Tarun Bajaj, an old hand at the finance ministry, on Friday assumed charge as the economic affairs secretary. He comes back to North Block at a time when the economy is facing headwinds due to the outbreak of Covid-19 pandemic.
Duvvuri Subbarao on Monday joined as secretary, department of economic affairs, Ministry of Finance. He belongs to the 1972 batch of the Indian Administrative Service (Andhra Pradesh cadre).
HDFC Bank reports a 12% credit growth for the March quarter, alongside the unexpected resignation of its chairman, Atanu Chakraborty, due to ethical concerns.
HDFC Bank has launched an independent review by external law firms following the abrupt resignation of Chairman Atanu Chakraborty, who cited 'ethical concerns and practices within the bank' as the reason for his departure.
Atanu Chakraborty has resigned as chairman of HDFC Bank, citing ethical concerns, marking an unusual departure and prompting the appointment of an interim chairman.
Haryana's Chief Minister Nayab Singh Saini reviewed the progress of the Haryana AI Development Programme (HAIDP), a Rs 474-crore initiative developed with the World Bank, focusing on AI skilling, startup incubation, and ethical AI governance.
The Reserve Bank of India (RBI) has issued a statement assuring the public of HDFC Bank's stability and sound financial position following the resignation of its chairman, Atanu Chakraborty, citing ethical concerns.
The Indian government has launched the Urban Challenge Fund (UCF) with a total outlay of Rs 1 lakh crore, aiming to leverage private and market finance for urban infrastructure projects by providing state support in capacity building and credit guarantees.
Pakistan's skewed foreign reserves got a major boost after Saudi Arabia pledged an additional $3 billion in deposits while extending its existing $5 billion facility for a further three years.
With inflation comfortably below the Reserve Bank of India's (RBI's) 4 per cent median target and likely to undershoot its 3.7 per cent projection for 2025-26 (FY26), there is room for the monetary policy easing cycle to be sustained, the Finance Ministry said on Monday. The comments, featured in the ministry's Monthly Economic Review for June 2025, assume significance ahead of the Monetary Policy Committee (MPC) meeting of the Reserve Bank of India (RBI) scheduled to begin from August 5.
A senior official from the Union Ministry of Finance died and three others were injured after a BMW allegedly struck his motorcycle in Delhi. Police are investigating the incident.
Delhi Police inform court that a BMW driver involved in a fatal accident last September is charged with culpable homicide for allegedly delaying medical assistance to the victim.
The ministries of Road Transport & Highways and Railways have exceeded the national average capital expenditure (capex) by spending 63 per cent and 57 per cent of Budget estimates (BE), respectively, in the first half of 2025-26 (FY26). The total capital expenditure for April-September of FY26 stood at 52 per cent of the BE, according to the latest data by the Controller General of Accounts (CGA).
The government on Friday received financial bids for the strategic disinvestment of IDBI Bank, the Department of Investment and Public Asset Management (Dipam) said in an official statement on X.
Finance Minister Nirmala Sitharaman on Friday presented the Economic Survey 2024-25 in the Lok Sabha. The Economic Survey is an annual document presented by the government ahead of the Union Budget to review the state of the economy.
The Cabinet Committee on Security (CCS) has reviewed the evolving situation in West Asia, directing departments to assist Indian nationals affected by recent developments and emphasizing the need for dialogue and diplomacy.
The reduction in the goods and services tax (GST) rates has increased the momentum in India's economic activity both on the supply and demand sides, while robust agricultural activity - reflected in the strong onset of rabi sowing and adequate reservoir levels - has reinforced the outlook for food supply and rural incomes, the finance ministry said on Thursday.
'Global uncertainty is something which definitely occupies the minds of officials when we are preparing for the Budget.'
'If the near-term economic pain is absorbed more by those who have the ability and the financial strength to do so, then small and medium enterprises in downstream industries will emerge stronger from the trade imbroglio.'
