Page 33 - Finance Ministry

Govt expects $1.8 billion in dividends from state-run banks in FY25

The government expects to receive at least Rs 15,000 crore ($1.8 billion) in dividends from state banks in 2024/25, up 8.7% or more from an expected Rs 13,800 crore in the current fiscal year

LS to discuss Interim Budget; FM Sitharaman to move Finance Bill 2024

Union Finance Minister Nirmala Sitharaman is scheduled to move The Finance Bill, 2024 for its consideration and passage in the Lok Sabha on Tuesday

Finance ministry asks banks to expeditiously resolve issues of exporters

The finance ministry on Monday asked banks and insurance companies to expeditiously resolve issues of exporters and facilitate overseas trade. The meeting chaired by Financial Services Secretary Vivek Joshi was attended by senior officers from the Ministry of External Affairs, the Department of Commerce and the Ministry of Finance. They discussed issues faced by exporters and importers. During the meeting, Joshi advised banks to classify issues faced by them in different categories and indicated that they may consider seeking necessary regulatory guidance from the RBI and also develop a standard operating procedure through the Indian Banks Association (IBA), an official statement said. Functionaries of the Reserve Bank of India (RBI) and the Insurance Regulatory and Development Authority (IRDAI), the chairman of the State Bank of India (SBI) and senior executives of major commercial banks were also part of the meeting. Insurance related issues faced by traders were discussed with .

Govt to review tax on online gaming after March: Revenue Secy Malhotra

Online gaming companies including Delta Corp. and Tiger Global-backed Dream11 have seen an increase in demands and notices from tax authorities amid a crackdown on alleged tax evasion

FinMin releases Rs 66,745 cr loan to 28 states for investment in Apr-Jan

The Ministry of Finance has released loans worth Rs 66,745 crore to 28 states under the Scheme for 'Special Assistance to States for Capital Investment'. In a written reply to Lok Sabha, Minister of State for Finance Pankaj Chaudhary said the scheme is aimed at boosting capital expenditure by states. Under the scheme, special assistance is being provided to the state governments in the form of a 50-year interest-free loan up to an overall sum of Rs 1.3 lakh crore during the financial year 2023-24. Between April 1, 2023, and February 1, 2024, Rs 66,745.21 crore has been released to 28 states under the Scheme for 'Special Assistance to States for Investment', Chaudhary said. In the 2022-23 fiscal, Rs 81,195.35 crore was released under the scheme. Capital investment projects in diverse sectors have been approved, including health, education, irrigation, water supply, power, roads, bridges and railways. Funds for meeting the state share of Jal Jeevan Mission and Pradhan Mantri Gram S

Govt seeks Rs 78k cr cash outgo in second supplementary demand for grants

The second tranche of supplementary grants by various departments and ministries includes Rs 10,798 crore expenditure towards the Mahatma Gandhi National Rural Employment Guarantee Scheme

Various measures taken to reduce debt burden, strengthen economy: FM

To bring down the debt burden, the government has taken various measures like increasing the tax revenue buoyancy, enhancing the public expenditure effectiveness, commitment to reducing fiscal deficit and augmenting the productive efficiency, Finance Minister Nirmala Sitharaman said on Monday. In addition to strengthening the financial system, the government has more than doubled its effective capital expenditure from Rs 6.57 lakh crore in 2020-21 to Rs 13.71 lakh crore and Rs 14.97 lakh crore in 2023-24 (BE) and 2024-25 (BE), respectively, to crowd in private investments, she said in the Lok Sabha. The government's emphasis on increasing capital expenditure will not only boost the investments, but also return a higher GDP growth to lower the debt burden, she said. Simultaneously, she said, the state governments have been incentivised to increase their capital spending through measures like 50-year interest-free capex loans and front-loading of tax devolution instalments. Various .

Indian economy to grow at 6.7% between fiscals 2024 to 2031: CRISIL

The Indian economy is expected to grow at an average rate of 6.7 per cent per annum until the end of the decade, CRISIL said in its latest report. The economy will grow at this rate between the financial years 2024 to 2031, a notch above the pre-pandemic average of 6.6 per cent. According to CRISIL, the key contributor to this trend will be capital. This is a result of the investment-driven strategy of the government when the private sector was shy of making investments. The government increased capital expenditure significantly to support building expenditure and providing interest-free loans to states to bolster their own investment efforts, the report said. CRISIL said that after a robust 7.3 per cent growth this fiscal, there will be moderation to 6.4 per cent in the next financial year. There is also a need to monitor the impact of the escalation of the Middle East conflict on energy and logistics costs, it said. In India, the inflation level of 5.7 per cent in December 202

5.6 mn updated ITRs filed, Rs 4,600 cr taxes mopped up in 2 yrs: CBDT

The income tax department has garnered about Rs 4,600 crore in taxes from 56 lakh updated I-T returns filed by taxpayers in the past two years, Central Board of Direct Taxes (CBDT) chief Nitin Gupta said. In a post budget interview to PTI TV, Gupta also said the I-T department has set up a demand management centre at Mysuru, Karnataka, which is focusing on disputed pending large tax demands of above Rs 1 crore. "We are continuously improving the services and creating litigation free environment. We have come out with a facility for updation of return. 56 lakh updated returns updated and garnered around Rs 4,600 crore taxes from that," Gupta said. The Interim Budget 2024-25 has announced withdrawal of outstanding small tax demands, some even dating back to 1962, of up to Rs 25,000 till 2014-15 in respect of income, wealth and gift taxes. There are about 1.11 crore such disputed demand entries and the aggregate tax demand involved is Rs 3,500-3,600 crore. Gupta said the move would ..

