To adopt the January-December financial year cycle, the government needs to shrink the current financial year to three quarters and present the new annual budget to the state legislative assembly for its passage in December.
Gujarat Chief Minister Anandiben Patel and the finance minister were in the commercial capital to participate in a road show organised jointly by the Gujarat government and Confederation of Indian Industry for the Vibrant Gujarat summit, slated for January next year.
The Jan Dhan scheme restricts the scope of life insurance cover to bring down burden on the exchequer.
Unlike the first two stimulus packages, this time the focus would be on boosting demand.
The annual earnings of a non-executive chairman of a PSB is capped at Rs 10 lakh, inclusive of fees for attending board meetings. This is way below the compensation of the chairman of any private bank, reveals Tamal Bandyopadhyay.
Officials asked what the point was in going through banks when the government has to give guarantees.
Budget planners for now have been told to prepare with the assumption that GST will apply from April 1.
Mudasir Ahmed, a businessman from Kashmir, tells Rediff.com's A Ganesh Nadar what he would like to see in Finance Minister Nirmala Sitharaman's Budget.
The loss of income has severely dented the loan repayment ability of small borrowers
The finance ministry on Wednesday allowed all private sector banks to participate in government-related business, like collection of taxes. pension payments and small savings schemes. At the moment, only few large private sector are allowed to conduct government-related business.
An official said that people in the government were aware of the benefits as well as the drawbacks of issuing overseas sovereign bonds, and there will be consultations with all stakeholders.
There is as yet no clarity on how the process of consulting with the RBI Governor, initiated under Section 7 of the RBI Act, would unfold in the coming days. The government is keen that its suggestions made in the public interest should be heeded by the central bank, says A K Bhattacharya.
The headline for corporate profit growth has been very encouraging in the July-September quarter (Q2) of 2023-24 (FY24), with the combined net profit of listed companies up by 38 per cent year-on-year. However, the earnings distribution has been very lopsided, with most of the growth coming from public-sector oil-marketing companies (OMCs), banks, non-bank lenders, automobile (auto) companies, and cement producers. By comparison, companies from information technology services, fast-moving consumer goods (FMCG), retail, and consumer durables were disappointed, experiencing a sharp slowdown in net sales growth and a relatively muted increase in reported net profit.
The Department of Investment and Public Asset Management (Dipam) has asked ministries, government departments, and public sector undertakings (PSUs) to send a list of assets that can be monetised under the proposed National Monetisation Pipeline. The list will be used for creation of an asset monetisation dashboard, which will keep a track of such assets. The government, meanwhile, has asked CRISIL to prepare a road map for monetising assets of PSUs and government departments.
Your promise to protect bankers for their commercial decisions is a huge confidence booster, but how does one define a commercial decision? Are our investigative agencies well equipped to dissect lending decisions of bankers?
The Centre has advised banks to make a 20 per cent reduction in expenditure related to non-core business activities, along with deferring "avoidable expenditure" on "purchase of staff cars", "refurbishment of guest houses" and on the interior decoration of administrative and back offices.
The petroleum ministry's call for an immediate Re 1 cut in excise duty on diesel has been rejected by Finance Minister P Chidambaram.
Cos ask US treasury to discuss data localisation norms with Indian officials at all platforms the two countries would meet, including G-20, US-India Strategic Dialogue, and IMF Annual Meet.
'People who come from IMF-World Bank backgrounds have no dynamism at all,' Subramanian Swamy said.
Ussue will be raised at the meeting of the Central Board of Trustees of the Employees Provident Fund Organisation on Tuesday.
Of the 2,562 customer complaints received between January 2020 and March 2021, a majority relate to illegal apps. At least two dozen suicide cases have been reported, perpetrated by the harassment by loan app operators, points out Tamal Bandyopadhyay.
G C Murmu rarely speaks in public and when he does, his statements are always in lockstep with the thinking within this government.
The move will require modifications in Companies Act.
The Budget will indicate where the Modi government stands on reforms, growth and development.
The decision had been communicated to the department of telecommunications, a senior official of the department told Business Standard.
'They have started becoming an important player, but not at the same level as they were in the earlier part of the decade.'
Almost all infrastructure ministries continued spending on capex throughout the lockdown, even as the Centre tried to maintain some semblance of economic normalcy.
The government and MMRDA are keen to develop the 22-km link, which will connect Sewri on the island city to Nhava Seva in Navi Mumbai, on an engineering, procurement and construction basis and not on the build-operate transfer model, considering past experience.
States' demand for 5 years and Constitutional provision ruled out
A cut in rates would have encouraged the banks to lend aggressively on the retail front.
Proceeds may be used to partly pay off its Rs 46,570-cr debt
The Kolkata-based firm already has a presence in 22 states with over 2,000 branches and 5.9 million borrowers.
With Goods and Services Tax (GST) officers under pressure to exceed the Rs 1-trillion collection mark per month, industry has faced a barrage of recovery notices and summons issued over the last one month across sectors, according to company executives. Industry bodies have claimed harassment by field officers, blocking of input tax credit, cancellation of GST registration, threats of arrest and steep penalties, impacting their working capital and operations. Company executives pointed at an atmosphere of apprehension and fear due to such notices and summons.
The combined fertiliser, food and petroleum subsidy budgeted estimate for FY19 is Rs 2.64 trillion, while the revised estimate is Rs 2.66 trillion. If the carrying forward to FY20 does not happen, the revised estimates for the major subsidies could actually cross Rs 3 trillion for the first time ever.
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Diplomatic channels activated to keep India eligible for soft loans from World Bank affiliate, though rules show it's probably time we made way for the needier others.
The proposals before the ministry is to hike the tax exemption limit from the existing Rs 250,000 per annum to at least Rs 300,000 if not 500,000.
With just a month left in this financial year, electric two-wheeler sales, so far, are at just 62 per cent of the ambitious target of 1 million units set for 2022-23 by the NITI Aayog. According to VAHAN data, compiled by the Society of Manufacturers of Electric Vehicles (SMEV), 620,006 units of electric two-wheelers were sold across the country in FY23 until February 21. Though the industry may miss the 1-million target, sales in FY23 are already up 146 per cent from 249,621 units sold in FY22.
Existing units stay operational; those approved may not be notified, land could be used for other purposes
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