Page 40 - Finance Minister

Note in circulation rise 8% annually to Rs 32 trillion: Finance Minister

Finance Minister Nirmala Sitharaman on Monday said note in circulation (NiC) has witnessed an annual growth of 7.98 per cent to Rs 31.92 lakh crore as of December 2, 2022. The demand for currency depends upon several macroeconomic factors, including economic growth and level of interest rates, she said in a reply to the Lok Sabha. The quantum of cash or banknotes in the economy depends on the requirement for meeting the demand for banknotes due to GDP growth, inflation, replacement of soiled banknotes and growth in non-cash modes of payment. She stressed that the mission of the government is to move towards a less cash economy to reduce the generation and circulation of black money and to promote the digital economy. Both the government and RBI have taken measures to promote a less cash economy and encourage digital payment, she said. With regard to 'Rationalisation of Merchant Discount Rate (MDR) for Debit Card Transactions', she said the RBI has advised banks to ensure that ...

Top Headlines: Climate tariff walls, coffee diplomacy at G20 and more

Business Standard brings you the top headlines at this hour

Brace for climate tariff walls, FM Nirmala Sitharaman cautions India Inc

Says the upcoming Budget will continue to push growth

Short-duration funds suit conservative investors during pause in rate cycle

Take a tactical bet on longer-duration funds when RBI moves to a tightening stance

No consensus in GoM report on GST framework for online gaming

The panel, headed by Meghalaya Chief Minister Conrad Sangma, submitted its second report to Finance Minister Nirmala Sitharaman ahead of the all-powerful GST Council meeting on Saturday

Capex by CPSEs accelerates to 60% of annual target during Apr-Nov period

CPSEs are likely to achieve their target as they tend to rush up their spending in March quarter

Finance ministry likely to target fiscal deficit of 5.5-6% in FY24 Budget

This means the government will stick to its fiscal consolidation road map, which envisages a deficit of 4.5 per cent of GDP by FY26

Find gold import and smuggling link, says FM Nirmala Sitharaman

The remarks came against the backdrop of a substantial quantity of gold seized between April last year and March this year

India seized 833 kg gold worth Rs 405 cr in FY22, highest from Myanmar

The highest amount of gold seized was of Myanmar origin, marking a significant shift from 2019-20, when the majority of it was from West Asia

Private consumption edges up in Q2; infra investment almost flat

PFCE, a proxy for household and private sector consumption, was 61.6% of nominal GDP in Q2FY23, as against 61.1% in the previous quarter and 59.5 per cent a year ago

FM Nirmala Sitharaman confident of strong growth, low inflation in 2023

Sitharaman declined to describe specifics from the letter, but added that the government's top three priorities for 2023 will be "growth, health and education."

Budget 2023-24: Stay on fiscal glide path, economists advise FM Sitharaman

The Finance Ministry was also urged to continue with long term loans to states to support their capex programs, and give them more leeway to spend, in order to boost growth

States' Budget demand: 60% GST share, extended compensation period

State finance ministers demanded greater fiscal autonomy through an increase in states' share in goods and services tax (GST) to 60 per cent, from 50 per cent at present

FM Sitharaman seeks to shrink budget deficit as global headwinds loom

A longstanding plan aims to shrink the shortfall to below 4.5% of GDP by 2025-26

Farmers' groups urge govt to allow global trading of farms' carbon credits

The farmers' representatives urged the Finance Minister to focus on human resources development over infrastructure

Focus on job creation, capex boost, tax measures in Budget: Industry to FM

Employment-linked incentive scheme for services sector suggested

FM urges independence of CAs to preserve integrity of financial statements

Says statutory filings and audit reports by CAs are public documents that multiple stakeholders rely on; urges adherence to fair and transparent practices

First G20 meeting under India's presidency in Dec; FM talks in Feb

The Finance Track of the powerful G-20 grouping is older than the Sherpa Track, since G-20 was formed with the intention of governance of the global economy

Amit Mitra asks FM Sitharaman to urgently call GST Council meeting

Points out that under the regulations governing the all-powerful body, a meeting should be held every quarter

Finance ministry likely to give additional Rs 25,000 crore for MGNREGS

But asks rural development ministry to identify and remove inefficiencies