Finance Minister Nirmala Sitharaman will present her second Budget a little more than a month from now. Like any other FM, Sitharaman will depend on her team of bureaucrats and advisors to frame and present the Budget.
The department of economic affairs in the Union finance ministry has suggested aggressive sterilisation of foreign capital inflows, tightening of government expenditure and intervention in key farm produce markets like wheat.
He alleged that India "lost access to 26 out of 65 Patrolling Points" which was not the case before May 2020, and questioned the Modi government's "silence" on the issue.
Eases regulatory hurdles for Bharti-MTN deal.
The move is part of a larger initiative by the government to speed up work in the highway sector.
The government does not expect the stock markets to fall below the levels witnessed on Monday, which saw benchmark Sensex plunging by nearly 700 points during the intra-day trade.
In this interview, Rakesh Mohan spoke on a range of issues about the challenges he faced during his stint at the central bank and the journey from handling the real economy sectors to monetary economics
Even with a clear mandate, the Congress-led United Progressive Alliance government is unlikely to allow foreign direct investment in sensitive sectors such as retail and may like to revisit the recently issued norms that give companies elbow room in dealing with the FDI norms.
The government has sought loan for converting 6,372-km of 1-lane highways to 2-lane out of the total 19,702 km single lane highways in the country under National Highways Development Project Phase IV.
Retail, telecom, media and a host of sectors in which foreign direct investment is restricted stand to gain from changes in FDI policy that the Cabinet Committee on Economic Affairs cleared on Wednesday linking approvals to the concept of control for the first time.
Some real estate companies were using this route to raise funds. Given the stringent conditions for ECBs, these companies would now find it difficult to raise funds.
According to sources, the Department of Industrial Policy and Promotion and Ministry of IT have supported the reserve price of Rs 2,020 crore (Rs 20.2 billion) as was originally recommended by DoT. Last week, the finance ministry had asked the DoT to double the reserve price for pan-India 3G spectrum.
"If we think that China is a security threat and Chinese think that India is not going to open up certain sectors for them, the economic relations between the two countries would not go far," he said.
At the press interaction, Sitharaman said secretaries from the department of financial services and economic affairs will be meeting a deputy governor of RBI soon to look into the "shortcomings" of the functioning of multi-state cooperative banks and see if any amendments can be made to the laws.
India and the Netherlands on Tuesday signed a memorandum of understanding for cooperation in biotechnology with an aim to find solutions to problems in agricultural and health
The high level of capital inflows has forced the government to put fresh restrictions on ECBs. In August this year, the Reserve Bank of India tightened ECB rules by limiting the use of foreign loans in India at $20 million per company.
The Home Ministry has conveyed to the Department of Economic Affairs (DEA) that it has not given security clearance to the Abu Dhabi-based Etihad Airways' proposal to buy a 24 per cent stake in Jet Airways.
The government of Switzerland will not be taking up the allegation by Novartis that Indian patent law is incompatible with the Trade-Related Aspects of Intellectual Property Rights agreement at the dispute settlement board of the WTO.
The Oil and Natural Gas Corporation may face delisting from stock exchanges as a petroleum ministry directive appointing additional government directors on company board has violated its listing agreement.
Only NIIF has stayed the course as a viable infrastructure financing institution.
If the fiscal deficit for the year can be maintained at Rs 7.04 trillion, the deficit as a percentage of GDP will slip to 3.44 per cent
Renowned agricultural scientist M S Swaminathan and the driving force behind the nation's 'Green Revolution,' passed away in Chennai on Thursday.
The rural co-operative credit sector in the country is set to get a boost with $1 billion loan from the Asian Development Bank to the centre.
The appointment of new expenditure secretary comes a month-and-a-half ahead of the Budget for 2020-21 to be presented on February 1.
The rising dependence on discounted crude oil has resulted in India's trade deficit with Russia hitting the second-highest place last year, after China, reveals Department of Commerce data. From April through January 2022-23 (FY23), India's maximum trade deficit was with China, at $71.58 billion. This was followed by Russia, where the deficit expanded sevenfold - from $4.86 billion in April-January of 2021-22 (FY22) to $34.79 billion during the same period in FY23.
'This incident offers ammunition to those inside the US government and elsewhere who question the wisdom of trusting India, so it will have a lasting consequence no matter how it is managed.'
'He told senior journalists a few days after the Babri Masjid demolition, 'Jo hua theek hua. Maine isliye hone diya ki BJP ki rajniti hamesha ke liye khatam ho jaye.'
Traditionally, the Budget making exercise begins from mid-October.
The government on Wednesday cleared the setting up of an Investment Commission to woo foreign as well as domestic investors for major projects in the country.
'It has been an ongoing process, talking to the relevant ministries about eliminating leakages and curbing non-core expenditure in various schemes.'
Tech giant allowed to set up fully owned shops, with 30% local sourcing like everyone else.
India will kickstart on Tuesday a two-day multi-agency military exercise covering the country's 7,516 km-long coastline and exclusive economic zone with the twin aim of checking the preparedness of various agencies to deal with any eventualities and bolster overall maritime security, officials said.
Rakesh Mohan, Secretary, Department of Economic Affairs, on Tuesday pointed out that the Indian economy was on the move with the gross domestic product growing at about 7 per cent last year and investment levels in the country also going up.
The Department of Telecom gearing up for the 3G spectrum auction as per schedule on January 30 and has left it to the Cabinet Committee on Economic Affairs to take a call on the reserve price for a pan-India 3G licence.
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