Air India's hopes of slashing 5,000 jobs through a voluntary retirement scheme (VRS) may be too ambitious, say experts and union leaders. The airline would need about Rs 700 crore to put the offer together, and it is yet to secure the finance ministry's approval for this.
The government on Tuesday said it will allow setting up of world-class foreign universities in Gandhinagar's GIFT City, free from domestic regulations, to facilitate availability of skilled manpower in the financial services space. In addition, an international arbitration centre will be set up in the GIFT City for timely settlement of disputes under international jurisprudence, Finance Minister Nirmala Sitharaman said while presenting the Union Budget for 2022-23. The centre could be on the lines of the Singapore International Arbitration Centre, or the London Commercial Arbitration Centre.
There are serious issues in the economy which need to be addressed
The department of post is planning to offer banking services by starting a full-fledged bank, to be named Post Bank of India.
The suspense over the possible composition of the National Democratic Alliance cabinet is nearly over.
Finance Nirmala Sitharaman on Friday asked various ministries to try to spend more than their capital expenditure targets as well as explore public private partnerships for viable projects. During a meeting with senior government officials to discuss the infrastructure roadmap, she also urged the ministries and their CPSEs to ensure clearance of Micro, Small and Medium Enterprises (MSME) dues at the earliest. This was the fifth review meeting by the finance minister with ministries and departments on the infrastructure roadmap.
It is unclear if he would be renamed the finance minister soon after his return.
Many farmers in drought hit states are seeking MGNREGA work but the state government's coffers do not have enough fund to pay the salaries of these workers.
Budget planners for now have been told to prepare with the assumption that GST will apply from April 1.
He said there was a tradition in the country to speak in one voice on issues such as external affairs and national security but there has been a departure from it in the last few years.
Sources in the Rural Development Ministry said the actual expenditure incurred in 2020-21 will be higher than the allocated funds and it will at least be at par with this year's total estimated expenditure of MGNREGS.
PSB executives said loans to group holding company IL&FS and entities might still be treated as "standard".
The Union government will limit its investigations to financial irregularities and tax violations by the Indian Premier League (IPL), its 10 franchisees, as well as the broadcaster. The government does not want to interfere in the functioning of existing sports institutions, a top functionary of the finance ministry said.
In FY23, the State Bank of India (SBI) reported a 57.4 per cent jump in its net profit to Rs 55,684.17 crore. But the chairman of the country's largest bank, Dinesh Khara's annual pay for this creditable performance was just Rs 37 lakh (his peers at state-run banks are no better off). Look at his private bank rivals - most pocketed in excess of Rs 7 crore annually - plus stock options.
New exchange will provide an electronic platform for trading.
Prime Minister Narendra Modi on Friday chaired a meeting to discuss the preparations for launching Doordarshan's 'Kisan TV' on May 26, to coincide with the first anniversary celebrations of the National Democratic Alliance government.
Finance ministry sources have countered CAG audit finding of central government wrongly retaining Rs 47,272 crore of GST compensation cess meant for states, saying temporary retention cannot be termed as diversion.
Nationalisation has served its purpose. It's time to move ahead, keeping majority ownership of the government in a few banks to serve the people, argues Tamal Bandyopadhyay.
While the main building of the National Archives will remain intact, its annexe will be demolished and a new building will be constructed, officials said.
It emphasised that agricultural infrastructure needs considerable investments and hence Section 80IA benefits must be extended to all such investments like IT infrastructure, computers, VSAT, solar panels, water harvesting facilities, storage etc.
Kaushik Basu, chief economic advisor in the finance ministry, said, "All I can say is, we are very serious about fiscal consolidation, and intend holding on to our fiscal targets, even if the crude price rises on a sustained basis."
Union Law Minister Salman Khurshid on Monday downplayed the row over the finance ministry note on Home Minister P Chidambaram's stand on the 2G spectrum issue, saying there is no scope for any worry over the document and inferences drawn out of it were "not correct". Khurshid also said the note was not worth keeping the media "preoccupied" for such a long time. "I have seen the note. I don't think the note has anything on which we should express worry," Khurshid said.
'The finance minister has messed up the economy.'
Himachal Pradesh Chief Minister Virbhadra Singh has unilaterally withdrawn the defamation case filed against Arun Jaitley, the Union finance minister.
Chief Election Commissioner Nasim Zaidi has written to Cabinet Secretary P K Sinha who is likely to consult the parliamentary affairs ministry before framing his response on the government's plans to advance the budget presentation to February 1, sources said.
Union Commerce and Industries Minister Kamal Nath on Friday said he disagreed with the finance ministry on the controversial fringe benefit tax, saying the tax laws should be made simpler.
Retirement fund body EPFO's trustees on February 5 will decide on amending its scheme to provide a minimum monthly pension of Rs 1,000, which will immediately benefit its 27 lakh pensioners.
Prime Minister Manmohan Singh has asked administrative ministeries to work out viable plan for disinvestment of BHEL and Coal India, including dividend payment, so as to achieve Rs 40,000 crore (Rs 400 billion) target in the current fiscal.
Former Defence Minister A K Antony also demanded making public the inter-governmental agreement with France. He wondered how India would bridge the gap with respect to China and Pakistan by acquiring just 36 aircraft when the original plan was for 126.
The government on Monday said that matters regarding Chinese intrusion can't be discussed in Parliament as it concerns the security of the country.
For the cooperation ministry, the government made a total budget outlay of Rs 1,150.38 crore for 2023-24, lower than the revised estimate of Rs 1,624.74 crore for 2022-23.
The announcement of a deferral is expected to be part of Finance Minister Arun Jaitley's Budget speech on February 29.
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