Page 17 - Finance Ministry

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

Manmohan Singh, peerless policymaker who transformed equity markets

Seeds for robust equity markets were sown during his tenure as FM in Narasimha Rao government. Economic growth gathered momentum in Singh's first term as PM

Manmohan Singh's economic reforms left indelible mark: RBI Guv Malhotra

Manmohan Singh's contributions as the architect of India's economic reforms have left an indelible mark, RBI Governor Sanjay Malhotra said on Friday as he paid tribute to the departed soul. Singh, the former prime minister and finance minister, also served as the RBI governor between 1982 and 1985. "I am deeply saddened on the passing away of former Prime Minister, Dr. Manmohan Singh, a visionary economist and former RBI Governor. His contributions as the architect of India's economic reforms have left an indelible mark. @RBI joins the nation in mourning this huge," Malhotra said in a post on X. Singh, the architect of India's economic reforms, died here on Thursday night at the age of 92. When Singh took the reins of the finance ministry in 1991, India's fiscal deficit was close to 8.5 per cent of the GDP, the balance of payments deficit was huge and the current account deficit was close to 3.5 per cent of GDP. To make things worse, foreign reserves were just enough to pay for tw

Manmohan Singh defended the landmark 1991 Union Budget, but how? Check here

Manmohan Singh, the architect of India's economic reforms, had to literally face a trial-by-fire to ensure widespread acceptance of his path-breaking Union Budget of 1991 that saw the nation rise from its darkest financial crises. Singh, the newly-appointed finance minister in the P V Narasimha Rao-led government, did it with great elan -- from facing journalists at a post-budget press conference and irate Congress leaders at the parliamentary party meeting who were unable to digest the wide-ranging reforms. Singh's historic reforms in 1991 not only rescued India from near bankruptcy but also redefined its trajectory as a rising global power. Singh made an unscheduled appearance at the press conference on July 25, 1991, a day after the presentation of the Union Budget "to ensure that the message of his budget did not get distorted by less-than-enthusiastic officials", Congress leader Jairam Ramesh writes in his book 'To the Brink and Back: India's 1991 Story' that recounts the ...

Plans underway for bigger role for TReDS, to enrol million MSMEs in 2 years

It is also expected that the Union Budget for FY26 may have more measures for MSME financing, with a bigger role for TReDS

Monetary policy stance may have led to demand slowdown in H1: Finmin review

India's economic growth slowed more sharply than anticipated in the July-September period of FY25, dropping to a seven-quarter low of 5.4 per cent

Economic growth seen at 6.5% in FY25, RBI policy pushed down demand: FinMin

In its monthly economic review, the Finance Ministry cited the RBI's monetary policy stance among the reasons for the slowdown in the first half of FY25

Budget 2025-26: Sitharaman chairs 4th pre-budget meet with key stakeholders

On Tuesday this week, Prime Minister Narendra Modi also interacted with a panel of distinguished economists and thought leaders at NITI Aayog on the strategies for the Union Budget 2025-26

Centre appoints Arunish Chawla as new Revenue Secretary in FinMin

Chawla will take over from Economic Affairs Secretary Ajay Seth, who is holding the additional charge of Revenue Secretary

FinMin rejects the plan to establish body for procuring green steel

Says most steel for projects is purchased indirectly through contractors rather than the govt

Finance ministry weighs phasing out customs duty exemptions in Budget 2025

Exemptions under review include bulk drugs used in insulin production, raw materials for lab-grown diamonds, plastics used in optical fiber production, and more

Mid-Year Review: Govt sets focus on public spending, social security net

Targets fiscal deficit 'lower than 4.5% of GDP'

Growth slowdown, fiscal dilemma complicate India's Budget preparation

The Ministry pointed out that revenue receipts in the first half of the year, at almost 52 per cent of Budget Estimates, were above the five-year rolling average

How to tax popcorn? FM's formula sparks outrage against GST system

A finance ministry spokesperson, the GST Council Secretariat and a spokesman for the ruling Bharatiya Janata Party did not respond to requests for comment on the controversy

GST Council paves way for CGST Act amendments during Budget session

FinMin says some changes may take effect from April

Punjab demands greater financial support during pre-Budget meet with FM

Punjab has sought Rs 1,000 crore Central assistance to strengthen its police infrastructure and security efforts in the border districts, among a slew of other demands, at a pre-budget meeting with Union Finance Minister Nirmala Sitharaman held in Jaisalmer, an official statement said on Sunday. Industrial incentives similar to those provided to Jammu and Kashmir and the neighbouring hill states were also sought to support the MSMEs in Punjab's border and sub-mountainous regions, a Punjab government statement said on Sunday. Quoting Punjab Finance Minister Harpal Singh Cheema, the statement said the state has strongly raised the demand to restore NABARD's Short-Term Seasonal Agricultural Operations (ST-SAO) limit to Rs 3,041 crore, from the reduced limit of Rs 1,100 crore, for FY 2024-25. Cheema said this restoration is vital to prevent farmers from turning to moneylenders, aligning with the 'Sahakar se Samriddhi' principle. Several states raised this issue which was discussed at .

States seek higher interest-free capex loans, increased borrowing limit

Infrastructure development emerged as a key focus area, with states calling for dedicated funding for state-specific road and railway projects

Kerala seeks Rs 24,000 cr special package to tide over liquidity crunch

Emphasising the need for more central funding, Kerala on Friday demanded a special package of Rs 24,000 crore to tide over the state's liquidity stress as well as Rs 2,000 crore for relief works at Wayanad, which was devastated by landslides earlier this year. In a pre-Budget meeting here, Kerala Finance Minister K N Balagopal also sought continuation of the GST (goods and services tax) compensation scheme to states until systemic issues are fully corrected and the original promise of GST revenue is attained. Union Finance Minister Nirmala Sitharaman, finance ministers from other states and senior officials, among others, were present in the meeting. "We reiterate our demand for a special package of Rs 24,000 crore to tide over the current liquidity stress by scheduling it over a period of two years from 2025-26," Balagopal said. Citing that substantial resources are required for relief works in Wayanad, he urged the government to provide a special package of Rs 2,000 crore in the