New Delhi will substantially reduce tariffs on industrial and agricultural goods while continuing to protect sensitive sectors. Tariffs on some agricultural products that are not traditionally considered sensitive will be brought down to zero, while in the case of relatively sensitive items, duties will be reduced in a graded manner and quotas will be imposed.
What we are watching is something different: A fog manufactured and maintained by the people who started the war, so that the question of why it was started never has to be answered, observes Prem Panicker in his must read blog on the war in the Middle East.
He was last month appointed as Secretary in Department of Economic Affairs in place of his batchmate Arvind Mayaram, who was first shifted to Tourism and then to Minority Affairs Ministry.
The finance ministry is of the view that all interests -- direct and indirect -- should be taken into account and that there should not be any threshold for calculating total effective foreign shareholding in a company.
This will be the first full-year Budget of the BJP-led National Democratic Alliance government since it came to power for a third consecutive term in July last year.
With less than six months left for this financial year and poor response from applicants, launching the scheme this year is unlikely.
'Grassroots-level corruption, which disrupts the last-mile work, cannot be ignored in your enthusiasm and drive to get going to complete the project.' 'Like it was in MGNREGA, in some states, it is the case with the Jal Jeevan mission.' 'The last minute levels of corruption can ruin the intent of the project itself.' 'When you see that people can game a particular well-intended and well-crafted project, you need to correct that.'
Three key babus will make room for a new set of officers to carry the baton of Budget programmes.
DEA official writes to DIPP suggesting that govt needs to understand what has been left out, and why, in the revised application of the retailer.
Watal a 1978-batch Andhra Pradesh cadre IAS officer.
The latest annual report of the finance ministry has disclosed that the agency funded seven projects worth USD 750 million in 2023-24.
Eases regulatory hurdles for Bharti-MTN deal.
The Finance Ministry's annual report has revealed that the US Agency for International Development (USAID) funded seven projects worth USD 750 million in India during the 2023-24 fiscal year. The projects, implemented in partnership with the Indian government, cover areas like agriculture and food security, water and sanitation, renewable energy, disaster management, health, sustainable forests, and climate adaptation. This disclosure comes amidst controversy over USAID's alleged role in influencing Indian elections, with claims that the agency allocated USD 21 million to India for 'voter turnout'. However, the report clarifies that no funds were dedicated to enhancing voter turnout.
'These children possess catastrophically low birth weights -- often 1.4 kgs or less. Such extremely low birth weight results in profoundly compromised neo-natal immunity.' 'The escalation to 97 deaths in three months precipitated contemporary attention precisely because this magnitude concentrates the humanitarian emergency, rendering it impossible for the administrative machinery to ignore.'
India's macroeconomic health is in a "relative goldilocks situation", and although the risk of higher landed oil prices, due to insurance cost surges and closure of choke points due to the brief Israel-Iran war, has receded, it is "too soon to sound the 'all clear' for the rest of the year", the Finance Ministry said on Friday.
Senior finance ministry official Navjot Singh, killed in a BMW crash, was cremated. The driver's alcohol test was negative, and an investigation is underway.
The government on Monday invited applications for the post of chairman of the Securities and Exchange Board of India (Sebi). The current SEBI chairperson Madhavi Puri Buch's three-year term ends on February 28. Buch assumed charge at the helm of Sebi on March 2, 2022.
The government on Friday appointed noted economist Arvind Virmani as the new chief economic advisor in finance ministry.
'Suddenly we had a new comprehension of affairs, which reminded that the luxury of politics floated atop a foundation by economics.' 'Along with this, finance ministers became crucial in molding the perception and reputation of Union Cabinets.' 'Governments couldn't afford a wrong person in that portfolio,' asserts Shyam G Menon.
It was not immediately clear when Garg submitted his voluntary retirement scheme application to the government. It was also not known if the government would accept the application. If he hadn't applied for VRS, he would have retired from government service at the end of October 2020 on attaining of 60 years of age. Garg did not answer phone calls seeking his comments.
India has said it will take all steps to protect its national interests and ensure comprehensive national security in all domains after Pakistan and Saudi Arabia signed a strategic defence pact.
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