The total amount of money various entities have raised through the private placement route is at its lowest since 2014. They raised a total of Rs 1.96 trillion in the first five months of 2022, revealed the numbers from PRIME Database. It is down 23.4 per cent from the Rs 2.56 trillion raised in the corresponding period in 2021.
The finance ministry said on Tuesday that high energy and commodity prices due to the Russian invasion of Ukraine may provide an upside risk to inflation and continued vigil is required. "Going forward, elevated energy and commodity prices may act as an upside risk to the inflation outlook in the near-medium term. "Given the inherently unsustainable nature of high prices, international commodity prices are expected to level off early with an increase in supplies outside the crisis zone," the department of economic affairs said in its latest monthly economic report for February.
Only NIIF has stayed the course as a viable infrastructure financing institution.
Banks have raised concerns over the new international trade settlement in rupee, fearing that facilitation of such a mechanism could result in them facing the ire of economic sanctions by the West, people aware of the matter said. Large banks with overseas operations have sought clarity and assurance from the Reserve Bank of India (RBI) that they will not be targeted with sanctions for facilitating rupee trade with a sanction-hit country such as Russia. The present payment mechanism is a shift from earlier such arrangements, like the one with sanction-hit Iran, which involved banks facilitating settlement of international trade that did not have business in the sanctioned nation.
'...Market-linked debentures, high-value insurance, exemptions from capital gains by investment in real estate, etc.' 'So, there are a number of measures directed at collecting a fair share from higher income individuals.'
Maintaining a rapid pace of the vaccination drive and quickly bridging healthcare infrastructure gaps across both urban and rural areas would emerge as the most sustainable stimulus for durable recovery of the Indian economy, says a report by the department of economic affairs.
The government has invited applications for the post of chief economic adviser (CEA) to replace K V Subramanian, who will complete his three-year tenure next month. Subramanian was appointed as CEA on December 7, 2018, while he assumed charge on December 24 in the same year. As per the public notice dated October 24, 2021 issued by Department of Economic Affairs, the Ministry of Finance, officer of central, state governments, RBI and public sector banks holding analogous post on regular basis in parent cadres or department are eligible to apply for the post.
Tamil Nadu cadre IAS officer K Rajaraman on Friday took charge as the new telecom secretary. His joining comes following the superannuation of Anshu Prakash on September 30. "Shri K Rajaraman, IAS (TN:89) takes charge as Secretary, @DoT_India in presence of senior officials of the department," a PIB tweet said. He was serving as the additional secretary for investments at the Department of Economic Affairs before being promoted to the position of secretary, DoT.
During his first Union Budget in July 2014, former finance minister Arun Jaitley announced the setting up of an institution called 3P India, with an allocation of Rs 500 crore. The intention was to mainstream public-private partnerships (PPPs) in India. The plan was to bring together the capacities of the government and private sector to push PPP projects.
'In India, a deadly wave of infection with the Delta variant stole 240,000 lives between April and June and disrupted economic recovery. Similar episodes could take place in the near term,' said the report.
Indian issuers are borrowing lesser through bonds compared to their global peers. The total value of bond issuances was down 10.1 per cent on a rolling 4-quarter basis in March 2022, compared to a similar period in March 2019, shows an analysis of data from tracker Refinitiv, a London Stock Exchange Group (LSEG) business. The four quarters ended March 2019 marked the last full financial year before the pandemic took hold.
As part of the exercise, each family will get complete ownership of the businesses it manages while scrapping the holding company.
The government may soon give the green light to bilateral trade between Russia and India in their national currencies to avoid any trade disruptions, multiple people aware of the matter said. While the Department of Commerce has recommended the proposal, an announcement is likely to be made by the finance ministry after further deliberations between the Department of Economic Affairs and Department of Financial Services. "The finance ministry will take a call on how to peg the two currencies," a senior government official told Business Standard. In the past, the two nations have had rupee-rouble trade, and when such an arrangement is implemented again, it will bypass the sanctions imposed on Russia by the West.
Planet Earth welcomed its 8th billion inhabitant on Tuesday, a remarkable milestone for humanity that is set to propel India to become the world's most populous country next year, surpassing China amid rising global challenges.
Only 80.6 per cent of the Rs 6-trillion allocation has been spent by February, data from the Controller General of Accounts shows.
'It is building the country's infrastructure, and delivering it very efficiently.'
Finance Minister Nirmala Sitharaman on Friday pitched for front loading of capital expenditure, saying it is critical for revitalisting the economy post the coronavirus pandemic. During a virtual meeting with senior government officials to discuss the infrastructure roadmap ahead, she also asked ministries to aim to achieve more than their capital expenditure (capex) targets. The Union Budget 2021-22 provided a capital outlay of Rs.5.54 lakh crore, a sharp increase of 34.5 per cent over the Budget Estimate of 2020-21.
Senior bureaucrat Tarun Bajaj was appointed revenue secretary as part of a top-level bureaucratic reshuffle by the Centre on Tuesday.
About 3.2 million people could have died from Covid in India by September last year, six-seven times higher than reported officially, according to a study based on one independent and two government data sources.
