The Parliamentary Committee on Public Undertakings (COPU) expressed serious concern over outsourcing of printing of Indian currency notes amounting to Rs 1 lakh crore (Rs 1 trillion) to three countries in 1997-98 and said that such a tendency would put India's economic sovereignty at stake.
Describing the current level of inflation as "unacceptable", Chief Economic Adviser in the Finance Ministry Kaushik Basu on Thursday indicated the government will revise downward the growth forecast for 2011-12.
The government has initiated a forensic audit at the state-run Oriental Bank of Commerce and Dena Bank after unearthing of a suspected scam, wherein the lenders allegedly misappropriated funds worth Rs 436 crore from their fixed deposit customers.
In an exclusive interview with rediff.com Gopalan replies back to the critics of the Budget presented by Finance Minister Pranab Mukherjee.
From defending the shock announcement of demonetisation to spearheading the remonetisation drive that included the cumbersome process of printing and supplying new Rs 500 and Rs 2,000 notes, his calm composure brought a sense of serenity to an otherwise chaotic situation.
Govt likely to get full control on policy rate.
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After scrapping the selection of six UPA-appointed bank chiefs, the government has now decided to make significant changes to the selection process.
A single market regulator clearly has its own advantages over multiple regulators. But it is more suitable for well-developed and mature markets which are smaller in size, like the UK.
The candidate will be expected to have at least two to three years of remaining service.
The Indian government will present the annual budget for 2016-17 on February 29.
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.
Erstwhile RBI governors, including Raghuram Rajan never had cordial relations with the government.
With a view to attracting more foreign funds into the economy, the government is weighing the pros and cons of reducing the lock-in period of long-term infrastructure bonds for foreign institutional investors (FIIs) to one year.
A paper authored by Rajan said, state-linked banks can be a first step in altering the ownership structure of some PSBs, where the government brings down its stakes to below 50 per cent, creating distance from operations of banks, and improving governance along the way.
The finance ministry on Monday said the ability of the Reserve Bank to intervene in the forex market to arrest the fall in rupee is limited, even as the Indian currency declined to a 32-month low of Rs 51.50 per US dollar in the early trade.
Besides financial stability, the paper will cover the role of committee of financial sector regulators, HLCC, which decides on the issue of coordination among watchdogs like SEBI, the Reserve Bank, PFRDA, IRDA from time to time.
The finance ministry and the Reserve Bank are keeping a close watch on price movements in a bid to ensure that inflation remains moderate amid volatile global oil prices.
The government on Thursday kept interest rates unchanged on small savings schemes, including NSC and PPF, for the second quarter of 2022-23 amid high inflation and rising interest rate. The interest rate on small savings schemes has not been revised since the first quarter of 2020-21. Public Provident Fund (PPF) and National Savings Certificate (NSC) will continue to have an annual interest rate of 7.1 per cent and 6.8 per cent, respectively, in the second quarter of this fiscal.
The comment assumes importance, since the RBI on Thursday expressed doubts over the efficacy of industrial growth data in mirroring the ground reality.
The minister said she has already taken up the matter with the Finance Ministry.
India Inc on Wednesday said the Reserve Bank's move to cut interest rate by 0.50 per cent is "pro-growth" and exhorted banks to transmit the lower interest rate to borrowers to revive demand and kick-start the investment cycle.
The move follows concerns raised by the Reserve Bank of India. According to sources, the central bank is concerned that most sovereign wealth funds operate in a non-transparent manner.
The Reserve Bank of India on Friday said fiscal deficit situation would be better than the budget estimate of 5.6 per cent of GDP for 2003-04, while inflation rate will start falling in the coming days.
The Reserve Bank of India has started a review of the non-performing asset or bad loan classification norms to ease the flow of credit to corporate groups.The move follows a reference from the government and is aimed at relaxing the norms temporarily to enable companies to access funds during the economic downturn that is putting pressure on cash flows and repayment capabilities.The review has been sought by the finance ministry following appeals from various industries.
Advance estimates of national income growth released today by the Central Statistical Organisation (CSO) project it at 7.2 per cent in 2009-10, pegging it a notch below earlier forecasts of the Reserve Bank of India (7.5 per cent) and finance ministry (7.75 per cent). With economic growth back on track the government may initiate a phased withdrawal of the fiscal stimulus package.
The projected gross domestic product figure for the current fiscal, as put out by the advanced estimates of the Central Statistical Organisation, is lower than the Reserve Bank of India and the finance ministry's forecasts.
In a pre-budget meeting with revenue secretary P V Bhide, a Ficci delegation asked the finance ministry to tread with caution on rolling back the stimulus measures taken to spur growth.
The printing of Rs 2000 notes has been substantially reduced. It has been decided to limit the printing of 2000 currency notes to minimum. This is nothing new, a FinMin official said.
The ministry sought to allay the rating agency's concerns and said economic growth was on an upward swing.
The move aimed at blunting Finance Ministry, RBI's opposition to monthly reporting.
India has moved 100 metric tonnes of its gold stored in the UK to domestic vaults in FY24, sources said on Friday. This is one of the biggest movements of gold undertaken by the country since 1991, when pledging a substantial part of the gold holding to tide over a foreign exchange crisis resulted in its movement out of vaults. The country's overall gold holding increased 27.46 metric tonnes in FY24 and it stands at 822 metric tonnes, as per official data.
Despite the objections raised by Reserve Bank of India and Election Commission, India's politics has been funded anonymously and it is time to end this, asserts Aakar Patel.
At a recent meeting of the high level coordination committee of regulators on capital markets, the RBI clarified that no approvals for VCFs will be issued since the Finance Ministry is reviewing the policy for investment in the realty sector for both foreign direct investment (FDI) and portfolio investments by foreign institutional investors.
The finance ministry said on Tuesday that high energy and commodity prices due to the Russian invasion of Ukraine may provide an upside risk to inflation and continued vigil is required. "Going forward, elevated energy and commodity prices may act as an upside risk to the inflation outlook in the near-medium term. "Given the inherently unsustainable nature of high prices, international commodity prices are expected to level off early with an increase in supplies outside the crisis zone," the department of economic affairs said in its latest monthly economic report for February.
Modi, after delivering his sixth straight address to the nation on Independence Day from the ramparts of the Red Fort in New Delhi, went into a brainstorming session with Sitharaman and all top officials in her ministry, sources privy to the development said. T
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