bi-monthly monetary policy review on June 3, lasted for about 50 minutes.
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