PUBLIC FINANCE
Britain’s economy isn’t seeing growth anywhere near India’s 7% GDP rise — this has caused fewer differences between the Conservatives and Labour: Jaideep Prabhu
The UK election landscape is marked by economic uncertainties post-Brexit, minimal policy distinctions between parties, and environmental concerns driving voter engagement. Influential figures like Farage, Johnson, and Sunak shape political narratives, while climate change discussions underscore the urgency for sustainable solutions amidst global warming threats.
Bajaj Housing Finance launches Sambhav Home Loans for first-time home buyers
Borrowers will have attractive interest rates with affordable EMIs and the option to choose a repayment tenor of up to 20 years. With this, Bajaj Housing Finance will offer a full suit of offerings in the housing finance sector covering all customer categories.
Government eases rules for global sourcing of medical gear
Pavan Choudary, chairman, Medical Technology Association of India (MTAI), termed the move a path-breaking effort by the government towards equitable policy making, spanning the crucial last mile which was uncovered so far.
Integrating climate finance into India's economic blueprint
Pradeep S. Mehta, Secretary-General of CUTS International, suggested that India's 2024-25 Budget should include dedicated climate finance institutions through public-private partnerships during a webinar on accelerating private investment in climate finance. Mehta stressed the importance of private sector involvement for a sustainable and resilient future, highlighting the need for collaboration, innovation, and commitment.
Governor CV Ananda Bose asks TMC govt to issue white paper on West Bengal's financial situation
"The fiscal situation of West Bengal is confronting multiple fiscal risks and public finance management issues exposing serious lapses on the part of the (state) government. It is very disturbing, shocking, and shattering to see that West Bengal is facing a financial breakdown. Its public finance is in the doldrums," Governor CV Ananda Bose claimed in a statement issued by the Raj Bhavan on Saturday.
MMRDA inks Rs 850-crore urban infra financing pact with German development bank KfW
The funds procured from KfW and MMRDA's resources will be primarily allocated towards various sustainable development projects within and around the Mumbai Metropolitan Region. These initiatives include the development of green corridors, solid waste management systems, recycling and reuse facilities, and the promotion of renewable energy solutions to address environmental concerns and enhancing the quality of life for residents in the bustling metropolitan area.
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Govt's gross liabilities rise by 3.4 pc to Rs 171.78 lakh crore at March-end: Finance Ministry
Government's total gross liabilities rose to Rs 171.78 lakh crore by March 2024 from Rs 166.14 lakh crore in December. Public debt, at 90.2% of total, saw a 3.4% increase in Q4 2023-24. Indian bond yields softened due to fiscal adjustments, while US treasury yields were volatile. Ownership patterns of securities shifted.
UK public debt rises to highest since 1961 as election nears
In May, British public debt reached its highest level since 1961, standing at 99.8% of GDP, or £2.742 trillion. Despite lower-than-expected borrowing of £15 billion for the month, the ongoing fiscal challenges persist, influenced by pandemic-related spending, slow economic growth, and high interest rates.
JM Financial shares fall 5% on SEBI ban from managing debt public issues
Shares of JM Financial declined by 5% to Rs 83 during Friday's intraday trading on the BSE. This drop followed a decision by the markets regulator SEBI on Thursday, confirming interim measures to prohibit the company from serving as a lead manager for public issues of debt securities until March 31, 2025.
IIFL Finance subsidiary raises Rs 216 crore through public bond issue
IIFL Finance's microfinance subsidiary IIFL Samasta Finance has garnered Rs 216 crore through its second public bond issue against a Rs 1,000-crore target despite higher interest rates, as investors were likely concerned over the regulatory scrutiny on IIFL Finance's gold loan business.
Govt allows global tenders to access 120 key, patented drugs
In what could ease access to some patented medicines, the government has allowed global tenders to be floated for procurement of 120 drugs, including anti-diabetic medication Semaglutide, after the health ministry raised concerns over lack of domestic options.
