GOVERNMENT FINANCES
Petrol and diesel to come under GST? Here's what FM Sitharaman has to say after Council meeting
Finance Minister Nirmala Sitharaman on Saturday said the intention of the central government has always been to bring petrol and diesel under GST, and it is now up to the states to come together and decide on the rate. She said a provision has already bee...
Modi Cabinet 3.0: BJP's top brass retain Home, Defence, Finance, External Affairs, Road Transport
Prime Minister Narendra Modi has retained 34 ministers from his previous council, including 19 with Cabinet berths, as he begins his third term. Prominent names include Rajnath Singh, Amit Shah, Nitin Gadkari, Nirmala Sitharaman, and S Jaishankar who ha...
Punjab witnesses 85 pc decline in investment; incorrect to say Centre not giving funds: FM Nirmala Sitharaman
It is incorrect to say that the Centre is not giving funds to the Punjab government, Union Finance Minister Nirmala Sitharaman said on Tuesday, responding to the AAP government's allegation that the Union is shortchanging the state. "The rea...
UP Finance Minister SK Khanna presents Rs 7.36 lakh crore budget for FY-25 in State Assembly
Uttar Pradesh Finance Minister Suresh Khanna presented the State Budget in Vidhan Sabha on February 5. He spoke about various policies and government achievements during his address at Vidhan Sabha.Uttar Pradesh Finance Minister Suresh Khanna said, “The ban ...
Govt allows direct listing of Indian companies on GIFT City's exchanges
In a move aimed at bolstering foreign investment inflows and offering growth avenues for Indian companies, the Government of India has approved the direct listing of securities by public Indian companies on the International Exchanges of the Gujarat International Finance Tec-Cit...
Jan Dhan bank accounts cross 50 crore-mark, informs Financial Services Secretary Vivek Joshi
Department of Financial Service Secretary, Vivek Joshi on the completion of nine years of Jan Dhan bank accounts said that Jan Dhan bank account has crossed the 50 crore mark. “The number of Jan Dhan bank accounts in the country has crossed over the 50 crore...
Net direct tax collections For FY 23 exceed estimates; grow at 17.63% to Rs 16.61 lakh cr
India's net direct tax collections surged by 17.63 per cent to Rs 16.61 lakh crore in the financial year 2022-23 (FY23), against Rs 14.12 lakh crore in the preceding financial year. The Budget Estimates (BE) for direct tax revenue in the Union Budget for FY23 w
Centre govt should have made people aware about withdrawal of Rs 2,000 notes, says Jharkhand Finance Minister
Finance Minister of Jharkhand Dr Rameshwar Oraon commented on Central Government’s decision to withdraw Rs 2,000 notes from circulation.While speaking to ANI, he said, “Poor people do not have 2,000 rupee notes. Middle-class families might h
Inflation, not a 'red-lettered priority' for FM Nirmala Sitharaman: Chidambaram
On Tuesday, former Finance Minister P. Chidambaram slammed the BJP-led Government over the rising prices of essential commodities, saying that Finance Minister Nirmala Sitharaman should wake up from her slumber as the food inflation has surged to 7.62 per cent. On Twitte
India has the most flawed GST system: TN Finance Minister P Thiaga Rajan
Tamil Nadu Finance Minister Palanivel Thiaga Rajan on August 03, hit back at Union Minister Nirmala Seetharaman’s criticism of Tamil Nadu Government on various issues. “We sent a written submission that we opposed the hike...we have the most complex GST model among 140 countrie
September GST collections: Gross revenue crosses Rs 1.4 lakh cr mark for the 7th month in a row
The gross revenue from goods and services tax (GST) surged by 26 per cent year-on-year to Rs 1,47,686 crore in September 2022, as per the government data released on Saturday. According to the data released by the Union Ministry of Finance, the gross GST
Government to borrow Rs 8.45 lakh crore in first half of 2022-23
The Union government is looking to raise Rs 8.45 lakh crore through borrowing in the first half of 2022-23 to fund the revenue gap for reviving the economy, the Finance Ministry said on Thursday. Out of gross market borrowing of Rs 14.31 lakh crore estimated for FY2022-23, Rs 8.45 lakh
Punjab FM presents AAP govt's first budget for FY 2022-23; budgetary provisions for 300 units of free power
Punjab Finance Minister Harpal Singh Cheema on Monday said budgetary provisions have been made for giving 300 units of free electricity to the households from July 1, as the AAP government presented its first budget for FY23 in the state assem
Fiscal deficit for 2021-22 at 6.7% of GDP, lower than earlier estimate: Govt
Fiscal deficit for 2021-22 worked out to be 6.71 per cent of the gross domestic product (GDP), lower than 6.9 per cent projected by the Finance Ministry in the revised Budget Estimates, according to government data released on Tuesday.Fiscal deficit for 2021-22 at 6.7% of G
Nirmala Sitharaman on a 'boring budget', cryptocurrency and oil price hikes
