Five days after the induction of 18 ministers into his cabinet, Maharashtra Chief Minister Eknath Shinde on Sunday allocated portfolios, keeping Urban Development and 11 other ministries with himself, while giving the crucial Home Department to Deputy CM Devendra Fadnavis.
Three years after India declared its goal to become a net-zero economy by 2070, the policy design for achieving the target has begun, with the NITI Aayog forming dedicated multi-sectoral committees to prepare a transition plan. In 2021, India joined a select group of nations that set a target year for becoming net-zero carbon economy. At COP26 in Glasgow, Prime Minister Narendra Modi outlined a five-pronged 'Panchamitra' climate action target for India and committed to a net-zero target by 2070, joining nations like the US, the UK, and China.
The department has proposed to pool prices of imported and domestically produced natural gas.
The finance ministry has directed all state-owned banks to review their gold loan portfolio as instances of non-compliance with regulatory norms have been noticed by the government. The Department of Financial Services (DFS) in a communication addressed to heads of public sector banks has asked them to look at their system and processes related to gold loan. "We have asked banks to undertake comprehensive review of the gold loan business," financial services secretary Vivek Joshi told PTI.
The government has asked the finance ministry to take action against former Narcotics Control Bureau officer Sameer Wankhede for his alleged "shoddy work" while probing a 'drugs-on-cruise' case in which film star Shah Rukh Khan's son Aryan was arrested last year, official sources said.
From the rollback of customs duty on key electronic components to fast tracking delivery of goods imported from China, players are looking for incentives on several counts.
'We will start reaching out to researchers, academics, and experts on AI from top universities and companies from across the world.'
In a pre-Budget memorandum, the ministry has submitted to the finance ministry that the industry may not accept bonds this fiscal. Nevertheless, the ministry's latest position seems to be in sync with the demand of the fertiliser industry that has persistently maintained that the securities are mostly trading in discount, affecting the balance sheet of companies.
'If the BJP detoxifies the nuclear liability law, it will bring economic, environmental and, most of all, strategic benefits.' 'Let's keep our fingers crossed and hope that this Budget promise is met soon -- ideally, before Mr Modi heads to his first meeting with Trump 2.0,' observes Shekhar Gupta.
WazirX lost about 45 per cent of its crypto assets to the security breach. People privy to the discussions say North Korea has been mentioned.
The government has merged the Department of Public Enterprises (DPE) with the finance ministry to give it a better control over state-owned firms and facilitate its ambitious privatisation programme. Finance ministry will now have six departments while DPE's hereto parent ministry, the ministry of heavy industries and public enterprises will now be called the ministry of heavy industries. Previously, the disinvestment ministry - created under the Atal Bihari Vajpayee government - was merged with the finance ministry and is now a department under it. Also, Foreign Investment Promotion Board (FIPB) was abolished and administration of foreign investments was given to the finance ministry (FinMin).
Payments banks are expecting to get the rights to offer small-ticket loans sometime soon, according to an industry source familiar with the matter. The industry has been in talks with the Reserve Bank of India (RBI) for some time in seeking lending rights.
The civil aviation ministry is holding talks with the finance ministry on rationaliation of sales tax on aviation turbine fuel and airport taxes.
The finance ministry wants the Reserve Bank of India (RBI) to switch its policy stance, with growth concerns occupying centre stage and inflation showing signs of moderating.
For 2015-16, the planned outlay for the department was Rs 2,568 crore.
India and Qatar on Tuesday agreed to elevate their relationship to a strategic partnership and double bilateral trade to USD 28 billion over the next five years. Prime Minister Narendra Modi and Qatari Amir Sheikh Tamim Bin Hamad Al-Thani signed agreements and MoUs to strengthen economic cooperation, including a revised double taxation avoidance agreement. The strategic partnership will cover the "entire spectrum" of the bilateral relationship, including trade, energy security, and regional and international cooperation. Both leaders also discussed ways to further strengthen and broaden the energy partnership, including "exploring mutual investments." The Amir's visit provided an "excellent opportunity" for the top leadership of the two countries to discuss and "cement a strategic partnership for enhanced future cooperation."
In a major relaxation of foreign investment rules in the pharma sector, a special group set up under the finance ministry has suggested it could consider permitting up to 49 per cent FDI (foreign direct investment) in the automatic route for brownfield investments in case the company's control remained in Indian hands.
