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.
India's current account deficit hit a record high 4.8 per cent of gross domestic product in the fiscal year that ended in March
The benchmark equity index Sensex regained the 19,000 level today on brisk buying activity. The idea of Sebi's move on P-Notes was to moderate capital flows. As a by-product, Sebi also achieved the objective of greater transparency, said Chidambaram. Sebi on Thursday announced new rules that prohibit FIIs and their sub-accounts from issuing fresh derivatives-based P-Notes and require them to wind up current positions in 18 months.
It is learnt that the camp office in Lviv would be able to coordinate the evacuation of Indians to Poland and Hungary while the one at Chernivtsi would facilitate exit to Romania.
As public sector bank employees started a two-day strike on Monday seeking higher wages, Finance Minister P Chidambaram said the profit of banks cannot be used only to enhance salaries because there are other obligations.
The RBI has this year cut interest rates by 110 basis points in four instalments but banks have passed only a part of it to borrowers. Before the last reduction earlier this month of 35 basis points, the bank on an average had passed only 29 basis points out of 75 basis points cut affected during 2019.
Terming decline in economic growth rate to nine-year low of 6.5 per cent in 2011-12 as "disappointing", Finance Minister Pranab Mukherjee said the government will take "necessary steps" to improve growth.
Pointing out that economy recorded a growth rate of 8.9 per cent during the first half of the current fiscal, he said, it 'takes us back on the high growth path that the economy was traversing on in the years prior to the crisis.
However, BJP has not given any assurance of support and conveyed to the Finance Minister that the matter will be discussed within the party and take a call, sources said.
Agriculture experts on Tuesday asked Finance Minister P Chidambaram to consider replacing the system of Minimum Support Price with Remunerative Prices and Participatory Price Insurance Scheme and to provide capital subsidy to build water storage pits
PSU divestment, LIC IPO, fiscal deficit: Budget 2021 marks a clear change in the Modi government's stance from fiscal conservatism to growth orientation.
The Mid-Year Review tabled by Finance Minister P Chidambaram in Parliament on Friday said, 'While there are international experiences in this regard with some successful and painful adjustment process, the specific Indian context requires innovative policy responses. Going forward will be a major challenge.'
Atmar briefed Jaishankar about the situation in the war-torn country amid growing security concerns over the Taliban fighters rapidly seizing control of a large number of areas, forcing many countries to scale down their presence there.
Factory output, measured in terms of Index of Industrial Production, showed an improvement mainly because of an uptick in mining and manufacturing production and larger offtake of capital goods.
'A bold, progressive step forward,' Kotak Mahindra Bank CEO Uday Kotak said of Nirmala Sitharaman's corporate tax breaks.
This was at a meeting of the Financial Stability and Development Council, chaired by him. Chidambaram, set to resign on Friday to make way for his successor, called upon the regulators and the ministry to be ready and take necessary action.
The panel also suggested that Know Your Client rules should be based on the risk profile of investors.
The factory gate duty on SUVs stands at the reduced rate of 24 per cent as against 30 per cent.
ITC was the top laggard in the Sensex pack, tanking 6.97 per cent, followed by L&T, HDFC, SBI, ONGC, ICICI Bank and IndusInd Bank.
Market hopes govt will hike capital expenditure.
Moving the Finance Bill, 2012 for consideration and passage in the Lok Sabha, Mukherjee halved the capital gains tax for private equity investors to 10 per cent and relaxed the norms for arrest of persons involved in violation of Customs Act.
Finance Minister P Chidambaram would attend a ministerial meeting of G-8, the group of the world's eight richest nations, in the Russian capital Moscow on Saturday.
Amid strong opposition from CIL workers union to the proposed stake sale in the company, Finance Minister P Chidambaram has said the disinvestment proceeds of about Rs 20,000 crore (Rs 200 billion) from the coal behemoth will be invested in public sector banks.
To make possible discretionary spending including capex and that on welfare, the government decided to borrow more than planned in FY21 -- Rs 12.7 trillion.
Budget-makers in North Block are looking to maintain this fiscal status quo, in spite of tax revenues nowhere close to where the government wants and in spite of possible higher expenditure commitments.
The growth in the industrial sector was fuelled by manufacturing that expanded by 19.4 per cent in April, particularly in capital and consumer goods.
"There are indications that the world could be engulfed in another economic crisis, with serious repercussions for the poor and vulnerable. In such circumstances, we need to be prepared to think out of the box and reflect on what are the important issues the World Bank should be addressing," Finance Minister Pranab Mukherjee said in Washington.
The much-delayed Insurance Bill seeks to raise the foreign investment cap in the sector from 26 per cent to 49 per cent, with a rider that the management control rests in the hands of Indian promoter.
On the Budget day, when the Finance Minister reads through reams of paper, the common man is often left confused. Worse still, there are a whole lot of numbers and jargons like capital account expenditure and current account deficit that could baffle many.
Finance Minister P Chidambaram on said that financing current account deficit (CAD) year after year is a challenge and the only way to deal with the problem is by increasing exports.
Our country needs massive investment in access of Rs 50 lakh crore in infrastructure to increase growth of GDP and integrate the nation with a network of roads, airports, railways, inland water and to provide good quality services to the people: FM
A social stock exchange, broadly, is understood to be a platform that allows investors to buy shares, bonds or units in a social enterprise that has been vetted by the exchange. These allow firms operating in sectors such as health, environment and transportation to raise risk capital.
The finance ministry on Sunday highlighted its achievements during the past six months, including the Jan-Dhan Yojana, Varishtha Pension Bima Yojana, and actions taken to curb black money.
The Union Budget is also likely to cut corporate tax and capital gains tax.
Sources said much has been done to ease the tax burden of the middle classes in the last five years, and that such a measure affects only a limited segment of people when the focus should be to put money in rural areas. Archis Mohan reports.
Jaitley said an effective multi-modal logistics and transport system will "make our economy more competitive.
All India Radio announced a special radio show captioned 'Mann Ki Baat: Ek Saal Jan Judao Ka', which will be telecast on October 5, and it has also planned a survey to gauge the impact of the programme.
Market participants are hoping for a few tweaks on the taxation front which will encourage consumers and businesses to spend.
Finance Minister P Chidambaram on Monday said the currency will find its level as steps being taken by the government to contain fiscal and current account deficits will improve investor sentiments.
Finance Minister Jaswant Singh on Tuesday launched the trading of Interest Rate Futures in stock exchanges, which would enable banks, insurance companies and provident funds to hedge risks on interest rate fluctuations.