Lok Sabha approves the Finance Bill, thus completing the Budgetary exercise for FY 2022-23. Replying to a discussion on the Bill, Nirmala Sitharaman talks about cryptos, oil price hikes and much more. Watch!Nirmala Sitharaman on a 'boring budget', cryptocurrency and oil pric
Centre allows duty free import of 20 Lakh metric tonnes crude soyabean, sunflower oil
To provide required relief to consumers, the Central Government on Tuesday exempted customs duty and agriculture infrastructure development cess on 20 Lakh metric tonnes yearly import of crude soyabean and sunflower oil. According to the Finance Ministry notificati
Ukraine crisis: Russia will be cut off from Western financing, says US President Joe Biden
President Joe Biden says the U.S. will be sanctioning Russian oligarchs and their families, as well as Russian sovereign debt in retaliation for the country’s invasion of Ukraine. "None of us will be fooled" by Russian President Vladimir Putin's claims about U
Govt to borrow Rs 5.03 lakh cr in second half of FY22
The Central government, in consultation with the Reserve Bank of India (RBI), has finalised its borrowing programme for the second half (H2) of FY 2021-22. Out of gross market borrowing of Rs 12.05 lakh crore projected for FY22 in the Union Budget, Rs 7.24 lakh crore (60 per cent) was planned to
Government needs to spell out long-term incentives in Budget 2022: Exporters
How will FY 22 be for the exports sector after a good run in the previous fiscal? Can Budget 2022 provide the necessary impetus to carry the momentum? What are the pain-points that the sector wants the FM to address? Exporters answer all this and more in this ET Rise panel
Union Budget 2022: The process and how macroeconomic numbers give us a sense of where we are headed
The Union Budget of a year, also referred to as the annual financial statement, is a statement of the estimated receipts and expenditure of the government for that particular year. FM Nirmala Sitharaman will most likely present her fourth Budget on Fe
RBI to transfer Rs 99,122 crore surplus to government
The Reserve Bank of India (RBI) on Friday decided to transfer a surplus of Rs 99,122 crore to the Central government. The decision was taken at 589th meeting of the RBI's central board of directors.RBI to transfer Rs 99,122 crore surplus to government
GST compensation: Centre releases Rs 75,000 crore to states, UTs
The government on Thursday said it has released Rs 75,000 crore to the states and Union Territories to compensate them for the shortfall in GST revenue.GST compensation: Centre releases Rs 75,000 crore to states, UTs
Government committed to revival of economy, will take required step to boost growth: Nirmala Sitaraman
Exuding confidence that the targets for the proposed strategic sales would be achieved, Finance Minister Nirmala Sitharaman said on Thursday that the government is undertaking all the "necessary rigorous" work to complete the planned privatisation
Covid first wave impact on households: Fin savings moderated to 8.2% of GDP in Q3FY21, says RBI
The first wave of COVID-19 last year impacted households as their financial savings moderated to 8.2 per cent of GDP in December quarter from 10.4 per cent in the previous three-month period, revealed an RBI data released on Wednesday.Covid first wave imp
Impact of Covid-19 second wave on economy to remain muted: Finance ministry
The impact of the second wave of the coronavirus pandemic on the economy is likely to remain muted as compared to the first wave, the finance ministry said in its monthly economic report.Impact of Covid-19 second wave on economy to remain muted: Finance ministry
Union Budget 2022: Rahul Gandhi should do something in Congress-govern states then talk about Budget: FM Nirmala Sitharaman
Following the Union Budget 2022, Finance Minister Nirmala Sitharaman on February 01 lambasted Congress leader Rahul Gandhi over his ‘Zero Sum Budget’ remark by saying he (Rahul) should first do something in Congress-govern stat
Centre to borrow additional Rs 1.58 lk cr to make up for compensation shortfall
The upcoming GST Council meet on Friday is set to discuss additional borrowing of Rs 1.58 lakh crore to make up for the compensation kitty shortfall. Sources tell ET Now that the centre expects Rs 2.69 lakh crore as compensation payable to states but the cess collected w
Non-food credit grows 4.9% in March 2021: RBI
Non-food credit grew 4.9 per cent in March 2021 as against a growth of 6.7 per cent in the year-ago month, RBI data showed. Credit growth to agriculture and allied activities accelerated to 12.3 per cent in March 2021 from 4.2 per cent in March 2020, the data on Sectoral Deployment of Bank Credit – March
Digitalisation must democratise governance of finance: UN Secy Gen
Digital financing is key to getting the SDGs back on track from the social and economic impact of the COVID-19 pandemic, according to a new report, “People’s Money: Harnessing Digitalization to Finance a Sustainable Future”, released by the Secretary-General’s Task Force on Digital F
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