By June 2025, financial freedom will be just an ATM away. Pleasantly surprised? But there's more, says Ramalingam Kalirajan
A higher level of private sector financing and resource mobilisation from new sources will be crucial for India to build quality infrastructure, according to the Economic Survey 2023-24. The Economic Survey 2023-24 was tabled in Parliament by Finance Minister Nirmala Sitharaman on Monday.
The fund will promote domestic shipbuilding of all types and sizes to reduce India's dependence on foreign ships.
Nationalist Congress Party leader Ajit Pawar was given the finance and planning portfolio on Friday, nearly two weeks after he broke away from the original party and took oath as Maharashtra's deputy chief minister.
Other ministers who have presented five straight annual financial statements include Arun Jaitley, P Chidambaram, Yashwant Sinha, Manmohan Singh and Morarji Desai.
She also holds the distinction of delivering the longest budget speech at two hours and forty minutes in 2020.
Recent documents by NITI Aayog and periodic labour force surveys on employment show that the importance of agriculture is rising in the Indian economy.
External Affairs Minister Pranab Mukherjee was on Friday given the additional charge of Finance Ministry with Prime Minister Manmohan Singh being admitted to the hospital for a heart bypass surgery on Saturday.
The Union government could target a fiscal deficit of 5.8-6 per cent of nominal GDP for 2023-24, and it should continue its capital expenditure push and look to simplify the personal income tax regime, economists recommended Finance Minister Nirmala Sitharaman and her team during their pre-Budget interaction on Monday. Starting last week, Sitharaman had eight pre-Budget consultations this time. More than 110 invitees representing seven stakeholder groups participated in these meetings, the finance ministry said in a statement. The stakeholder groups included representatives and experts from agriculture and agro-processing industry; industry, infrastructure & climate change; financial sector and capital markets; services and trade; social sector; trade unions and labour organisations; and economists.
Debroy's economic interests and research work covered numerous areas such as economic theory, income inequality, and infrastructure financing.
Nitish said he wanted his government to have a clean image and it was reflected in the resignation of Jitan Ram Manjhi even before he could assume office as he was facing a case in the bachelor of education scam.
A day after his appointment as the 26th governor of the Reserve Bank of India (RBI), outgoing Revenue Secretary Sanjay Malhotra on Tuesday said one must understand the economic landscape and do what was best for the economy. "Let me first go, join, understand the turf ... Here it is a different role," Malhotra said, speaking to reporters in front of North Block.
The monthly Rs 2500 payment for poor women is expected to cost Rs 11,000 crore while the pension scheme of Rs 2000 for every senior citizen will cost around Rs 4100 crore. The Yamuna clean up will cost over Rs 10,000 crore while a similar amount is required to upgrade Delhi's hospitals. Ultimately, the new BJP government will have no choice but to ask the centre for financial support, notes Rashme Sehgal.
Lok Sabha passed the Finance Bill, after approving more than two dozen official amendments, by voice vote, thus completing the Budgetary exercise for 2019-20 in the Lower House.
One has the impression that dictates of political accommodation rather than dictates of professional management of internal security have influenced his appointment as the home minister, says B Raman
Finance Minister Nirmala Sitharaman on Friday pitched for front loading of capital expenditure, saying it is critical for revitalisting the economy post the coronavirus pandemic. During a virtual meeting with senior government officials to discuss the infrastructure roadmap ahead, she also asked ministries to aim to achieve more than their capital expenditure (capex) targets. The Union Budget 2021-22 provided a capital outlay of Rs.5.54 lakh crore, a sharp increase of 34.5 per cent over the Budget Estimate of 2020-21.
The Union Budget 2025-26, while promising a new framework for smoother mergers and acquisitions (M&As), has plugged a major loophole on carry-forward losses for a total of eight assessment years between amalgamating company and amalgamated company from the date of loss instead of date of the merger. For all mergers effected on or after April 1, 2025, the losses can be carried forward only for the residuary period (counting from the date of loss).
In a bid to bring down the cost of air operations, Aviation and Petroleum ministries will meet FM to get ATF notified as 'declared good'.
'There is a need for an innovation sandbox where the PSBs can collaborate and then they can do their own innovation on top of it.'
India on Friday asked its citizens not to travel to Iran and Israel amid increasing fears that Tehran may launch an attack on Israeli soil in retaliation to a strike on the Iranian consulate in Syria 11 days ago.
Over the past six months Rajasthan has introduced some of India's most radical free-market labour, land and welfare reform.
Sheikh Hasina was on Thursday sworn in as the prime minister of Bangladesh for the fifth term, days after her Awami League won an overwhelming majority in the general elections boycotted by the main opposition Bangladesh Nationalist Party (BNP) and its allies.
