There is no clarity yet on how an estimated 10.9 million new jobs would be created every year.
The Union finance ministry has kicked off the exercise for preparation of the Union Budget for the fiscal year 2012-13 and has asked all ministries to rush proposals by October 31 for inclusion in the second supplementary budget for 2011-12 to be presented in the winter session of Parliament.
Tightening the procedure for official foreign visits by bureaucrats, the Centre has said that proposals for trips abroad should go through the Prime Minister Office and screening committee of secretaries for approval.
A group of retired civil servants also called upon the PM to reach out to the families of the victims in Unnao and Kathua and "seek their forgiveness on behalf of all of us".
'The skills and abilities of civil servants are still respected, even though they become whipping boys when things go wrong.'
The annual earnings of a non-executive chairman of a PSB is capped at Rs 10 lakh, inclusive of fees for attending board meetings. This is way below the compensation of the chairman of any private bank, reveals Tamal Bandyopadhyay.
The Budget oration of the finance minister and the confidence with which she delivered it, along with the measures and the recent upsurge in the economy would all contribute to unleashing the storied 'animal spirits' and help the economy run on the growth path quite smoothly. Or so the government hopes, notes Shreekant Sambrani.
'The BJP's numbers in this government are almost the same as those enjoyed by the Congress under P V Narasimha Rao when the reform process was kicked off in 1991.' 'As before, the only constraints on the prime minister's actions are internal, not external.' 'They come from his own assessment of the political consequences of any action,' points out Mihir S Sharma.
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.
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.
Jaitley has made it a habit of giving soundbytes to the media like his predecessors on why RBI should cut interest rates
The L-G will take decisions on police, officers of all-India services such as the IAS and the IPS, and giving sanction for prosecution in various cases.
Finance Minister P T R Palanivel Thiagarajan has proclaimed his determination to set Tamil Nadu's fiscal house in order in five years, and Friday will show how he plans to go about it when he rises to present the Stalin government's maiden budget, says N Sathiya Moorthy.
There is concern in the organisation and the leadership over the unbridled criticism aimed at the Finance Ministry.
Officers from various departments including the finance ministry to be part of rehearsal event
The levy of retrospective tax on the UK's Cairn Energy Plc is a tale of bizarre twists and turns that saw its attached shares being sold in May 2018 amid the passing of the baton from a full-time finance minister to interim one and the talks at the highest level to resolve the dispute, to claims that levy of back taxes was a result of an investigation into Panama Papers leak. The government late last month refunded about Rs 7,900 crore it had collected from selling residual shares of the British firm in its erstwhile India unit, seizing dividend and withholding tax refunds, to settle an eight-year-old dispute that had tarred the country's reputation as an investment destination. But, this did not come about easily. For seven years, the establishment vehemently justified in courts and outside seeking of Rs 10,247 crore in back taxes plus interest and penalty from a firm that gave India its biggest onshore oil discovery.
Bureaucrats heading disinvestment and financial services usually don't get appointed as finance secretary.
His nomination is effective from November 11, 2014, RBI said on Monday.
The finance minister is ready to present a second financial package. The Centre has ruled out a mega stimulus and will rely on targeted, incremental packages. Industry is clamouring for a bailout, the liquidity upheaval in capital markets is nowhere close to being sorted out, and all budgetary forecasts now stand irrelevant, reports Arup Roychoudhury.
With the Budget-making exercise in full swing, RBI Governor Shaktikanta Das on Friday said Budget 2021-22 is expected to be prudent and growth oriented. Das before donning the hat of RBI Governor was a career bureaucrat and was directly involved in crafting of about 10 Budgets for the country including one in the aftermath of global financial meltdown in different capacities at the finance ministry. In view of unprecedented pandemic and its impact on the economy, he said the government has maintained fiscal prudence in the response to deal with the crisis.
Finance Minister Arun Jaitley revealed that the government wanted to give Hasmukh Adhia a post-retirement role, but Dr Adhia said he would not work for a single day after November 30.
The printing of one-rupee notes was discontinued in 1994.
Despite the objections raised by Reserve Bank of India and Election Commission, India's politics has been funded anonymously and it is time to end this, asserts Aakar Patel.
Indian defence veterans, dismayed and appalled by the mistreatment given to them by the bureaucrats of the defence and finance ministries over issues of pension, have now written to the prime minister as a last resort and have threatened to intensify their four-year-old agitation
The finance ministry has asked the tax department to impose hefty penalties on those hospitals found with unaccounted cash, and such entities could be booked under anti-money laundering laws and prosecuted, reports Shrimi Choudhary.
A senior finance ministry official said, on the condition of anonymity, that the top echelons of the government tried to convince the Central Board of Direct Taxes (CBDT) for a sympathetic consideration of the company's plea in the case pertaining to the income of the erstwhile Satyam Computer Services Ltd (SCSL) from abroad.
The corporate sector on Thursday was unanimous in asking the government to go back to the drawing board regarding the fringe benefit tax on the grounds that the present tax, if enforced, would increase bureaucratic interference, paper work, rent seek
The Budget shouldn't be stuck on fiscal numbers, the PMO apparently said.
The lack of an informal communication channel is what should bother the government and the RBI, if they want to eliminate the undesirable outcomes of the current tension between the two, says A K Bhattacharya.
'Das is friendly, but he finally does what he does. The quality of engagement is very good.'
For his first Budget in July 2014, Jaitley inherited a fiscal deficit target of 4.1 per cent of GDP. From 4.1 per cent, the fiscal deficit came down to 3.4 per cent by 2018-19, with two slippages from the budgeted targets, in 2017-18 and 2018-19, the former due to introduction of the GST, says Arup Roychoudhury.
'A bit of foresight would have helped.' 'Isn't it common sense that this is sowing and wedding season?' 'The plan is indeed unquestionably revolutionary, but better preparedness could have avoided such teething troubles.'
Refusing to link his seeking voluntary retirement, a year before his superannuation, to his transfer to the relatively low profile power ministry, he said that he had conveyed his decision to the Prime Minister's Office on July 18.
The Finance Ministry is considering a proposal to rope in professionals from the private sector for appointment of chairman and CEO-cum-managing director in state-owned financial institutions as it looks for talent from a wider pool of applicants.
The move comes after CBI gets sanction to prosecute him in Aircel-Maxis case
Democratic Left Front politician Nanayakkara was among the 42 members who declared independence in Parliament from the ruling Sri Lanka Podujana Peramuna (SLPP) coalition.
Ban on purchase of vehicles, except for defence, continues.
