Page 44 - Finance Ministry

FM meets IFAD president, discusses issues of interest, global challenges

Finance Minister Nirmala Sitharaman on Thursday met International Fund for Agricultural Development (IFAD) president Alvaro Lario and discussed issues of mutual interests besides some emerging global challenges. During the meeting, the finance minister stressed that multilateral institutions should effectively contribute to ensuring food security by investing in food storage, food processing, and making small-size farming remunerative. Besides, they should focus on ensuring participation of emerging economies and developing countries and address the new global challenges such as food security, debt distress and climate Change. She underlined the need for the multilateral development banks (MDBs) to take a new and fair review to deal with new and emerging challenges. "While appreciating the India's leadership on steering the #G20India Presidency, the @IFADPresident updated FM Smt. @nsitharaman about how @IFAD is bringing #ClimateChange to the centrestage of the institution," a finan

Top headlines: Sebi debars Chandra, Goenka; Skymet predicts bleak monsoon

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FinMin to meet Moody's on June 16, pitch for sovereign rating upgrade

The Finance Ministry officials will showcase India's strong economic fundamentals and pitch for a sovereign rating upgrade in a meeting with US-based Moody's on June 16. Moody's Investors Service has a 'Baa3' sovereign credit rating on India, with a stable outlook. 'Baa3' is the lowest investment grade rating. Economic Affairs Secretary Ajay Seth, Chief Economic Advisor V Anantha Nageswaran and other senior officials from key ministries would talk about the ongoing economic reforms, government thrust on infrastructure development and forex reserves nearing USD 600 billion, sources said. The government had largely met its fiscal objectives over the past two years. The fiscal deficit, which is the difference between government expenditure and revenue, narrowed to 6.4 per cent of GDP in 2022-23 fiscal, from 6.7 per cent of GDP in 2021-22 fiscal. In the current fiscal, the deficit is budgeted at 5.9 per cent of GDP. As per the fiscal consolidation roadmap, the government intends to br

FinMin to meet Moody's on June 16, to pitch for sovereign rating upgrade

The Indian finance ministry officials will meet credit rating agency Moody's Investors Service on June 16 and pitch for a sovereign rating upgrade, two government sources told Reuters

FinMin starts deciding process on convenor of GST rate rationalisation GoM

The finance ministry has started the process of deciding on a new convenor of the GoM on GST rate rationalisation, sources said. The position has been lying vacant following the change of government in Karnataka. Former Karnataka chief minister Basavaraj Bommai was the convenor of the seven-member Group of Ministers (GoM) set up under the GST Council in September 2021. The finance ministry has initiated the process of consultation with other members of the panel. "Karnataka is likely to continue as a member of the GoM. We are not proposing any convenor. It will be selected based on consultation among GoM members," one of the sources told PTI. Besides Karnataka, other members of the GoM are Bihar, Goa, Kerala, Uttar Pradesh, Rajasthan, and West Bengal. Usually, the senior-most member in a GoM is named as the convenor of the panel. Since current Karnakata Chief Minister Siddaramaiah also holds the finance portfolio, he may be named as the new convenor of the GoM on rate ...

RBI averse to crypto but is all set to float CBDC; FinMin weighs options

The Reserve Bank of India (RBI) has made no bones about it being averse to crypto currency, ever since it emerged on the horizon in the country a few years ago

FinMin on same page with RBI for FY24 growth forecast: CEA Nageswaran

Chief Economic Adviser V Anantha Nageswaran on Saturday said that the government is on the same page with the Reserve Bank of India on the GDP growth forecast for the current financial year which is 6.5 per cent. RBI Governor Shaktikanta Das announced at the end of the monetary policy committee (MPC) meeting on Thursday that the GDP growth forecast for 2023-24 has been pegged at 6.5 per cent, a tad higher than the April forecast of 6.4 per cent. Speaking at a session organised by Bharat Chamber of Commerce here, Nageswaran said, "Both the ministry of finance and the RBI are on the same page with the growth forecast for the current fiscal which is 6.5 per cent with risks evenly balanced. The domestic economic growth momentum is strong enough to overcome external risk factors". "We also benefit from lower oil prices and overall domestic macroeconomic stability," he said. The CEA said that during the last financial year, real GDP growth was 7.2 per cent, which was lower than the 9.1 p

FAME-II subsidy block: SMEV reaches out to govt for Rs 3K-crore rehab fund

The industry body has maintained the subsidies withheld and due to various electric two-wheeler (E2W) manufacturers amount to over Rs 1,200 crore

Govt's 20% TCS policy unfair on domestic operators: Travel agents

Overseas travel firms have been granted exemption of up to Rs 7 lakh before TCS kicks in; no such benefit for domestic ones

270 mn loans to women under MUDRA; here's all you need to know about scheme

The MUDRA loans are given by commercial banks, regional rural banks, small finance banks, microfinance institutions, and non-banking financial institutions

FinMin extends date for MSMEs to submit refund claims till July 31

The finance ministry has extended the deadline for MSMEs by one month, till July 31, to submit refund claims for performance or bid security and liquidated damages forfeited by government departments and public sector entities during the Covid-19 period. To give relief to MSMEs, finance minister Nirmala Sitharaman in 2023-24 Budget announced 'Vivad se Vishwas-I' scheme which provides that in cases of failure by MSMEs to execute contracts during the Covid period, 95 per cent of the forfeited amount relating to bid or performance security will be returned to them by government and government undertakings. The scheme commenced from April 17 and the Department of Expenditure under the finance ministry had fixed the last date for claim submission as June 30. The Expenditure department has now issued amendments to the scheme and extended the deadline for submission of bids till July 31. Under the scheme, ministries have been asked to refund 95 per cent of the performance security, bid ..

