The compulsion behind India and Japan to deepen security cooperation is in response to China's growing political and economic clout and its assertive behaviour in disputed areas. This has been the key driver for bringing both India and Japan closer in the domain of security cooperation, explains Dr Rajaram Panda.
Life Insurance Corporation (LIC) may require at least five more years to comply with the minimum public shareholding of 25 per cent beyond the current exempted timeline of 2027. Formal communication in this regard had been shared recently with the finance ministry, underlining LIC's roadmap, plans of further dilution of stake, current norms around public float, and challenges ahead, a government source familiar with the matter said. "Going forward, we will have to take a call, along with Sebi (Securities and Exchange Board of India) and the Department of Economic Affairs on the roadmap for minimum public shareholding (MPS).
Senior bureaucrat Tarun Bajaj was appointed revenue secretary as part of a top-level bureaucratic reshuffle by the Centre on Tuesday.
The CBI, in its FIR, alleged that Mayaram, the UK-based company De La Rue International Ltd and unidentified officials of the finance ministry and RBI hatched a criminal conspiracy to extend undue favour to the firm.
'We now look at divestment as an opportunity for maximising the value of public assets, not necessarily as a short-term resource-raising measure.'
The Nitish Kumar government in Bihar on Tuesday announced 10 per cent reservation for economically weaker sections (EWS) in the judicial services, and the state-run law colleges and universities.
'Modi knows the people here are opposed to this project, but he is using the might of government to push this port down our throats.'
The counsel for the Centre said the proposal has been sent to the economic affairs department for further approvals, which would also be processed and the petitioner can apply for requisite visa permits.
The government on Tuesday introduced in Parliament three redrafted bills to replace the existing criminal laws by including various recommendations made by a parliamentary panel.
The Central Board of Direct Taxes, another wing of the Finance Ministry, has also been cautioning people against providing details of their PIN numbers, passwords or similar access information for credit cards, banks or other financial accounts through e-mail.
The Centre on Saturday night announced that the probe into alleged irregularities in the medical entrance exam NEET will be handed over to the CBI for a comprehensive investigation.
The auction of radio waves used for mobile services saw a muted opening on Tuesday, with five rounds attracting bids worth about Rs 11,000 crore from telecom companies. The government has put over 10,500 Mhz spectrum in eight frequency bands -- 800 MHz, 900 MHz, 1,800 MHz, 2,100 MHz, 2,300 MHz, 2,500 MHz, 3,300 MHz and 26 GHz, valued at Rs 96,238 crore at base price, for auction.
There is a view that heavyweight portfolios like home, finance, defence and external affairs besides education and culture, two ministries with strong ideological hues, will be kept by the BJP, while its allies can get anywhere between five to eight cabinet berths.
The delegation visiting India during September 5-8 will be led by assistant secretary of state for South and Central Asian affairs Donald Lu.
India and the US agreed to continue their cooperation in the areas of defence, space and clean energy as External Affairs Minister S Jaishankar met Secretary of State Antony Blinken here, amid a simmering diplomatic row between India and Canada over the killing of a Khalistani separatist.
Taiwan's Ministry of National Defense said 30 Chinese warplanes made incursions into its air defense identification zone, or ADIZ, the highest daily figure in more than four months.
Finance Minister Nirmala Sitharaman will present the much-awaited 2022-23 Union Budget on February 1. While there has been strong recovery in some sectors, touch services like hospitality, tourism and leisure continue to suffer after two Covid-19 waves. Household savings have been hit due to increased spending on health care. Consumption has still not reached pre-pandemic levels.
'If businessmen should be included in the political process -- which is essential in my opinion -- they need to have the freedom to express themselves and to take stands against the government of the day, without fear of reprisals and attacks on their business.'
Senior bureaucrat Atanu Chakraborty has been appointed as the department of expenditure secretary on Wednesday, replacing G C Murmu who was named as the first Jammu and Kashmir lieutenant governor last week.
Gujarat will host the next round of G20 meetings from March 27 to April 4, during which three conclaves will be held in the state on a range of issues, where delegates from different countries will converge for participation, an official said.
Prodipto Ghosh, presently additional secretary to the prime minister, has been appointed additional secretary, department of economic affairs, an official spokesman said on Friday.
Seven of the meetings will be held in late November or early December at the finance ministry, as is the norm.
Officials say that such a list, to be updated on a real-time basis, will serve as a ready reckoner in identifying those committing multiple economic offences
'Das is friendly, but he finally does what he does. The quality of engagement is very good.'
