Perhaps because the Modi government had some differences of opinion with two of the economist governors (one of whom was appointed by the Manmohan Singh government), there is a view that its political leadership prefers a civil servant to head the RBI, notes A K Bhattacharya.
The Union finance ministry on Thursday said the falling inflation rate would result in further lowering of interest rates. "The trend is clear for falling inflation and this will translate into lower interest rates," Economic Affairs Secretary in the Finance Ministry Ashok Chawla said while commenting on the inflation data.
Top sources in the Union finance ministry said on Wednesday that the government does not see any payment related problems in the Indian capital market because of the financial turbulence in the United States and other markets.
So how do you rate the Modi government's 11th budget?
Sitharaman, India's first full-time woman finance minister, had in July 2019 ditched the colonial legacy of a Budget briefcase for the traditional 'bahi-khata' to carry Union Budget papers.
Union Commerce Minister Nirmala Sitharaman said she will pursue the matter with the finance ministry
A proposal in the Union Budget 2022-23 to raise excise duty on dirtier, unblended retail petrol and diesel has met with some resistance from the petroleum ministry. However, finance ministry officials say no such communication arguing against the levy of extra duty on diesel has been received from the oil ministry. Until there are discussions between the two departments, the proposal will not be tweaked in the Finance Bill. The Rs 2 per litre additional excise duty proposed on unblended fuels in the Finance Bill will result in a uniform hike of diesel prices across the country from October 1.
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
The Rural Development Ministry has been allocated Rs 1.88 lakh crore in the Union Budget for 2025-26, around 5.75 per cent more than the allocation in the previous budget.
He drew the roadmap of India's economic reform, unshackled it from the licence raj and pulled it back from the brink when even its gold reserve was pledged.
The Plan Outlay of the Ministry of Minority Affairs has been enhanced from Rs 1,000 crore in BE 2008-09 to Rs 1,740 crore in 2009-10,registering an increase of 74 per cent.
But the government will present a second tranche of Supplementary Demands for Grants during the Budget session of Parliament in February, when it can seek additional spending.
Finance firms in these SEZs likely to get tax breaks.
The finance ministry is considering a proposal by Indian Bank's Association to give post allowance to chairmen and executive directors of public sector banks, a key official said on Tuesday.
The Kananaskis gathering on June 16-17 is the Prime Minister's 6th consecutive participation in the G7 Summit.
The health sector has been allocated Rs 89,155 crore in the Union Budget 2023-24, a hike of around 13 per cent over Rs 79,145 crore allocated in 2022-23, with the government also announcing a mission to eliminate sickle cell anaemia by 2047.
Finance Minister Nirmala Sitharaman is set to create history when she presents her seventh straight Budget on Tuesday for the fiscal 2024-25, surpassing the record of former prime minister Morarji Desai. Sitharaman, who will turn 65 next month, was in 2019 appointed as India's first full-time woman finance minister when Prime Minister Narendra Modi won a decisive second term.
'Once bitten, twice shy, I didn't take up the challenge this time...' 'I realised I had failed to follow my karma because I feared failure.'
A 5 per cent GST rate kicked in on Monday on pre-packed and labelled food items such as cereals, pulses and flour weighing less than 25 kg.
The government does not seem keen on issuing fresh gold bonds given the overall cost and rising gold prices.
The Union finance ministry will meet CEOs of public sector banks to discuss issues related to cybersecurity in the wake of the Rs 820 crore (Rs 8.2 billion) fraud that hit Kolkata-based UCO Bank last month.
Finance Minister Nirmala Sitharaman will attend the G-20 joint finance and health ministers' meeting in Rome on October 29, which among other things will discuss COVID pandemic prevention and response. "Union Finance Minister Smt. @nsitharaman embarks on an official visit to attend #G20 Joint Finance & Health Ministers meeting in #Rome to discuss measures to strengthen #COVID19 #PandemicPrevention, #preparedness & #response. The meeting precedes #G20RomeSummit," the Finance Ministry tweeted. Finance and health ministers will discuss how to keep momentum in response to the pandemic and build on further coordination arrangements between the ministries.
Public sector banks (PSBs) have proposed the Finance Ministry their plan to raise Rs 54,800 crore through Additional Tier-1 (AT-1) and Tier-2 bonds in the current financial year (FY25), 37 per cent more than the Rs 39,880 crore raised in FY24
Centre took the line that it should not be presented in the middle of Assembly poll in Uttar Pradesh, Punjab, Uttarakhand, Goa and Manipur
The printing of one-rupee notes was discontinued in 1994.
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.
The government was going in the "wrong direction" and it was "highly condemnable" that it did not discuss the proposed changes with trade unions and other stakeholders, says BMS, trade union arm of the RSS.
Whether she will pare the fiscal deficit target of 5.1 per cent of GDP, using the record dividend received from the RBI, or expand flagship government programmes will be keenly watched.
The government may be staring at a modest slippage in fiscal deficit for 2022-23 (FY23), with the Ministry of Finance seeking parliamentary approval for additional spending through a second and final tranche of supplementary demands for grants. On Monday, as the Budget session of Parliament resumed, Finance Minister Nirmala Sitharaman sought Parliament approval for additional gross spending of Rs 2.7 trillion in FY23 (which ends on March 31). While net cash outgo is pegged at Rs 1.48 trillion, the rest will be matched by savings or enhanced receipts, the finance ministry said.
Thrust on infrastructure and capital expenditure is expected to continue in the Union Budget for FY25.
The finance ministry exempted Tendulkar from paying around Rs 1.13 crore [approximately US $245,000] as import duty for the red Ferrari 360 Modena.
Structural reforms, pro-people programmes and employment opportunities helped the economy get new vigour, the finance minister said. After contracting by 5.8 per cent in 2020-21, the economy recorded a growth of 9.1 per cent in 2021-22.
'Additionally, the significant employment multiplier will boost direct and indirect jobs of up to 1.1 million.'
The 'halwa ceremony' marks the beginning of the lockdown of several officials in the finance ministry, who remain cut off from their families until the presentation of the Budget by the finance minister in the Lok Sabha.
Seven of the meetings will be held in late November or early December at the finance ministry, as is the norm.
The government has set up a search committee under Union Law Minister Arjun Ram Meghwal to shortlist names for the appointment of the next chief election commissioner, sources said on Monday, citing an order.
'Not only jobs are not being generated, but people are also losing jobs.'
The deportation of Indians from the United States, deaths in the Maha Kumbh stampede and the joint Parliamentary committee report on the Waqf bill were among the issues that led to heated exchanges and some disruptions in an otherwise smooth first part of the Budget session that ended on Thursday.
