"The commitment to moderate levels of inflation has led to higher interest rates. In this environment, banks need to keep a strong vigil on their asset quality. These are turbulent times and we should watch every step that we take," Mukherjee said at 106th foundation day of Bank of India in New Delhi.
Finance Minister Pranab Mukherjee on Monday proposed to introduce a new simplified income tax return form 'Sugam' to reduce compliance burden of small taxpayers.
Government originally planned to roll out GST from April 1 last year, but a consensus could not be reached on the introduction of the Bill.
Finance Minister Pranab Mukherjee on Saturday underlined the need for India and Bangladesh to deepen counter-terrorism cooperation, warning that insurgents have the 'potential' to affect the bilateral ties.
In spite of the recent spate of exposes in the media detailing alleged corruption and scams in the preparations for the Commonwealth Games in Delhi, the Centre has decided to release additional funds for the Games.The Opposition will get yet another chance to attack the government and the Suresh Kalmadi led Commonwealth Games Organising Committee when Finance Minister Pranab Mukherjee presents the supplementary demand for grants in Lok Sabha.
Non-profit organisations set up for charitable purposes may see a tightening of income tax provisions.
Driven by high vegetable prices, the food inflation is in double digit for the past two months and even crossed 18 per cent in the last week of December 25.
The latest inflation numbers are the lowest since December 2009 when headline inflation was at 7.15 per cent.
Industrial production, measured by the index of industrial production, slowed to a 20 month low of 1.6 per cent in December, from 2.7 per cent in November 2010.
The all-party meet called by Union Finance Minister Pranab Mukherjee to resolve the deadlock in the Parliament ahead of the Budget session ended inconclusively on Tuesday with the Bharatiya Janata Party-led Opposition sticking to their demand for a Joint Parliamentary Committee probe into the 2G scam.
Finance Minister Pranab Mukherjee says exporters will have to "fight" their own battle.
Finance Minister Pranab Mukherjee on Tuesday said the Reserve Bank's decision to hike short-term borrowing and lending rates will help contain inflation and was in line with the government's policy.
Economists want Budget to focus on infrastructure, have a clear strategy on disinvestment and state measures to boost investment climate.
19 Cabinet ministers were sworn in along with Prime Minister Manmohan Singh.
Finance Minister Pranab Mukherjee on Wednesday justified legislative changes in taxation law with retrospective effect, saying this was required in order to protect "the interests of the (tax) department".
The decision to finance these districts for rapid improvement in schooling, health care and drinking water comes nine months after Finance Minister Pranab Mukherjee listed the drive in his Union Budget to ensure the poor and the tribals do not head to the Naxals for help.
Informing the Parliament about this, Finance Minister Pranab Mukherjee, however, said the panic button should not be pressed.
The minister recalled the steps taken by the government to deal with general inflation, which was in the negative zone in June-August, 2009, and had since risen to 9.9 per cent in March, 2010.
"Serious deliberations are underway for establishing a regulator for the coal sector and similar thought is now being given to other infrastructure sectors as well," said Pranab Mukherjee.
Finance Minister Pranab Mukherjee on Tuesday asked tax collectors to become technology-savvy and develop an effective intelligence system to prevent evasion and punish wrong-doers.
The government on Monday said it will provide all the funds necessary for the implementation of its unique identification number project, dismissing media reports to the contrary.
Downplaying the recent war of words with China, India on Wednesday expressed confidence that the boundary dispute would be resolved amicably through dialogue.
In the Budget 2011-12, the government had announced a gross borrowing of Rs 4.17 lakh crore (Rs 4.17 trillion) from the market, lower than Rs 4.47 lakh crore (Rs 4.47 trillion) during last fiscal.
Finance Minister Pranab Mukherjee will start the customary pre-budget consultations with different interest groups like captains of industry, economists, agriculturists and bankers next week.
Taking exception to the government's 'comparative' analysis of the two drafts of the Lokpal Bill, Anna Hazare team on Monday asked Finance Minister Pranab Mukherjee to treat both its versions as the joint drafting committee's outcome enjoying 'equal weightage'.
On instructions from Finance Minister Pranab Mukherjee, the Intelligence Bureau has taken up the task of identifying a sudden quantum jump in the amount of foreign money flowing in the country through withdrawals by foreigners on credit and debit cards issued by foreign banks.
On instructions from Finance Minister Pranab Mukherjee, the Intelligence Bureau has taken up the task of identifying sudden quantum jump in the foreign money flowing in the country through withdrawals by foreigners on credit and debit cards issued by the foreign banks.
Attributing the latest jump in food inflation mainly to rising prices of protein-based items, Finance Minister Pranab Mukherjee on Thursday said the high inflationary regime was not acceptable and efforts would be made to bring it down.
The India Meteorological Department said on Tuesday monsoon rains are expected to be below normal at 95 per cent of the long period average, with margin for error of plus or minus 4 per cent.
In the 2020-21 Budget, the prime minister and the finance minister are keen to stamp their narrative, after various rollbacks following the previous Budget, said top government sources. Besides the scheduled meetings, the sources said, the Prime Minister's Office is expected to hold several meetings with top secretaries and officials on various ongoing schemes, their performance and also how some of them could be tweaked for better results.
The finance ministry on Wednesday provided relief to the Rs 18,000-crore (Rs 180-billion) software industry by replacing a multi-level structure of tax deducted at source (TDS) on distributors with a single TDS. This would be deducted by the first distributor -- one who directly purchases packaged software from a developer.
Under the Budget being presented by Finance Minister Pranab Mukherjee, the Plan expenditure for both the Centre and the states will go up by Rs 61,000 crore (Rs 610 billion) over the Interim Budget.
Finance Minister Pranab Mukherjee on Tuesday admitted the Reserve Bank of India's move to hike short-term lending and borrowing rates will hurt growth in the near-term, but exuded confidence that economic expansion will gather pace later as a consequence.
Lok Sabha passes Finance Bill; Will introduce a white paper on black money in current session: FM
"Unprecedented" direct taxes collection of Rs 7.90 lakh crore in 2010-11 has "greatly strengthened" the country's efforts for fiscal consolidation, Finance Minister Pranab Mukherjee said.
Headline inflation for March stood at 8.98 per cent, while food inflation was at 8.76 per cent for the week ended April 16.
In its policy review meeting on Tuesday, the Reserve Bank of India hiked interest rates by 25 basis points.
Railway Minister Dinesh Trivedi has not resigned, Finance Minister Pranab Mukherjee told the Lok Sabha on Thursday
A memorandum of understanding between the defence and telecom ministries for vacation of spectrum was signed two years ago.
Finance Minister Pranab Mukherjee on Saturday exuded confidence the economy would soon break the double-digit growth barrier and said the stimulus measures will not be fully withdrawn until a robust recovery is achieved.
