The deficit stood over Rs 8 trillion in the first seven months of the current financial year. Non-tax revenues, comprising transfers from the RBI and dividends of the public sector units, shored up the Centre's revenues.
No author in the Malayalam literary canon has influenced and profoundly changed the way normal people interact with each other than the ever-relevant, eclectic yet elusive body of work left behind by MT Vasudevan Nair, notes Arjun Menon.
India will oppose the World Bank funding to Pakistan next month, arguing that Islamabad has used such funds in the past to procure arms and ammunitions. India previously lobbied against the IMF extending a USD 2.3 billion assistance to Pakistan earlier this month, presenting evidence of Pakistan's misuse of funds for military purposes. India feels that Pakistan has failed to act on terror emanating from its territory and has been diverting funds from multilateral agencies to buy arms and ammunition.
Rajya Sabha witnessed heated exchanges between the treasury and opposition benches after Congress leader Mallikarjun Kharge made remarks on the manner in which political parties select women candidates from weaker sections and raised the issue of 'delayed' GST payments to non-Bharatiya Janata Party ruled states.
The Indian government briefed an all-party meeting on Thursday on the success of "Operation Sindoor", the retaliatory airstrikes against Pakistan following the Pahalgam terror attack. Top government functionaries and opposition leaders met for a second time in a fortnight amid rising tensions between India and Pakistan. The meeting was chaired by Union Home Minister Rajnath Singh and attended by several prominent leaders from various political parties. The government highlighted the strikes on nine terror targets in Pakistan and Pakistan-occupied Kashmir, including the Jaish-e-Mohammad stronghold of Bahawalpur and Lashkar-e-Taiba's base Muridke.
The Rs 1-trillion Research Development and Innovation (RDI) fund, which was announced in the July budget for FY25, of which Rs 20,000 crore has already been allocated, will be operationalised in the next two to three months, a top official said.
After his recent stand-up act that caught everyone's attention, Kunal Kamra now faces trouble from a source he probably didn't expect.
Finance Minister Nirmala Sitharaman on Tuesday, April 11, 2023, met with US Treasury Secretary Janet Yellen in Washington, DC.
There hasn't been any dramatic moment in the first act (the Budget) but nobody would complain. It's par for the course as long as the figures don't change in the main Budget, which will be presented after general elections.
Markets regulator Sebi is actively working with the Ministry of Finance and other financial regulators on setting up a centralised KYC (Know Your Customer) system, chairman Tuhin Kanta Pandey has said. The Central KYC is an online database that maintains KYC records of customers in a centralised manner, aiming to streamline compliance across financial institutions.
After a brief health scare at the year-end, when she was admitted to the All India Institute of Medical Sciences in New Delhi on December 26 with a reported 'minor stomach infection, Finance Minister Nirmala Sitharaman met Andhra Pradesh Finance Minister Buggana Rajendranath Reddy in New Delhi on Friday, January 6, 2022.
What some of our leaders were up to in the last couple of days.
Finance Minister Nirmala Sitharaman on Saturday said the Union Budget 2025-26 continues efforts to accelerate growth and provide inclusive development.
'Each state is unique, but when it comes to finance, the fundamentals cannot be different.'
Finance Minister Nirmala Sitharaman on Friday proposed to double the limit for Tax Deduction at Source (TDS) on interest income for senior citizens to Rs 1 lakh, and also increase the threshold to Rs 6 lakh on rent from the current Rs 2.4 lakh.
The Supreme Court on Tuesday barred Karnataka Police from taking any coercive steps against badminton player Lakshya Sen, his family members, and coach over allegations of forging birth certificates.
Parliament's Budget Session will be held from January 31 to April 4, with Finance Minister Nirmala Sitharaman set to table her eighth straight budget on February 1. The session will begin with President Droupadi Murmu's address to a joint sitting of the Lok Sabha and Rajya Sabha on January 31, followed by the tabling of the economic survey. The first part of the Budget Session will have nine sittings from January 31 to February 13, after which Parliament will break for recess to examine the budget proposals. The session will reconvene on March 10 to discuss the demands for grants of various ministries and complete the budgetary process, concluding on April 4.
