From the Sensex basket, Power Grid, Asian Paints, Tata Motors, Tata Steel, NTPC, Sun Pharma, Mahindra & Mahindra, HDFC Bank, Tata Consultancy Services and JSW Steel were among the major gainers. Kotak Mahindra Bank, Bharti Airtel, Axis Bank, Wipro, ICICI Bank and IndusInd Bank were among the laggards.
'India has a skill shortage of 56%.' 'This is a very interesting paradox -- the unemployment rate is 6% to 7%, and at the same time 20% of those qualified are unemployed.'
'Government shouldn't be in the business of running airlines, instead it should develop the ecosystem of civil aviation.'
A stern articulator with outspoken views and a dignified personality, Sitharaman now bears the responsibility of steering the economy which has witnessed sluggish growth in recent quarters.
The government on Wednesday asked ministries and departments to clear dues of debt-laden Air India immediately and henceforth purchase tickets only in cash. The government earlier this month decided to sell Air India to Talace Pvt Ltd, a unit of the holding company of salt-to-software conglomerate Tata group, for Rs 18,000 crore. The Department of Expenditure, under the Finance Ministry, in a 2009 order, had said that in cases of air travel (both domestic and international), including LTC where the Government of India bears the cost of air passage, the officials may travel only by Air India.
She said I treated her like a bachchi. At another moment, she said I had gone to various people and 'bitched' about her. She also threatened to bring the entire matter to the PM's notice. A revealing excerpt from Subhash Chandra Garg's We Also Make Policy: An Insider's Account of How the Finance Ministry Functions.
Starting today, Modi and top officials in the Prime Minister's Office will be briefed by various central ministries and departments on their plans as well as agenda for the next five years. They will also apprise the PMO of the work they have done so far in realising the agenda of government's second term in office.
Finance Minister Nirmala Sitharaman on Thursday presented her sixth Budget in a row, equalling the record of former Prime Minister Morarji Desai.
GST collections in October stood at Rs 1.72 lakh crore, the second highest-ever, the finance ministry said on Wednesday. The collections are 13 per cent higher than the Rs 1.52 lakh crore collected in October 2022.
'Somebody was using somebody to make statements that will stir the stock market and lead to a surge.' 'A sudden surge and a sudden crash is always an ideal situation for people to make illicit gains and then siphoning off the money.'
'We are in a position to start due diligence and private data room access shortly.'
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.
Indian and global airlines such as SpiceJet, Emirates, Virgin Atlantic among others too are marketing Covid-19 insurance products to attract passengers.
Finance Minister P T R Palanivel Thiagarajan has proclaimed his determination to set Tamil Nadu's fiscal house in order in five years, and Friday will show how he plans to go about it when he rises to present the Stalin government's maiden budget, says N Sathiya Moorthy.
The revamped Special Economic Zone (SEZ) law is unlikely to see the light of the day before the upcoming Lok Sabha elections, two people aware of the matter said. The commerce department had sought the Union Cabinet's nod to bring amendments to the existing SEZ Act, 2005 late last year. The plan, thereafter, was to introduce the Bill in the winter session of Parliament. Cabinet's approval remains pending.
On sarkaritel.com, a private initiative that serves as a gateway to the government, the council of ministers does not include the finance portfolio at all.
The central government has mandated all ministries, public departments and public sector units to use the telecom services of State-run Bharat Sanchar Nigam Limited (BSNL) and Mahanagar Telephone Nigam Limited (MTNL).
The National Pension System (NPS) added 21.5 per cent fewer fresh subscribers under the corporate segment in 2023 compared to the preceding year. Government officials and experts attribute it to the higher exemption limit of income tax of Rs 7 lakh announced in the FY24 Budget that no more requires employees under this income bracket to opt for NPS for tax-saving purposes. Data collated from the Ministry of Statistics and Programme Implementation (MoSPI) reveals that the corporate component is voluntary in nature and saw 158,212 new subscribers in 2023 compared to 201,517 during 2022.
Finance Minister Nirmala Sitharaman spelled out water, its management, clean rivers as one of the 10 points of vision for the next decade.
