Newly-appointed Maharashtra Deputy Chief Minister Sunetra Pawar has been allocated the portfolios of State Excise Duty, Sports and Youth Affairs and Minorities Development and Aukaf.
Finance Minister Nirmala Sitharaman met with bank heads to discuss risks related to Artificial Intelligence (AI) following global concerns over Anthropic's Mythos model threatening data security of financial systems.
The finance ministry is of the view that all interests -- direct and indirect -- should be taken into account and that there should not be any threshold for calculating total effective foreign shareholding in a company.
Hyderabad-based Midwest Ltd has become the first Indian private company to secure overseas critical mineral mines, sealing a deal with Indonesia's state-run PT Perusahaan Mineral Nasional (PERMINAS) to ensure a long-term supply of rare earths.
The finance ministry has asked all ministries and departments not to initiate any new scheme in the current financial year and said that there is a need to use resources prudently in the wake of the COVID-19 crisis. However, funds for schemes under the Pradhan Mantri Garib Kalyan Package, the Aatmanirbhar Bharat Abhiyan package and any other special package or announcement would be allocated, according to an office memorandum by the department of expenditure, which comes under the finance ministry.
The Israeli Finance Ministry has warned that the ongoing war with Iran could cost Israel an estimated NIS 9.4 billion (USD 3 billion approximately) per week under current restrictions on economic activities.
'Propaganda films that the BJP makes, whether it's The Kerala Story or others, are shown wherever elections occur as part of their propaganda. But real-time human rights violations... If such things don't come on a public platform, how will correction occur?'
'Why not aspire for 8 or 9 or even 10 per cent?'
India's Central government is likely to see its fertiliser subsidy bill double to a record 3.4 trillion in FY27, up from the Budget estimate of 1.7 trillion, due to surging global fertiliser prices exacerbated by the West Asia war. This significant increase, coupled with revenue losses from excise duty cuts for oil-marketing companies, is straining the government's fiscal space, though capital expenditure plans remain unchanged.
The distance between North Block and Mint Road has been growing for quite some time. The latest evidence of tension is the finance ministry's decision to introduce a clause in the Banking Amendment Bill allowing banks to trade in commodity futures, despite the central bank's reservations on the issue.
Reserve Bank has expressed dissent at the finance ministry panel's suggestion on allowing foreign institutional investors to issue Participatory Notes and allowing them to take exposure in India's debt instruments.
India appears poised to sustain its growth in a more durable way than before with the economy carrying the momentum from FY23 into the current fiscal year, the Annual Economic Review for 2022-23 released by the finance ministry on Thursday said. However, the report cautioned that escalation of geopolitical stress, enhanced volatility in global financial systems, sharp price correction in global stock markets, a high magnitude of El-Nino impact, and modest trade activity and FDI inflows, are factors that could constrain the pace of growth. "Should these developments deepen and dampen growth in the subsequent quarters, the external sector may challenge India's growth outlook for FY24," the finance ministry said.
Diktat to four general insurance companies says 'avoid competition' in any corporate or group account
A quick assessment of the ground reality will tell you that it is a reflection of the finance ministry's mistaken faith in factors beyond its control.
The telecom ministry has referred the matter of number of 3G spectrum slots in each circle to the Finance Ministry.
While Arun Jaitley remains part of the decision making process, Piyush Goyal, who was given additional charge on May 14, attends cabinet meetings and takes the day-to-day decisions.
Despite the Centre's GST 2.0 guidelines aiming to facilitate provisional refunds within seven days for low-risk cases, many large taxpayers are still encountering significant delays in obtaining Goods and Services Tax (GST) refunds under the inverted duty structure (IDS), with experts citing inconsistent state-level scrutiny and subjective interpretations.
PMO joint secretary Subrahmanyam to play a key ro#8804 full-time finance minister likely before October
India's Code on Wages mandates strict payout deadlines, two-day full and final settlements, universal wage coverage and capped deductions to safeguard employees and enhance payroll transparency nationwide.
The Confederation of Indian Industry (CII) has proposed a 20-point policy agenda to the finance ministry, including a conflict-linked emergency credit line guarantee scheme and tax rationalisation on energy inputs, to support MSMEs, exporters, and energy-intensive industries affected by the ongoing West Asia war.
It was not immediately clear when Garg submitted his voluntary retirement scheme application to the government. It was also not known if the government would accept the application. If he hadn't applied for VRS, he would have retired from government service at the end of October 2020 on attaining of 60 years of age. Garg did not answer phone calls seeking his comments.
The appointment, expected shortly, will come in the backdrop of tax expert Parthasarathy Shome recently resigning from the post of adviser to Finance Minister P Chidambaram.
'The real shock is going to be from a deficient monsoon.'
As finance ministry officials remained glued to news flashes on the LCD screens in their rooms, others were constantly monitoring news on the web. The support staff got its share of the news feed by keeping a close watch on politicians visiting North Block, reports Vrishti Beniwal
The newly appointed Union Finance Minister Pranab Mukherjee took charge of his new office in north block, returning to it after a gap of 24 years. The Finance Ministry office, which has been sealed off to outsiders and particularly prying journalists with the vote-on-account preparations in full swing, was on Thursday opened up at 4 p.m. when the media was invited in to cover the taking over ceremony.
'...Or will we take a positive approach and learn from those mistakes so that it is not repeated in future?'
Rising study-abroad costs are prompting families to use education loans strategically while preserving savings, liquidity and long-term financial stability, says Yogesh Rawat
Finance Minister Nirmala Sitharaman convened a high-level meeting with bank heads to assess cybersecurity risks linked to advanced AI models, following concerns over Anthropic's Claude Mythos system and its potential impact on financial data security.
Experts highlight India's significant market potential for assistive technologies, estimated at Rs 75,000-95,000 crore by 2030. They advocate for a National Assistive Technology Policy to address current gaps in access and service delivery, fostering inclusion, independence, and economic participation for persons with disabilities and the elderly.
The global financial crisis has empowered fiscal conservatives in India.
We know what Mrs Sitharaman and Mr Chaudhary (who may soon be moving out of the finance ministry to head to Lucknow to take charge as president of the Bharatiya Janata Party's Uttar Pradesh unit) look like, but who are the others in these photographs?
Global oil prices fell on Thursday to their lowest levels since before the outbreak of the Iran conflict, offering a significant economic tailwind for India, the world's third-largest crude importer, by easing inflation risks, reducing the import bill and improving the government's fiscal position.
DEA official writes to DIPP suggesting that govt needs to understand what has been left out, and why, in the revised application of the retailer.
A parliamentary committee has voiced concerns over ongoing examination irregularities despite government measures, recommending the Ministry of Education publish a time-bound roadmap for reforms. The panel also urged a nationwide blacklist of firms involved in exam processes and suggested utilising the National Testing Agency's financial surplus to enhance its capabilities.
The department believes dividend from CPSUs is a return on investment made by the government.