Interim Budget: Railways get 3 new corridors; 40,000 bogies to be upgraded

Proposals will lead to safety and higher travel speed for passengers, says Finance Minister

Governance, development, performance key themes for Budget 2024-25: FM

We're not just aligning with fiscal consolidation path but bettering it: FM

Interim Budget: Rama's radiance in FM Sitharaman's six yards of optimism

The Opposition made only half-hearted efforts to interrupt the speech and did not appear to notice that in the Budget speech, the Prime Minister was quoted five times

Budget 2024: Govt will encourage vaccination for cervical cancer, says FM

As per 2022 estimates, every year, approximately 125,000 women are diagnosed with cervical cancer, and over 75 thousand die from the disease

Sports ministry's Budget allocation up by Rs 45 crore at Rs 3,442 crore

The Sports Ministry was on Thursday allocated Rs 3,442.32 crore, a hike of Rs 45.36 crore as compared to last year, in the interim Union Budget presented by Finance Minister Nirmala Sitharaman. In the previous budget, the Sports Ministry had got a revised allocation of Rs 3,396.96 crore. The Olympic Games in Paris, to be held from July 26 to August 11, will be the country's main focus during the 2024-25 financial year. The ministry's flagship programme, Khelo India, was allotted Rs 900 crore, an increase of Rs 20 crore from the previous budget. The Sports Authority of India (SAI), which organises national camps, provides infrastructure and equipment to athletes, appoints coaches among others, saw Rs 26.83 crore increase in its budgetary allocation from the previous year's revised expenditure of Rs 795.77 crore. The National Sports Federations (NSFs) will receive Rs 15 crore more this time, as compared to the 2023-24 revised budget of Rs 325 crore. The National Anti-Doping Agency

Budget 2024: What did FM Sitharaman say on education, Skill India Mission

The Centre proposes opening of new medical colleges and upgrade Anganwadi centres in the Interim Budget 2024

FM talks up green energy, proposes rooftop solar power for 10 mn homes

Interim Budget proposal will save up Rs 18,000 annually for households, says Nirmala Sitharaman

Defence Budget 2024: Rs 6.21 trn allocated, ambitious tech scheme announced

In the capital outlay for defence services, Rs 40,777 crore has been set aside for aircraft and aero engines while an amount of Rs 62,343 crore was allocated for "other equipment"

Govt to borrow Rs 14.13 trn from market in FY25 to meet revenue shortfall

Finance Minister Nirmala Sitharaman on Thursday proposed to borrow Rs 14.13 lakh crore by issuing dated securities to meet revenue shortfall in the next financial year starting on April 1. This is lower than last year's gross borrowing estimate of Rs 15.43 lakh crore, which was the highest ever. The lower borrowing estimate for 2024-25 is on account of growing tax revenue and the government's resolve to meet its fiscal consolidation roadmap. About net borrowing estimate, Sitharaman while presenting the interim Budget for 2024-25 said it would be Rs 11.75 lakh crore during the next financial year. As a result, the government would make repayment of Rs 2,37,818 crore during the year. "The gross and net market borrowings through dated securities during 2024-25 are estimated at Rs 14.13 and Rs 11.75 lakh crore respectively. Both will be less than that in 2023-24. Now that the private investments are happening at scale, the lower borrowings by the Central Government will facilitate lar

Budget 2024: Rs 928 cr allocated to CBI, down by Rs 40.4 cr from last yr

The Centre has allocated Rs 928.46 crore to the Central Bureau of Investigation in the Union Budget 2024-25 announced by Finance Minister Nirmala Sitharaman on Thursday, a snip of over Rs 40.4 crore from FY 2024. The agency had received Rs 946.51 crore to manage its affairs in the Budget Estimates for 2023-24, which was later increased to Rs 968.86 crore in the Revised Estimates. The government has allocated Rs 928.46 crore to the agency for 2024-25, the interim Budget presented by Sitharaman on Thursday said. "The provision is for establishment-related expenditure of the Central Bureau of Investigation which is entrusted with investigation and prosecution in corruption cases against public servants, private persons, firms and other cases of serious crimes," it said. The document said the allocation also includes provision for various projects such as modernisation of training centres of the CBI, establishment of technical and forensic support units, comprehensive modernisation and

Budget 2024: What did FM Nirmala Sitharaman say on domestic tourism

From interest-free loans to Lakshadweep and island connectivity, here is everything Finance Minister Nirmala Sitharaman said on tourism in the Interim Budget 2024