Page 15 - Finance Ministry

Centre releases tax devolution of Rs 1.73 trillion to state govts

A higher amount is being devolved this month to enable states to accelerate capital spending and finance their development and welfare-related expenditures

Finance secretary Tuhin Kanta Pandey takes charge as revenue secretary

A 1987-batch Indian Administrative Service (IAS) officer from the Odisha cadre, Pandey had been serving as the DIPAM secretary since October 24, 2019

Tuhin Kanta Pandey take charge as revenue secretary in finance ministry

Finance Secretary Tuhin Kanta Pandey on Thursday took charge as Revenue Secretary in the Ministry of Finance. The Appointments Committee of the Cabinet on Wednesday appointed Pandey, who was holding the charge of the Department of Investment and Public Asset Management (DIPAM) and Department of Public Enterprises (DPE), as the Revenue Secretary. The order also stated that Pandey will continue to be designated as the Finance Secretary. In September last year, Pandey, a 1987-batch IAS officer from Odisha cadre, was appointed the Finance Secretary. The Finance Ministry has six departments -- Revenue, Economic Affairs, Expenditure, Financial Services, DIPAM and DPE -- and the senior most bureaucrat in the ministry is designated as the Finance Secretary. Before serving as Secretary in the DIPAM, Pandey held many significant positions in the Union government and the Odisha government, in addition to serving a stint in the Regional Office of the United Nations Industrial Development ...

Business Standard poll: Experts see FY26 nominal GDP growth at 10-11%

The first advance estimates released by the National Statistics Office (NSO) on Tuesday estimated a nominal GDP growth of 9.7 per cent for FY25

FinMin files review petition in Supreme Court's Safari Retreats case ruling

The move follows the Goods and Services Tax (GST) Council's recommendation last month for a retrospective amendment to the Central Goods and Services Tax (CGST) Act

Fintech sector voices concerns amid regulatory fears in meeting with FinMin

The fintech sector has expressed its concerns about declining investments, particularly from abroad, as the narrative around this sector has become less positive

FinMin to hold meeting with MFI players on Wed amid rising bad loans

Finance Ministry will hold a meeting with microfinance institutions (MFIs) on Wednesday amid rising bad loans and delinquencies across all types of lenders in the sector. According to sources, the Department of Financial Services Secretary is likely to chair the meeting with senior officials of MFIs here. The meeting assumes significance as it comes with the sector showing signs of stress and rising delinquencies. Credit to the microfinance sector by banks (including SFBs), NBFC-MFIs and other NBFCs has decelerated during the current financial year so far after witnessing rapid growth during the last three years, according to a latest report of the Reserve Bank. "The microfinance sector is showing signs of stress, with rising delinquencies across all types of lenders and ticket sizes. During H1:2024-25, share of stressed assets increased, with 31-180 days past due (dpd) rising from 2.15 per cent in March 2024 to 4.30 per cent in September 2024," said the RBI's Financial Stability .

Trade unions urge FM to prioritise jobs, 8th Pay Commission, MGNREGA boost

The unions further demanded an increase in the income tax exemption rebate limit to Rs 10 lakh per annum and a social security scheme for gig workers

Jobs, growth, demand in focus as FinMin concludes pre-Budget talks

The Union Budget for FY 2025-26 assumes significance as it comes on the back of lower than expected growth numbers in the second quarter and geopolitical uncertainty

FinMin wants banks, NBFCs to join hands to fund large infra projects

So far, IIFCL has sanctioned loans worth Rs 2.8 trillion, with disbursements totalling Rs 1.4 trillion, of which 50 per cent has occurred in the last 4-5 years

DFS Secy launches 'Baanknet' portal as a one-stop property e-auction hub

According to a Finance Ministry statement, this platform consolidates information on e-auction properties from all PSBs and offers a one-stop destination for buyers and investors

New rule to avoid tax deduction on purchases through IFSC sellers

Under the new regulation, sellers must submit a declaration that includes details about the previous years for which they are claiming tax deductions

Centre amends norms to boost capex loans to states amid spending decline

The government aims to bridge the FY25 capex gap, with Rs 11.1 trillion budgeted but only Rs 5.13 trillion spent by November, marking a 12.3 per cent year-on-year decline

ED conducts raids in Bengal over Rs 1,000 cr 'cyber fraud' in Tamil Nadu

Sleuths of the Enforcement Directorate (ED) started conducting raids at eight locations across West Bengal on Thursday in connection with its probe into cyber frauds involving over Rs 1,000 crore in Tamil Nadu, a senior officer said. Raids are underway simultaneously at five places in Park Street, Salt Lake, and Baguihati areas in Kolkata and in three other locations in districts, he said. During the raid in Salt Lake area, the ED sleuths detained a person for questioning, the officer said. "Our officers are now conducting raids at a flat in a high-end residential complex in Baguihati," he told PTI. Several people based in states in eastern India have been found involved in the crime, he added.

South Korea sharply trims GDP growth forecast after martial law fiasco

The Finance Ministry sees the economy now growing 1.8 per cent in 2025 after expanding 2.1 per cent last year, it said in a statement on Thursday

FinMin asks banks, insurance firms to expedite public grievances resolution

The Finance Ministry on Wednesday urged public sector banks (PSBs) and insurance companies to expedite the resolution of public grievances. A meeting chaired by Financial Services Secretary M Nagaraju was held in which complainants, PSBs, public sector insurance companies (PSICs) and regulators participated. The meeting, aimed to assess the quality of grievance redressal, reviewed 20 randomly selected public grievances resolved by PSBs and insurance companies to assess resolution quality, the finance ministry said in a statement. At the outset, the Secretary reiterated the Prime Minister's direction given in the Pragati meeting held on December 26, that all the Senior officers at the level of Chairman/ MD/ ED of PSBs/PSICs should review at least 20 cases to monitor quality of resolution of the resolved grievances every month. During the review meeting, he observed that the majority of customers raised complaints due to genuine grievances against an organisation, and stressed that .

States, UTs to borrow Rs 4.7 trillion via govt securities in Q4FY25

In 2023-24, states contained their GFD at 2.9 per cent of GDP, within the Fiscal Responsibility Legislation (FRL) limit of 3 per cent

Budget 2025-26: India Post may get funds for tech-driven transformation

In FY25, the Union government had made a budgetary allocation of Rs 250 crore for India Post

Government extends deadline for direct tax Vivad Se Vishwas Scheme

Under the scheme, penalty charges vary based on the date of payment

External debt rises to $711.8 billion as of Sep, 4.3% up from June: FinMin

India's external debt rose to USD 711.8 billion as of September this year, up 4.3 per cent over June 2024, as per the data released by the Finance Ministry. At the end of September 2023, the external debt stood at USD 637.1 billion. In September 2024, India's external debt was placed at USD 711.8 billion, recording an increase of USD 29.6 billion over its level at June-end 2024, India's Quarterly External Debt Report said. The external debt to GDP ratio stood at 19.4 per cent in September 2024 against 18.8 per cent as of June 2024, it added. "The US dollar-denominated debt remained the largest component of India's external debt with a share of 53.4 per cent at end-September 2024, followed by Indian Rupee (31.2 per cent), Japanese Yen (6.6 per cent), SDR (5.0 per cent) and Euro (3.0 per cent)," it said. The outstanding external debt of the general government as well as the non-government sector increased at September-end 2024 over the June 2024 level, it noted. Loans were the larg