Former Maharashtra minister and Shiv Sena-Uddhav Balasaheb Thackeray leader Aaditya Thackeray on Monday claimed nearly '50 people', including 'some middlemen' and personal assistants, will be part of the delegation that will travel with Chief Minister Eknath Shinde for the World Economic Forum (WEF) gathering in Davos, Switzerland.
During his first Union Budget in July 2014, former finance minister Arun Jaitley announced the setting up of an institution called 3P India, with an allocation of Rs 500 crore. The intention was to mainstream public-private partnerships (PPPs) in India. The plan was to bring together the capacities of the government and private sector to push PPP projects.
'Not even a single rupee from the electoral bonds should be allowed to be used in the election.' 'If it is used in the election, it will taint India's electoral process itself.'
The government has merged the Department of Public Enterprises (DPE) with the finance ministry to give it a better control over state-owned firms and facilitate its ambitious privatisation programme. Finance ministry will now have six departments while DPE's hereto parent ministry, the ministry of heavy industries and public enterprises will now be called the ministry of heavy industries. Previously, the disinvestment ministry - created under the Atal Bihari Vajpayee government - was merged with the finance ministry and is now a department under it. Also, Foreign Investment Promotion Board (FIPB) was abolished and administration of foreign investments was given to the finance ministry (FinMin).
Banks have raised concerns over the new international trade settlement in rupee, fearing that facilitation of such a mechanism could result in them facing the ire of economic sanctions by the West, people aware of the matter said. Large banks with overseas operations have sought clarity and assurance from the Reserve Bank of India (RBI) that they will not be targeted with sanctions for facilitating rupee trade with a sanction-hit country such as Russia. The present payment mechanism is a shift from earlier such arrangements, like the one with sanction-hit Iran, which involved banks facilitating settlement of international trade that did not have business in the sanctioned nation.
Tamil Nadu cadre IAS officer K Rajaraman on Friday took charge as the new telecom secretary. His joining comes following the superannuation of Anshu Prakash on September 30. "Shri K Rajaraman, IAS (TN:89) takes charge as Secretary, @DoT_India in presence of senior officials of the department," a PIB tweet said. He was serving as the additional secretary for investments at the Department of Economic Affairs before being promoted to the position of secretary, DoT.
DEA is currently headed on an interim basis by Corporate Affairs Secretary Tapan Ray
Engagement with neighbours is a strategic imperative, and not an option, asserts Rup Narayan Das.
Only 80.6 per cent of the Rs 6-trillion allocation has been spent by February, data from the Controller General of Accounts shows.
The central government has given banks and credit card entities six to eight months to put in place the requisite reporting mechanism and related features to collect tax at source on international credit card transactions, a senior bureaucrat told Business Standard. According to the bureaucrat, the plan to bring overseas credit cards under the Liberalised Remittance Scheme (LRS) has not been mothballed and is simply being deferred so that banks get adequate time to get the system up and running. The official expects the reporting mechanism to be ready in the given time, and the rule could be implemented in the next financial year (2024-25, or FY25).
The finance ministry will kick-start the exercise to prepare the annual Budget for 2023-24 from October 10, in the backdrop of revival of the Indian economy and fears of recession in developed countries. The budget for the next year will have to address critical issues of high inflation, job creation, boosting demand, and putting the economy on a sustained 8 per cent-plus growth path. On Wednesday, finance minister Nirmala Sitharaman said inflation is no longer "red-lettered" and the priority for the government now is job creation and boosting growth.
Air India Chairman Rajiv Bansal has been appointed as the new aviation secretary as part of a major top-level bureaucratic reshuffle effected by the Centre on Wednesday. K Rajaraman, additional secretary in the department of economic affairs, has been appointed as secretary, department of telecommunications, a personnel ministry order said.
"Historically, all possible combinations have occurred: inflation with and without [economic] development, no inflation with and without [economic] development".
Once the iconic red-brick building of British India Corporation (BICL), which manufactured the popular "Lal-Imli" brand of woollen products, made Cawnpore (now Kanpur) the Manchester of the East. In the 75th year of independence, the government may finally pull the curtains on the century-old, now defunct public sector enterprise. "The Department of Public Enterprises (DPE) has floated a draft cabinet note for closure of British India Corporation (BICL) along with National Textiles Corporation (NTC). "The Cabinet may soon tak
PAC summons RBI Governor Urjit Patel, Finance Secretary Ashok Lavasa and Economic Affairs Secretary Shaktikanta Das.
Owing to Finance Minister Nirmala Sitharaman being new to her role, a number of crucial announcements in the Budget bore Garg's imprint, especially the decision to borrow in overseas markets, reduce the fiscal deficit as a percentage of gross domestic product, and resort to off-Budget borrowing to meet that target, says Arup Roychoudury.
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