Economic Affairs Secretary Ashok Chawla has been appointed as Finance Secretary in the ministry of finance with effect from Tuesday. The post of Finance Secretary fell vacant following retirement of Arun Ramanathan, who was also Secretary of Financial Services.
An IAS officer of 1973 batch of the Gujarat cadre, Chawla also hold additional charge of the Department of Economic Affairs and the Department of Financial Services.
A decision to this effect has been taken after Arun Ramanathan retired as finance secretary on Thursday. Currently, Chawla is the senior-most official in the finance ministry. In addition, G C Chaturvedi, currently serving as additional secretary in the ministry of health and family welfare, has been appointed as additional secretary in-charge of the financial services department.
The first indication that the United Progressive Government may opt to hold the General Election before schedule came on Tuesday, when Prime Minister Manmohan Singh appointed Ashok Chawla s secretary, economic affairs instead of picking up a full-fledged finance secretary.
The move comes after CBI gets sanction to prosecute him in Aircel-Maxis case
With barely a month to go for Budget 2011-12, the government on Thursday appointed Sushma Nath as the new Finance Secretary and gave her an extension for two months till May 31 this year.
Finance Secretary Ashok Chawla, in an impromptu chat with reporters, sided with Sebi, while Planning Commission Deputy Chairman Montek Singh Ahluwalia cited the spat to make a case for setting up a Financial Development and Stability Council (FSDC).
It is believed that the commission in its report has suggested higher allocation to the states during five years starting from next fiscal.
The committee on allocation of natural resources said in its draft report said, "In the ideal scenario, a gas pooling arrangement, with a view to mitigate price volatility is not recommended".
Securities Exchange Board of India chairman C B Bhave, and Insurance Regulatory Authority of India chief J Harinarayan had separate meetings with finance secretary Ashok Chawla on Monday over the ongoing tussle between the two regulators over equity-linked insurance schemes.
The Finance Ministry on Wednesday hinted that stimulus packages given to the industry may be rolled back, saying too much stimulus could be injurious when the economy is on a revival mode.
A day before taking charge, Finance Minister Pranab Mukherjee on Sunday met senior officials of the ministry to discuss issues related to the economy.
As many as 230 persons, including ex-Finance Secretary Ashok Chawla, former Corporate Affairs Secretary R Bandyopadhyay and other senior bureaucrats and eminent economists have lined up for the two high profile jobs at the country's anti-monopoly watchdog, Competition Commission of India (CCI).
R Gopalan has been appointed as Secretary Economic Affairs. He will hold this position, in addition to his current charge as Secretary Financial Services.
Ashok Chawla outlined the key thrust areas of Budget 2011.
Amid tensions over denial of visa to a top Indian Army General by China, India and China are set to hold two-day high level annual dialogue here on a host of bilateral and global financial issues from September 1.
The Finance Ministry on Monday initiated an e-Office programme directed towards a paperless office by enabling access to internal information for its employees through any computer.
The manufacturing output, which constitutes around 80 per cent of the index of industrial production, grew 12.3 per cent in May against 1.8 per cent in same month last year, official data released on Monday said.
In what would augur well for the industry facing slowdown, the Finance Ministry on Wednesday expressed hope that banks will bring down their lending rates.
Labour secretary dismisses finance secretary's doubts, says there is enough in the account to pay 9.5%.
"As far as India is concerned, the impact on us will be minimal. In fact, in the short run -- that is, purely in the short run -- it might help us in terms of India being regarded as a relatively safer haven," Chawla told reporters on the sidelines of a Assocham function in New Delhi.
The government will retain 51 per cent stake in all public sector units, finance secretary Ashok Chawla said. The government has proposed to mop up Rs 1,100 crore (Rs 11 billion) this fiscal from divestment of stake in PSUs.
"It was a good long meeting with the governor. He met the finance minister. He reviewed the situation. Rest, wait for the policy," finance secretary Ashok Chawla told reporters.
The reserve price is Rs 1,750 crore for a pan-India BWA spectrum licence.
The Union finance ministry is in favour of increasing non-promoter shareholding in listed companies to 25 per cent of the equity base in a phased manner, so that the number of shares available for trading increases, said Finance Secretary Ashok Chawla.
The wholesale price inflation rose to 8.62 per cent in September from 8.51 per cent in the previous month.
India and China on Thursday held high- level comprehensive dialogue on a host of financial issues to identify areas of convergence to step up their cooperation in the international and bilateral economic spheres.
Concerned over the ongoing public spat between the two regulators, the government on Wednesday asked Sebi and Irda to move court immediately on the contentious issue of who will regulate unit-linked insurance products.
Finance Ministry and Reserve Bank officials will meet in the next 10-12 days to decide on a schedule for government borrowings for the second half of the current fiscal.
The government has cleared 19 foreign direct investment projects worth Rs 4,340 crore, including that of Tata Steel and Future Ventures.
RBI lends and borrows money from banks against government securities under this facility.
Finance Minister Pranab Mukherjee had said additional money from 3G spectrum auction will provide him a little elbow room to manage the government finances.
A high level search panel, headed by Cabinet Secretary K M Chandrasekhar, has been constituted by the government for the purpose, though it is said that Bhave himself could apply for the fresh term after his three-year stint ends in February 2011.
Amid reports that it may not want market regulator SEBI Chairman C B Bhave to continue beyond February next, government has kicked off a search process for the next incumbent.
India on Tuesday distanced from the ongoing Sino-US row over revaluation of Chinese currency yuan saying it is their bilateral issue.
At its monetary review on Tuesday, the RBI raised the statutory liquidity ratio by 1 percentage point to 25 per cent and discontinued the special repo facility for banks to provide liquidity to mutual funds and others.
Food inflation has touched a 10-year-high of 19.95 per cent and the inflation rate based on the Wholesale Price Index, which was estimated at 4.78 per cent, is expected to cross 6 per cent by the end of the month.
According to sources close to the development, finance secretary Ashok Chawla, who is driving the process, is working on a concept note to provide the framework for consolidation.
Capital inflows have reached record levels as investors borrow cheap from advanced countries and invest in high-yielding assets in developing countries.
The finance ministry on Tuesday said that the divestment programme will kick off with the dilution of government equity in listed entities, where public holding is less.
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