November 8 marks 6 years after demonetisation. A K Bhattacharya reveals how the prime minister and the RBI worked together for months before Modi's 8 pm speech. A riveting excerpt from The Rise Of Goliath: Twelve Disruptions That Changed India.
Th report predicted that the world population is to reach eight billion by mid-November 2022.
Tarun Bajaj, an old hand at the finance ministry, on Friday assumed charge as the economic affairs secretary. He comes back to North Block at a time when the economy is facing headwinds due to the outbreak of Covid-19 pandemic.
Air India Chairman Rajiv Bansal has been appointed as the new aviation secretary as part of a major top-level bureaucratic reshuffle effected by the Centre on Wednesday. K Rajaraman, additional secretary in the department of economic affairs, has been appointed as secretary, department of telecommunications, a personnel ministry order said.
The ministry of finance will kickstart its massive budgetary exercise from October 15.
Senior bureaucrat Atanu Chakraborty has been appointed as the department of expenditure secretary on Wednesday, replacing G C Murmu who was named as the first Jammu and Kashmir lieutenant governor last week.
The department of economic affairs, in its Monthly Economic Review for September, said critical reforms undertaken by the government will put India to a strong and sustainable growth path in the long run.
The $8.5 billion TVS Group received final approval for a family resettlement on February 4 from the National Company Law Tribunal (NCLT). It is an arrangement that is noteworthy because unlike many other corporate settlements this one was sorted out amicably and without any open conflicts.
Department of Economic Affairs secretary Atanu Chakraborty said that equity capital flows have been positive this year.
Candidates will be short-listed for interview on the basis of the information provided by them in their online application, the statement said.
Earlier in the day, President Ram Nath Kovind accepted Murmu's resignation as the Lt Governor of Jammu and Kashmir.
The finance ministry on Wednesday reimposed expenditure curbs on ministries and government departments for July-September quarter. There will be no spending restrictions on the ministries of health, rural development, agriculture, MSME (micro, small and medium enterprises) and railways as part of a two-pronged strategy. "The existing guidelines for expenditure control have been reviewed. "Keeping in view the evolving situation arising out of Covid-19 and anticipated cash position of the government, it is felt essential to regulate Quarterly Expenditure Plan (QEP)/Monthly Expenditure Plan (MEP) of specific ministries/departments for July-September, 2021," the Department of Economic Affairs in the finance ministry said in a notification.
The finance ministry will kick-start the exercise to prepare the Union Budget for financial year 2022-23 (FY23) from October 12, according to an official notification released on Monday. "The pre-Budget meetings as well as the meetings to discuss the revised estimates will start from October 12 and will continue till the second week of November," according to the Budget circular of the Department of Economic Affairs' Budget Division. The Union Budget is expected to be announced on February 1, as has been the practice of the past few years.
Easier dilution norms for mega initial public offerings (IPOs) have come into effect. Companies with post-listing market capitalisation (m-cap) of more than Rs 1 trillion will not be required to dilute a minimum of 10 per cent. The move to relax dilution norms is seen as a precursor to Life Insurance Corporation's IPO. The central government has said companies with an m-cap exceeding Rs 1 trillion will have to dilute Rs 5,000 crore and at least 5 per cent of their m-cap. Experts said the earlier framework discouraged large companies from listing since they were forced to offload a large volume of shares during the time of their IPO.
Two days after political commentator Pratap Bhanu Mehta resigned as a professor from the Ashoka University, his colleague, economist Arvind Subramanian, put in his papers on Thursday and faculty members wrote to the vice chancellor expressing their deep anguish.
Independent directors of Future Retail Ltd are collating information and will expose the details of contradiction and misrepresentation made by Amazon before the Competition Commission of India (CCI), said FRL independent director Ravindra Dhariwal. Speaking to PTI, Dhariwal said the independent directors are "collating" all the pieces of information together, going "deeper into each and every representation" which Amazon had made before the CCI and showing how its "intent was totally contradictory." "We are going out to point exactly to CCI, this is what they have told you and this is what the internal documents are saying. "We are going to expose the details of contradiction and details of misrepresentation, which they have made," Dhariwal said adding "We are going to show the true face of Amazon to the whole world". In November 2019, Amazon had acquired a 49 per cent stake in Future Coupons Pvt Ltd (FCPL), a company that holds a stake in FRL.
The case is related to the alleged irregularities in granting clearance by the Foreign Investment Promotion Board to INX Media, once owned by Peter and Indrani Mukherjea, for receiving overseas funds to the tune of Rs 305 crore.
In the first phase, most of the outdated regulations in the state and central Acts will be removed. Further, compliances with regard to annual inspections, licence renewal, and storage of multiple data will be eased.
The Appointments Committee of the Cabinet, headed by Prime Minister Narendra Modi, has approved a three-month extension in Sudan's service, beyond the date of her superannuation, i.e. April 30, a personnel ministry order said. She will continue to function as the secretary of the Department of Health and Family Welfare during the period, it said.
The Reserve Bank on Friday approved the transfer of Rs 99,122 crore as surplus to the central government for the accounting period of nine months ended March 31.
The volume of shares traded in the stock market had fallen 28 per cent in April. Turnover, or the value of securities changing hands, fell 12.6 per cent. This trend of falling volumes seems to have stabilised in May.
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