Finance Minister Pranab Mukherjee will meet chiefs of public sector banks here on Saturday, at a time when industrial growth has decelerated to a 13-month low of 7.1 per cent and interest rates have moved northward.
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.
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The finance minister said the challenge now is to find the means to cross the double-digit growth barrier in the coming year or two.
Mahindra Satyam has reportedly requested Khurshid to take up the issue of taxation with the Finance Ministry as it would be unjust to tax income that was never there.
Finance Minister Pranab Mukherjee while presenting the budget 2009-10 in Lok Sabha on Monday said that the details about this expert group will be announced by the minister of petroleum and natural gas.
Prime Minister Manmohan Singh hailed Finance Minister Pranab Mukherjee's Budget for 2009-10 presented in Parliament on Monday, saying that the finance minister 'has done an admirable job'.
The ministry of civil aviation will seek a complete rollback of service tax levied on domestic air travel in the recent Budget, Civil Aviation Minister Praful Patel said on Wednesday.In his Budget speech on February 26, Finance Minister Pranab Mukherjee had proposed a service tax of 10 per cent on both domestic and international travel. Earlier, the service tax was restricted only for international travel.
In his book, Backstage: The Story Behind India's High Growth Years, Montek Singh Ahluwalia accepted the Act "increased the cost of land to financially unsustainable levels ... and made it easier for anyone who wants to stop a project to use the various consultative processes required under the law to delay matters".
Mr Mukherjee has presented a good budget, perhaps even a very good one under the circumstances, but he has shied away from presenting a great budget.
A uniform concessional basic duty of 5 per cent, CVD of 4 per cent with full exemption from special additional duty on all medial equipment are proposed doing away with a very complex import duty regime.
Finance Minister Pranab Mukherjee has done the right mix of moderation on the price front, Prime Minister Manmohan Singh said.
The government on Friday proposed to extend the concessional export finance regime for select exporters for one more year till March 31, 2011, thus giving the slowdown-hit sector further relief.
There are about 5.7 crore small entrepreneurs.
Economists on Friday asked Finance Minister Pranab Mukherjee to continue with the fiscal stimulus until firm economic recovery amid intense speculations about a possible withdrawal of measures taken to spur the economy.
While appreciating the role of public sector banks (PSBs) in protecting the economy against the global economic turmoil, Finance Minister Pranab Mukherjee today assured them that the government would continue to support them.
A minister who was with Mamata Banerjee when she and state Finance Minister Amit Mitra were targeted in Delhi by the Students Federation of India activists, on Wednesday alleged that the attack was aimed at killing the West Bengal chief minister.
Bharti chairman Sunil Mittal MTN group president and CEO Phuthuma Nhlek had met Finance Minister Pranab Mukherjee on Monday. The two telecom majors extended the deadline for exclusive talks for their proposed $23-billion deal to the end of next month recently.
The government on Wednesday said the fiscal stimulus given to the industry to combat the adverse impact of the global financial meltdown will not be withdrawn before the budget.
Top Congress leaders on Thursday held consultations with party chief Sonia Gandhi on the Telangana issue.
The sudden exit of Yogesh Agarwal as the chairman of the Pension Fund Regulatory and Development Authority, or PFRDA, has once again brought the relationship between financial sector regulators and the finance ministry into sharp focus.
The move, he said, would enable the Authority for Advance Rulings set up under the Income Tax Act 1961 to also function as the Authority for Advance Rulings for Indirect Taxes. The AAR was established to address the taxability issues of NRI assessees. The assessees can put in an application to the authority and seek judgement on their tax issues.
The government is committed to provide Rs 100 a day as wages under National Rural Employment Guarantee Scheme, said finance minister Pranab Mukherjee.
The FM's proposal on new banks and a Financial Stability and Development Council could spark tension with RBI.
Just 6.4% of branches owned by new private sector banks are in the rural areas
Prime Minister Manmohan Singh and Finance Minister Pranab Mukherjee today said the government would like to 'take forward' financial sector reforms like insurance and pension, but added caveats that suggested the road ahead was not smooth.
What effect is the Budget going to have on your daily life? Find out how what's cheaper and what's costlier after the Budget.
What effect is the Budget going to have on your daily life? Find out how what's cheaper and what's costlier after the Budget.
Finance Minister Pranab Mukherjee on Thursday said that financial year 2009-10 was ending with clear signs of economic rebound and the growth would rise to about 8.5 per cent in the next fiscal.
Prime Minister Manmohan Singh resigned on Saturday, capping a 10-year tenure of two UPA governments that have been brought to an end by a shattering defeat in the Lok Sabha elections.
Market participants say the focus of Finance Minister Pranab Mukherjee will be on fiscal deficit, more so in the wake of the recent debt crisis in some Europeon countries.
Global experience in allowing corporate groups to set up banks reveals that stringent regulation is the best defence against malpractice.
The Customs tariff is much too complicated with basic Customs duty, two types of additional Customs duty and two types of cess.
Even joint owners and trustees have to maintain records for past 16 years.
Finance Minister Pranab Mukherjee will start the customary pre-budget consultations with different interest groups like captains of industry, economists, agriculturists and bankers next week.
To capitalise on the proposed changes in the Budget and the information on black money available with the government, the government is revitalising the economic intelligence council (EIC) headed by finance minister Pranab Mukherjee.
Finance Minister Pranab Mukherjee on Monday made it clear that his ministry has been investigating into two aspects of whether there was tax evasion and money laundering in the IPL and it has nothing to do with other issues concerning the Twenty20 event.
The name of Mitra, a 1975 batch IAS officer from West Bengal cadre, was cleared by the appointments committee of the Cabinet headed by Prime Minister Manmohan Singh.
The economic stimulus package to protect the country from the impact of the global financial crisis would continue till the economies of Europe and the US recover, Finance Minister Pranab Mukherjee said on Sunday.
The finance ministry has offered less than half of the Rs 31,700 crore (Rs 317 billion) sought by the oil ministry to make up for revenue losses incurred by the state-owned retailers on sale of LPG and kerosene. Petroleum Minister Murli Deora on Thursday met Finance Minister Pranab Mukherjee to seek compensation for the public sector oil firms for their losses but the meeting remained inconclusive.
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