Goods and Services Tax (GST) collection rose 12.6 per cent Y-o-Y to an all-time high of about Rs 2.37 lakh crore in April, which the government said shows resilience of the Indian economy and the effectiveness of cooperative federalism. The gross GST mop-up was Rs 2.10 lakh crore in April 2024 -- the second highest collection ever since GST was rolled out on July 1, 2017. The net mop-up was Rs 1.92 lakh crore.
Lok Sabha Speaker Om Birla on Friday constituted a 31-member Select Committee of the lower house to examine the Income Tax Bill. To be headed by Bharatiya Janata Party's Baijayant Panda, the panel is mandated to submit its report by the first day of the next session.
The government will launch a Rs 2-crore term loan for 5 lakh first-time women, SC and ST entrepreneurs, Finance Minister Nirmala Sitharaman said on Saturday.
What some of our leaders were up to this weekend.
The Congress party in India has accused the government of "impropriety" in the sudden termination of KV Subramanian's position as India's executive director at the IMF, alleging it was linked to the Union Bank of India's purchase of two lakh copies of his book. The party also questioned the government's stance on Pakistan's request for a loan from the IMF.
The finance minister's assertion that industry should not expect any spectacular announcements in the 2024 interim Budget suggest that the electoral imperatives of more tax concessions or higher expenditure on welfarist programmes could be far less pronounced than they were before the 2019 interim Budget, expects A K Bhattacharya.
Finance Minister Nirmala Sitharaman on Saturday said Rs 1.5 lakh crore will be provided towards 50-year interest free loans to states, for infrastructure development. Also, an asset monetisation plan will be launched for 2025-30 period to infuse Rs 10 lakh crore capital in new projects.
The fiscal deficit for FY25 has been pegged at 4.8 per cent of GDP and at 4.4 per cent for FY26, Finance Minister Nirmala Sitharaman said on Saturday. Presenting the Budget 2025-26, she said net market borrowings are estimated at Rs 11.54 lakh crore for next fiscal year.
Finance Minister Nirmala Sitharaman captivated her audience at the Women Directors Conclave.
Bharatiya Janata Party on Thursday issued a three-line whip to all of its Lok Sabha MPs asking them to be present in the House for the passing of the Union Budget 2025-26.
Pre-Budget excercise next month should scrupulously avoid adventurism of all types and refrain from making excessively ambitious projections on revenue and expenditure numbers for 2023-24, suggests A K Bhattacharya.
Finance Minister Nirmala Sitharaman on Friday presented the Economic Survey 2024-25 in the Lok Sabha. The Economic Survey is an annual document presented by the government ahead of the Union Budget to review the state of the economy.
Former King Gyanendra Shah was on Saturday issued a letter demanding fine by Kathmandu's civic body following the damage caused to public property and environment during the pro-monarchy protests in parts of the Nepalese capital a day before.
Reserve Bank Governor Sanjay Malhotra on Saturday said that the market forces decide the value of rupee with respect to the US dollar and the central bank is not worried about day-to-day movement of the currency value.
The Indian women's Kho Kho team secured a quarterfinal berth in the Kho Kho World Cup with a dominating 100-16 victory over Iran.
Netizens broke out into a meme fest as they welcomed Nirmala Sitharaman's tax break.
Finance Minister Nirmala Sitharaman on Saturday announced the government's plan to transform India into a large logistics organisation with 1.5 lakh rural post offices.
The time limit is proposed to be extended from the current two years to four years.
The government aims to initiate "transformative reforms" across six domains, including taxation and financial sector, in Union Budget 2025-26, Finance Minister Nirmala Sitharaman said on Saturday.
Defence Minister Rajnath Singh told an all-party meeting that at least 100 terrorists were killed in the Indian strikes on terror sites in Pakistan and Pakistan-occupied Kashmir under 'Operation Sindoor'. Leaders from various parties showed maturity and extended all support to the government and armed forces.
Has steering the economy out of its worst phase in decades turned Nirmalaji's hair white?
Union Finance Minister Nirmala Sitharaman introduced the Income Tax Bill, 2025, in the Lok Sabha on Thursday and urged Speaker Om Birla to refer it to a select committee of the House. Opposition members opposed the Bill at the introduction stage but the House passed a motion by voice vote for its introduction.
Sitharaman has held pre-budget meetings to elicit views of various sections including representatives of chambers of commerce and industry.