FinMin, ADB organise workshop on Expected Loss-based Credit Rating System

The Ministry of Finance and Asian Development Bank (ADB) on Monday organised a workshop on Expected Loss-based Credit Rating Mechanism. The workshop was addressed by Economic Affairs Secretary Ajay Seth, the finance ministry said in a tweet. Around 120 representatives from banks, regulators, project developers, industrial associations, financial institutions and institutional investors participated in this workshop, it added. Experts from credit rating agencies, the Reserve Bank of India, banks, industry associations and financial institutions deliberated on the array of topics related to EL-based credit rating mechanism and their potential impact on infrastructure projects.

GST mop-up crosses Rs 1.5 trillion for third month in a row; up 12% in May

The collections, tax experts said, reflects a continuation of the good economic performance across states witnessed since last year

GDP growth at 6.1% in Q4, 7.2% in full FY23; construction, agri surprise

For FY23, the Indian economy clocked a growth rate of 7.2%. In the previous financial year (FY22), India had seen 9.1% GDP growth

FM reviews infra projects under NICDIT, urges states to tie up loose ends

Finance Minister Nirmala Sitharaman on Tuesday reviewed the progress of projects under the National Industrial Corridor Development and Implementation Trust (NICDIT) and urged states to tie up loose ends and resolve all pending issues through greater exchange. NICDIT seeks to create greenfield smart industrial cities with sustainable 'plug n play' and information and communications technology ICT-enabled utilities. It is within the overall framework of PM GatiShakti National Master Plan NMP. It aims to create quality infrastructure and keep land parcels ready for allotment to attract investments in the manufacturing sector and position India strongly in Global Value Chains (GVCs). Addressing the second meeting of the apex monitoring authority of the NICDIT organised in hybrid mode here, Sitharaman urged all the states to tie up loose ends and move forward and resolve all pending issues through greater exchange and sharing of information to expedite the progress of works in the ...

FM Sitharaman calls Rahul Gandhi's remarks over China policy shameful

Union finance minister Nirmala Sitharaman on Monday launched a fresh attack on Congress leader Rahul Gandhi for criticising Indian government policies on China

Vivad Se Vishwas scheme to settle disputes in contracts begin from July 15

The Finance Ministry on Monday said the scheme to settle pending disputes related to government contracts under the Vivad Se Vishwas II will commence on July 15 and contractors will have time till October 31 to submit their claims. The Vivad se Vishwas II (Contractual Disputes) scheme was announced in 2023-24 Budget for settlement of pending disputes related to government contracts. Under the scheme, contractors would be offered settlement amounts depending on the status of a dispute. As per the scheme announced by the Department of Expenditure, in cases of disputes where court or arbitral order has been passed, the settlement amount would be 85 per cent or 65 per cent of the amount awarded by the court or the arbitral tribunal respectively. In the draft scheme, the Expenditure Department had proposed that the settlement amount would be 80 per cent in case of court orders and 60 per cent in case of arbitral awards. The expenditure department has improved the final scheme after ...

FinMin urges PSBs to settle small debt defaults by taking haircuts

Says this would enable in reduction of pending cases at DRTs and enhance recovery for banks

Banks need to improve digitalisation, keep vigil on stressed loan: Official

Minister of State for Finance Bhagwat K Karad on Monday said banks need to focus on digitalisation and keep a vigil on stressed loans. Bank should also undertake financial literacy and financial inclusion activities, he said after inaugurating the zonal office of ESAF Small Finance Bank here. Karad said banks should do timely recognition of non-performing assets and make adequate provisions so that the banking system remains healthy. Emphasising on use of technology, he said, it is the future and there is need to promote digital banking. Speaking on the occasion, ESAF Small Finance Bank managing director K Paul Thomas said the bank has special focus on agriculture sector. The bank signed an agreement with Agriculture Insurance Company of India Limited for providing crop insurance. The bank, which has nearly 600 branches spread across 21 states, recorded over four-fold jump in net profit to Rs 302.33 crore for the year ended March 31, 2023. The bank earned a profit of Rs 54.73 cr

Centre to launch Rs 75 coin to mark the opening of new Parliament building

Rs 75 coin: The face of the coin will bear the Lion Capitol of Ashoka Pillar in the centre with 'Satyameva Jayate' inscribed below it