Despite a high current account deficit (CAD) and lower interest rates abroad, the Union government will not go for a sovereign bond issue to get more dollars.
Move fuels fears of consolidation among unions of some small banks; won't force unification, clarifies finance ministry.
The new system is expected to give emphasis on various in-built credit enhancement structures.
More funds are expected to be allocated for the new crop insurance scheme, PMSKY and RKVY.
Dubbing the statements of Union ministers Pranab Mukherjee and P Chidambaram on the controversial 2G note as "comical", Bharatiya Janata Party on Thursday said the issue was not one of settling bruised egoes but of fixing responsibility for loss of "lakhs of crores" of revenue in spectrum allocation.
India can become the number one automotive manufacturing hub in the world within five years, but auto companies need to enhance safety features to reduce deaths due to road accidents, Union Minister Nitin Gadkari said on Thursday. In his inaugural address at the Auto Expo 2023 here, the minister for road transport and highways asserted that the government's target is to reduce these accidents by 50 per cent before the end of 2024 while asking the auto industry to take suo moto action for road safety as the government doesn't want to make anything mandatory. Gadkari's sentiments were also echoed by Minister of Heavy Industries Mahendra Nath Pandey, who lamented that while India has only 1 per cent of the total overall vehicles, the country accounts for 11 per cent of the total global deaths due to road accidents.
The Income Tax department and Enforcement Directorate have been asked by the government to pull up their socks and expedite disposal of cases related to terror financing in various parts of the country.
His tenure will end in December this year.
The Akash missile systems have over 96 percent indigenous components and the weapon can hit targets at a range of 25 km.
Multiple reasons accounted for the losses, including manpower crunch and lack of clarity on the merger of National, United and Oriental, reports Namrata Acharya.
Pakistan has been scrambling in recent months to avoid being added to a list of countries deemed non-compliant with anti-money laundering and terrorist financing regulations.
The the scheme has a subscriber base of 35 million.
With differences between the Union law and finance ministries now over on the thorny issue of auctions for 3G spectrum, it is now for the Department of Telecommunications to decide on the schedule.However, while its top officials met to discuss the next course of action and whether the auctions can be done before this financial year concludes on March 31, it appears DoT still needs time.A Raja, the minister, continued to say he is still waiting for advice.
Can the newly-minted Jal Shakti ministry bring water to some 19 crore Indian households that have never had taps or heard the sound of flowing water, wonders Vinayak Chatterjee.
Also on the anvil is abolition of distinction between Plan and non-Plan expenditure and replacing it with capital and revenue expenditure
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.
Austerity measures announced by the government to rein in the fiscal deficit will not apply on air travel by ministers and senior officers going abroad on official visit.
Pranab Mukherjee will begin the fortnight-long pre-budget brainstorming sessions with various stakeholders.
After reducing duties on petroleum products, the Centre has now asked the states to follow suit.
NITI Aayog had been asking for Rs 7,500 crore for three years to set up an AI framework.
Tobacco will be subjected to the highest tax slab of 28 per cent and an additional cess. The current rates of taxation on cigarettes and chewing tobacco are about 64 per cent and 81 per cent, respectively.
The panel was informed that the economic impact of the second wave of viral infection was "asynchronous in its onset and wider in its spread particularly in rural hinterland", a source said.
The final decision on the proposal rests with the Union Cabinet, chaired by Prime Minister Manmohan Singh.
'It is just an excuse to say that the Centre has run out of money.' 'Pruning these schemes would mean hard time for the people of India.'
Vodafone is locked in twin tax disputes with the government.
Of the total cash outgo Rs 40,000 crore is towards enhanced expenditure under Mahatma Gandhi National Rural Employment Guarantee Program and Rs 33,771.48 crore have been sought for direct benefit transfer under Pradhan Mantri Jan Dhan Yojana and National Social Assistance Programme.
Welcoming Raghuram Rajan panel report which has put Bihar among the least developed states, Chief Minister Nitish Kumar on Thursday described it as a 'victory' for the state but was non-committal on alliance with the Congress for the forthcoming Lok Sabha elections.
A reshuffle-cum-expansion of Union Council of Ministers appears to be on the cards after the July 19 Presidential elections.
Finance Minister Nirmala Sitharaman will present the much-awaited 2022-23 Union Budget on February 1. While there has been strong recovery in some sectors, touch services like hospitality, tourism and leisure continue to suffer after two Covid-19 waves. Household savings have been hit due to increased spending on health care. Consumption has still not reached pre-pandemic levels.
Seeking to enhance green mobility, the Union Cabinet on Wednesday approved the 'PM-eBus Sewa' scheme under which 10,000 electric buses will be provided to 169 cities under the public-private partnership (PPP) model.
The Reserve Bank of India has sought views of the Union ministry of finance in giving permission for a 'Credit Suisse' Swiss Bank to open its first Indian branch in Mumbai.
Post office savings of 1, 2 and 3 year term deposits and 5-year recurring deposit currently fetch 8.4 per cent interest per annum.
In the Union budget, Rs 65,011.8 crore has been allocated to the Ministry of Health and Family Welfare, up from Rs 62,659.12 crore in 2019-20.
Sebi has proposed waiving off stamp duty on e-issuance of bond to the ministry of finance.
Union Home Minister P Chidambaram called Prime Minister Manmohan Singh and discussed with him the issue of a finance ministry note on allocation of 2G spectrum which appeared to raise questions on his role.
Regulated electronic platforms such as e-spot markets or spot exchanges may be deemed as authorised markets.
Restoration of Customs duty on crude oil & rollback of exemptions likely.
In a surprise development on July 2, the Sharad Pawar-led NCP split as his nephew Ajit Pawar and almost three dozen MLAs joined the ruling Shiv Sena-BJP alliance. Ajit Pawar and eight other NCP leaders were sworn in as ministers.
The drive of the disinvestment department to move ahead with its plan to raise Rs 40,000 crore was often neutralised by the desire of the administrative ministries to get better valuation and better price for the shares of the companies put on the block.