Finance Minister Nirmala Sitharaman on Tuesday met top officials of the finance and corporate affairs ministries to review the implementation of various announcements of the Union Budget FY24. "The finance minister underlined the importance of continuous assessment of progress to ensure that various announcements are implemented in a time-bound manner," the finance ministry said in a tweet. Sitharaman also discussed in detail various issues on the digital competition laws with Rajeev Chandrashekhar, the minister of state for entrepreneurship, skill development, electronics and technology.
A source in the know said realistically two-three of the seven bullet train corridors could be included as a practical election promise.
There is also speculation within the BJP that its national president J P Nadda, whose extended tenure will end by this month and who was among the leaders meeting Modi, may also be brought back in the government.
Owing to Finance Minister Nirmala Sitharaman being new to her role, a number of crucial announcements in the Budget bore Garg's imprint, especially the decision to borrow in overseas markets, reduce the fiscal deficit as a percentage of gross domestic product, and resort to off-Budget borrowing to meet that target, says Arup Roychoudury.
The new scheme may be announced before the Lok Sabha elections.
The avoidable stresses and strains in ties helped in one way. It showed for the entire region how a matured India handled diplomatic relations, especially with a smaller and suspicious neighbour, with practised dignity and patience, unruffled by provocations in word, deed and action, observes N Sathiya Moorthy.
Participatory notes are instruments through which foreign investors trade in the country's equity and debt markets.
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.
'The vision now is not just to look at national highways as a number of kilometres, but quality as well.'
State-owned Indian Renewable Energy Development Agency's (Ireda's) chairman and managing director Pradip Kumar Das has announced that the company has requested the government to allow it to carry out a follow-on public offer (FPO) as it will need further equity infusion to maintain the pace of growth. The FPO would aim to raise between Rs 4,000 crore and Rs 5,000 crore. Ireda, which provides funding assistance and other services to renewable energy and energy efficiency/conservation projects and is 75 per cent owned by the government of India, has requested the Union Finance Ministry to be included under Section 54EC of the Income Tax Act, which will help reduce borrowing costs.
Finance Minister Nirmala Sitharaman will present her sixth straight Budget ahead of the Parliamentary elections, matching the record of former Prime Minister Morarji Desai. Sitharaman in her pre-election Budget, which technically is a vote on account and popularly termed an interim Budget, will seek Parliament's nod for a grant in advance to meet the central government's essential expenditure for the first four months of the new fiscal year that starts in April. A new government elected after the April/May general elections will present the full Budget, likely in July.
There is a view that heavyweight portfolios like home, finance, defence and external affairs besides education and culture, two ministries with strong ideological hues, will be kept by the BJP, while its allies can get anywhere between five to eight cabinet berths.
Electoral bonds have been pitched as an alternative to cash donations made to political parties as part of efforts to bring transparency to political funding.
"The Union government has authorised the release of tax devolution of Re 72,961.21 crore to state governments for the month of November 2023, on 7th November instead of the usual date 10th November," the Union finance ministry said in a statement.
'Sebi had no problem with derivatives until trading exploded after Covid.' 'But now, having built a dangerous road, from which different entities, mainly governments, are extracting a heavy toll, Sebi is concerned that people are driving on it in much greater numbers,' explains Debashis Basu.
'My protest was in the interest of the nation.' 'I am just doing my duty as a citizen of this country.'
India has allocated Rs 1.72 trillion, or 27.67 per cent of the total defence budget to cater to modernisation of the country's arsenal. Modern militaries spend up to 50 to 60 per cent of their total defence budget so that they go into combat with superior weaponry and equipment.
Prime Minister Narendra Modi will retain DoPT, Atomic Energy as well as all important policy issues and portfolios not allocated.
Startup founders need to sit up and think about how not to take stardom for granted and how not to disappoint their fans who have stood in long queues for those precious selfies with popular entrepreneurs, notes Nivedita Mookerji.
With the world's worst outbreak of COVID-19 severely straining the health system in the country, the government has made sweeping changes in the way departments procure medical supplies, including allowing procurement of the same item at different rates.
Labour Ministry has justified EPFO's declaring 9.5 per cent interest for 2010-11.
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