Page 38 - Finance Ministry

Centre keeps option open to reduce market borrowing in second half of FY24

Government will also issue Treasury bills worth Rs 3.12 trillion in the third quarter of 2023-24. Each of these weekly T-bill auctions will be to the tune of Rs 24,000 crore

India may not be planning tax changes for bond inclusion in global indices

India is not planning any changes to its tax regime to help Indian government bonds be included on other global indices, a government source said on Wednesday

Centre sticks to market borrowing plan for H2FY24; introduces 50-year bond

To borrow Rs 6.55 trillion in second half

Preventing the mistakes of 2019

Interim Budget projections for 2024-25 should conform to standard practices of transparency, pragmatism and caution

Vivad se Vishwas - I scheme: Govt grants Rs 256 crore in relief to MSMEs

The Ministry of Finance said in a release that this move will increase the flow of bank credit by freeing up guarantees

Y-Combinator-backed Mudrex becomes FIU-registered crypto platform

Mudrex has become the third crypto platform to be registered with the FIU after WazirX and CoinDCX

Household savings report: There is no distress, says finance ministry

The clarification comes in the backdrop of Reserve Bank of India data showing that household net financial savings rate is at its lowest in decades

Savings puzzle: Does the fall in financial savings show household distress?

The finance ministry thinks otherwise

FinMin retains 6.5% GDP growth estimate for FY24, says 'outlook bright'

The Finance ministry is confident that the impact of these developments on underlying economic activity in India should be relatively contained

FinMin retains 6.5% FY24 growth estimate amid steady high-frequency indicators

The finance ministry on Friday exuded confidence that the country will achieve 6.5 per cent growth in FY24 on the back of improved corporate profitability, private capital formation and bank credit growth, notwithstanding the risks of rising crude oil prices and monsoon deficit. The ministry's August edition of Monthly Economic Review said the 7.8 per cent growth recorded in the first quarter (April-June) was on account of strong domestic demand, consumption and investment. The growth was also witnessed in various high-frequency indicators. Flagging certain risks like steadily climbing crude oil prices in the global market, impact of monsoon deficit in August on Kharif and Rabi crops, the review said, "that needs to be assessed." At the same time, it observed, the rains in September have erased a portion of the rainfall deficit at the end of August. Furthermore, the review said, a stock market correction, in the wake of an overdue global stock market correction, is an ever present .

'No distress', people investing in other fin products, says FinMin

The finance ministry on Thursday dismissed the criticism over the impact of declining household savings on the economy, saying people are investing in different financial products and "there is no distress". The statement posted on X by the ministry brushed aside critical voices raised with regard to the decadal fall in household savings and its overall effect on the economy. "Lately, critical voices have been raised w.r.t. to household savings and its overall effect on the economy. However, data indicates that changing consumer preference for different financial products is the real reason for the household savings and there is no distress as is being circulated in some circles," it said. Net household savings declined to a 47-year low of 5.1 per cent of gross domestic product in FY23 as compared to 7.2 per cent recorded in the previous year, as per the data released by the Reserve Bank in its latest monthly bulletin. At the same time, annual financial liabilities of households ro

Economist Shankar Acharya appointed chancellor of AP Central University

Acharya has been India's longest-serving chief economic advisor, advising three finance ministers over eight years. He has been a columnist for Business Standard for over twenty years

Finance ministry raises gratuity limit and insurance cover for LIC agents

Brings in uniform family pension rate at 30% for LIC employees

Govt announces higher gratuity, other benefits for LIC agents, employees

The finance ministry increased the gratuity limit from Rs 3 lakh to Rs 5 lakh for LIC agents

Finance ministry seeks applications for post of whole time member Irdai

The finance ministry has invited applications for the post of Whole Time Member (Distribution) at insurance regulator Irdai. The applicant should preferably have at least 25 years of experience in the relevant area with a minimum of three years experience at a senior level, the Department of Financial Services said in an advertisement. The applicant should not be below the rank of a Chief General Manager of the Reserve Bank of India or equivalent that place in other financial institutions or regulatory bodies, it said. The department, under the finance ministry, said the applicant should have a minimum of two years of residual service as of the date of vacancy, that is March 4, 2024, and the applicant's age should not exceed 60 years on the said date. The term of the office of the member will be in accordance with the Insurance Regulatory and Development Authority Act. No person will hold the office of the Whole Time Member after attaining the age of 62 years, it added. Currently,

Finance ministry defends GDP deflator and real GDP growth estimate

The finance ministry said India's GDP deflator is dominated by the Wholesale Price Index

GST tribunal to have 31 benches across 28 states and UTs: Finance Ministry

Karnataka, Rajasthan & UP will have multiple benches; UTs, except Delhi, do not have an independent bench

Finance Ministry notifies 31 state benches of GST appellate tribunal

The Finance Ministry has notified 31 benches of GST Appellate Tribunal (GSTAT) which will be set up in all states and Union Territories. Setting up of state-level benches of GSTAT would help businesses by way of faster dispute resolution. Currently, taxpayers aggrieved with ruling of tax authorities are required to move the respective High Courts. The resolution process takes a long time as High Courts are already burdened with backlog of cases and do not have a specialised bench to deal with GST cases. As per the notification, Gujarat and UTs -- Dadra and Nagar Haveli and Daman and Diu, will have two benches of the GSTAT; Goa and Maharashtra together will have three benches. Karnataka and Rajasthan will have two benches each, while Uttar Pradesh will have three benches. West Bengal, Sikkim and Andaman and Nicobar islands; and Tamil Nadu and Puducherry will together have two GSTAT benches each, while Kerala and Lakshadweep will have one bench. The seven North Eastern states -- ..

UK, India agree pensions and insurance partnership, says British FM

Britain and India have agreed to launch partnership to boost cross-market investment by insurance and pension sectors, Britain's finance ministry said

Finance ministry asks Sidbi to increase direct lending portfolio

Out of Rs 10,000 cr corpus available under the Fund of Funds for Startups (FFS) Scheme, Sidbi has sanctioned around Rs 9,500 cr to AIFs and disbursements have been around Rs 4,500 crore so far