The State Bank of India (SBI) on Tuesday evening submitted details of electoral bonds to the Election Commission of India in compliance with the Supreme Court order.
'The steel industry has a multiplier effect on direct and indirect employment, national security on the supply chain, technology access etc.'
Google plans to invest $15 billion over the next five years in setting an artificial intelligence hub in Visakhapatnam, a senior official of the company said on Tuesday.
Recalling or relabelling medicines already in the supply chain before September 22 will not be mandatory, the finance ministry said on Tuesday, issuing a fresh set of frequently asked questions (FAQs) to address industry concerns following the announcement of goods and services tax (GST) revisions.
The new government that presents the full Budget for 2024-2025 in July should be ready to restructure the way divestment is managed and implemented, proposes A K Bhattacharya.
'Why would a highly qualified doctor with a promising future choose to wage war against his own country?'
'The finance minister missed yet another opportunity to simplify the income tax structure in the Budget.' 'This was an opportune moment to get rid of the old tax system entirely and move fully to the new system,' asserts M Govinda Rao, member of the 14th Finance Commission.
'All governments are scared of a negative image.' 'Somehow, this government has a tendency to create a narrative that things are improving.' 'When the real data gives a different picture, they are upset.'
In her Budget speech, Finance Minister Nirmala Sitharaman on Tuesday underlined the need for collaboration between the Centre and states to take up the next-generation reforms covering land, labour, capital and entrepreneurship. As far as revenue share goes, the government has projected to give about 32.5 per cent of central taxes to states during FY25, against the 15th Finance Commission's recommendation of 41 per cent, according to the Union Budget estimate.
A string of welfare schemes and promises tests the state's budget, which is already heavily dependent on central support and spends little as capital outlay.
Sitharaman added that no Union finance minister can play with the Finance Commission's recommendations.
The 13th Finance Commission has outsourced a major part of the exercise for devising ways to better manage ecology, environment in the North-East to two prominent organisations. The commission has entrusted two renowned institutes of the country -- The Energy and Resources Institute and the Bhopal-based Indian Institute of Forest Management -- with the job to explore ways to better manage ecology, environment and climate change consistent with sustainable development.
With its age-old fascination for education, southern states have done better than the North. Start-ups, IT hubs, and industry majors setting up shop have changed the face of the South. Nearly 79% of global offices set up by international conglomerates in India are in the South. Almost 46% of tech unicorns are from the South. The GDP per person in the South is 4.2 times higher than the North. None of these indicators can be ignored by any central government, whatever the political compulsions, notes Ramesh Menon.
'Marathwada is the suicide capital of Maharashtra.' 'To stop such man-made disasters, the government should immediately come up with a rightful package, not this charitable approach to compensation.'
The Enforcement Directorate (ED) and Income Tax (I-T) Department are likely to join the Assam Police in investigating alleged organised financial crimes and acquisition of benami properties by event manager Shyamkanu Mahanta, an accused in the death of Assam's cultural icon Zubeen Garg.
Former India pacer Venkatesh Prasad had served as a vice-president from 2013 to 2016 when Anil Kumble was the KSCA president.
World Bank along with economic think-tank National Institute for Public Finance and Policy have strongly pitched for making finance commission a permanent body like planning commission, although government has some reservations on it.
Equity benchmarks face a key test as investors weigh consumption revival hopes against tariff pressures and weak earnings. Amidst this, HSBC has outlined tailwinds and risks that could cap gains.
Reserve Bank Governor Shaktikanta Das on Tuesday said the fiscal-monetary coordination was at its best during the last six years even as he thanked Prime Minister Narendra Modi for giving the opportunity to head the monetary authority of the country. Das, in a series of posts on X, on his last day of his six-year term as RBI Governor, also thanked the Finance Minister, various stakeholders and his colleagues at the central bank.
The FATF statement comes in the backdrop of Indian authorities highlighting Pakistan's persistent support for terrorism and its funnelling of multilateral funds for arms procurement.
India has decided to submit a dossier at the upcoming Financial Action Task Force (FATF) meeting, calling for Pakistan to be placed back on the grey list of the global money laundering and terrorist financing watchdog.
P K Mishra, a retired IAS officer of the Gujarat cadre, is currently serving as the principal secretary to the prime minister.
Union Minister Nityanand Rai launched a scathing attack on Congress, stating that the party takes "pleasure" in insulting Bihar and its people.
Claiming taxes collected from the south were being distributed to north India and that the former were not getting their due share, Congress MP D K Suresh on Thursday said the southern states will be forced to demand for a separate nation if the 'injustice' was not rectified.
The BJP is considering having two deputy chief ministers in the new Delhi government to represent the city as a "mini" India, party leaders said. The move is aimed at accommodating MLAs from different castes, communities, and regional backgrounds. The proposal is under consideration by the national leadership, which will also decide on the chief minister and other ministers. The process of government formation is expected to gain momentum after Prime Minister Narendra Modi returns from his foreign visit over the weekend.
File a written complaint with the bank's grievance redressal officer and secure an acknowledgement.
Given the possibilities that next year's assembly elections could throw up, Stalin told the state assembly that an interim report had to be submitted by January 2026. The outcomes may well find its way into the DMK's poll manifesto, thus seeking to keep the electoral focus still on the BJP-ruled Centre and Prime Minister Modi, observes N Sathiya Moorthy.
The government on Saturday announced a host of measures such as setting up of a new Fund of Funds Scheme (FFS) with Rs 10,000 crore corpus; and extension of period of incorporation by five years with a view to promote growth of budding entrepreneurs.
The need for co-ordinated policy between Centre and states was likewise foreseen and assigned.
Re-entry into the list could have far-reaching consequences for Pakistan, including diminished foreign investment, increased borrowing costs, and tighter scrutiny from global financial institutions.
'Karur could still impact Jana Nayagan's box-office success if Vijay and the TVK do not get their act together,' points out N Sathiya Moorthy.
The government, in the forthcoming Budget, could consider levying higher tariffs on imports to check the significant decline in rupee value witnessed in the past few months, said EY Chief Policy Advisor DK Srivastava. The noted economist argued that higher import duties would curb the demand for dollars from importers and help arrest the sliding value of the rupee, which touched a historic low of 86.70 to a dollar on January 13.
Using the debt-to-GDP ratio as a fiscal anchor aligns with efforts to promote fiscal transparency through proper disclosure of off-budget borrowings.
The government on Tuesday extended the term of Twelfth Finance Commission by five months till December 31 this year.
India will argue for Pakistan's return to the Financial Action Task Force (FATF) grey list due to its alleged failure to combat money laundering and terror financing. The move comes after recent tensions between the two countries following a terror attack in Pahalgam, India. India believes Pakistan has not adequately addressed the issue of terrorism emanating from its territory and has diverted funds from multilateral agencies towards arms purchases.
The Union government is projected to share about 32 per cent of central taxes with states during the financial year 2024-25 against the 15th Finance Commission's recommendation of 41 per cent. The Revised Estimates (RE) for FY24, too, show a similar share of states in the central taxes at 32 per cent. In absolute terms, however, there has been an increase in the amount devolved to states compared to the Budget Estimates (BE) for FY24 at Rs 11 trillion.
It is believed that the commission in its report has suggested higher allocation to the states during five years starting from next fiscal.
Initially, we will look to take a small batch of a few hundred students, with a plan to increase this to 5,000 students in the next five years, and eventually 10,000 by 2036.'
