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 real requirement for the finance minister's explanatory speech is to explain the measures taken in the Budget to influence inflation and growth not just through the announcement of a deficit goal, but more broadly through the impact on money supply, consumer demand, foreign trade and investment, explains Nitin Desai.
The Committee, which has been set up in pursuance of the announcement made by the Minister in his Budget speech, will also suggest whether the unclaimed deposit should come to government or be kept in a separate account.
Little attention is paid to the management of currencies and coins in India.
RBI is scheduled to announce mid-quarter review of monetary policy for 2013-14 on June 17.
Economist Arvind Panagariya has also argued for loosening deficit targets to boost capital spending
Like Indira Gandhi, even Narendra Modi seems to be relying on directing public-sector banks through ministry of finance supported by party cadres, says Debashis Basu.
The wait for India to become a $5-trillion economic powerhouse by 2024-25 (FY25) is going to take longer than what the finance ministry had originally intended, according to the International Monetary Fund (IMF). The vision will instead be achieved in 2028-29 (FY29), reveals the IMF data, illustrating a four-year delay. Chief Economic Advisor (CEA) V Anantha Nageswaran had in February said India would become a $5-trillion economy by 2025-26 or the following year, on the back of 8-9 per cent sustained growth rate in real gross domestic product (GDP). However, the IMF data conveys that the economy will be $4.92 trillion in FY28, clearly alluding to the fact that the target will be realised in FY29.
Sajjid Chenoy, India economist at JP Morgan is the new part-time member.
As in the past, it is up to the merchants to decide if they will bear the burden of the charge or bill it to the customers. Subhomoy Bhattacharjee reports.
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The Keynesian advice comes after Finance Minister P Chidambaram has said he considers the fiscal deficit at 4.8 per cent of gross domestic product in 2013-14 as a 'red line'.
The government would also take steps to promote exports and restrict non-essential imports, said Jaitley
Munich-based Giesecke and Devrient supplies security features to the RBI for currency notes, and machines to bank branches across the country to detect counterfeits.
The Reserve Bank on Thursday said it has put in place contingency plans to infuse liquidity into the system to deal with any possible volatility in markets on Friday in view of the election results.
The Department for Promotion of Industry and Internal Trade (DPIIT) will soon start public consultation for a national retail trade policy, which is likely to include an insurance scheme aimed at providing financial protection against losses caused by theft, accidents or natural calamities. The policy will also spell out ways to give traders access to low-cost finance, promote digital inclusion, and create necessary infrastructure to support them, a senior government official told Business Standard. This is expected to offer relief especially to traditional traders, who are facing stiff competition from large e-commerce players.
Standing committee on finance to also focus on RBI autonomy and citizen's rights.
The Reserve Bank of India (RBI) plans to amend its rules to pre-empt non banking finance companies (NBFCs) from misusing the liberal rules governing limited liability partnership (LLP) firms.
Indradhanush-II is likely to chart out the process for resolution of non-performing assets.
Rajan would slow down some of the expansion of money and it ought to have little effect on the real economy.
Demonetisation is the biggest reason for the rise in preference for small savings.
The Asian Development Bank is all set to enter the Indian capital market with a bond issue to raise upto Rs 100 million (Rs 10 crore) as it has obtained the Reserve Bank of India's and ministry of finance's approval.
Reduce the government stake in public sector banks to 33 per cent, recommends A K Bhattacharya
North Block and Mint Road seem likely to now stick to the earlier convention of the RBI governor coming to Delhi and being the only MPC member meeting the finance minister and senior bureaucrats on pre-policy meetings
The fiscal deficit rose primarily on the back of lower non-tax revenues, which came in at 60 per cent of full-year target, compared with 62.4 per cent for the same period last year.
In 2009, the UPA government, had announced a slew of measures to boost liquidity in NBFCs. These included a scheme for providing liquidity support to NBFCs having assets size of over Rs 100 crore through a SPV.
The size of the hole in today's banking crisis appears to be roughly 10 per cent of GDP.
Experts have started giving comments on provisions that the govt must make in Budget 2016-17.
While the situation Sitharaman finds herself in may not be that good, how does it stack up against her three immediate predecessors Pranab Mukherjee, P Chidambaram and the late Arun Jaitley?
Going by its past experience of differences between the central bank and the finance ministry, the government might prefer a person who could bridge this gap.
'People who come from IMF-World Bank backgrounds have no dynamism at all,' Subramanian Swamy said.
The HRD ministry has sought the view of National Council of Educational Research and Training which has not favoured the idea. The NCERT, which publishes textbooks and prepares broad curriculum for school students, has said that subjects like commerce and economics are already covering aspects of financial management. There is no need to start a separate subject, the NCERT has said.
Rajan has a great track record abroad.
Virtual currencies don't have any intrinsic value and are not backed by any kind of assets.
An investigation by the government into whether Wal-Mart Stores Inc violated local investment rules in 2010 has been referred to the Reserve Bank of India (RBI), officials familiar with the matter said.
There is no clarity yet on how an estimated 10.9 million new jobs would be created every year.
The principal challenge for Rajan's successor is to work with the Bank Board Bureau and the finance ministry to complete these processes of banking reform.
The final policy may be out only after formation of the new government, according to sources
The agency had received Rs 946.51 crore to manage its affairs in the Budget Estimates for 2023-24, which was later increased to Rs 968.86 crore in the Revised Estimates.
The cost of food has constantly been on the rise.
If Sebi and RBI remain quiet about this brazenly illegal activity, will someone in the finance ministry or the NITI Aayog take a closer look, asks Debashis Basu.
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