Plan to tweak capital gains tax regime for debt mutual funds
The government is considering changes to the capital gains tax regime for debt mutual funds to provide relief for the Bharat Bond Exchange Traded Fund, amid concerns over the current taxation structure.
Nirmala Sitharaman: Feisty defender of Modi govt to filling big shoes
As a staunch defender of the Modi government's economic policies and executor, Nirmala Sitharaman created a record when she was appointed as the first female Raksha Mantri, or Defence Minister, in 2017. Prior to that, she was industry and commerce minister.
Economists expect big-bang reforms to continue under Modi 3.0
Modi is set to be sworn in for third term as India's Prime Minister in coalition government with key partners Telugu Desam Party and Janata Dal (United). Economists anticipate focus on economic reforms to achieve goal of Vikshit Bharat by 2047. Budget to prioritize infrastructure, manufacturing, and welfare schemes amid global economic challenges.
CBIC starts electronic disbursal of duty drawback to exporter's bank accounts via PFMS
CBIC introduces electronic disbursement of duty drawback amounts to exporters' bank accounts via PFMS platform, enhancing transparency, efficiency, and global trade facilitation standards.
Pakistan to unveil Rs 18 trillion budget on June 12: Minister
The Pakistan government is likely to present the budget with the outlay of around Rs 18 trillion for the financial year 2024-25 on June 12, a minister said on Wednesday. The government will table the budget in the National Assembly after approval from the Cabinet, The Express Tribune newspaper reported, quoting the Minister of State for Finance Ali Pervaiz Malik.
Top post office schemes: These 9 small savings schemes offer above 7% interest rate
Post office schemes interest rates: The government has kept the interest rates on small savings plans unchanged for the quarter ending June 30, 2024. Here are nine post office schemes that offer more than 7% interest.
S&P downgrades French credit rating in blow to Macron
Ratings agency Standard & Poor's downgraded France's credit score on Friday citing a deterioration in the country's budgetary position, a blow to Emmanuel Macron's government days before EU parliamentary elections. France's general government debt will increase to about 112 percent of GDP by 2027, up from around 109 percent in 2023, "contrary to our previous expectations", the agency added.
Centre to take decisive steps to strengthen banking system, says Finance Minister
In a post on X, Sitharaman said India's banking sector turned around due to Prime Minister Narendra Modi's strong and decisive leadership, and recently achieved a significant milestone by recording its highest-ever net profit of over ₹3 lakh crore. "During FY 2023-24, public sector banks recorded the highest-ever aggregate net profit of ₹1.41 lakh crore, almost 4 times higher than ₹36,270 crore in FY 2014," she noted, adding that the government has turned banks from being "NPA-laden nightmares" into "pillars of jan kalyan".
IIFL Samasta aims to raise Rs 1000 crore in bonds, to pay 9.2-10.5%
"We are raising public bonds to fulfill credit requirements of underserved and unserved customers across the 417 districts we operate in the country, as the large part of the country gets into monsoon season, credit requirements for agriculture, agri-allied and related micro MSME businesses will increase," managing director Venkatesh N M Told ET.
FY25 capital expenditure outlay may be hiked by 10%
India may increase FY25 capital expenditure by 8-10% from the ₹11.11 lakh crore vote on account allocation, boosted by better tax revenue and a record RBI surplus transfer. The full budget, awaited post-election results on June 4, could see a surge in spending, as per a senior official.
More transparency in Budget making over 10 years: FM Nirmala Sitharaman
Finance minister Nirmala Sitharaman has emphasized the Modi government's commitment to reforms and improved transparency in budget making. She emphasized the government's focus on transforming the budget from a mere record of expenditures into a strategic blueprint for equitable development, overcoming past constraints and archaic practices.
Banks want to regain power to issue lookout notices, to move Finance ministry
Banks primarily issued LOCs to fraudulent borrowers and wilful defaulters - who they suspected could run off to take the residency or even citizenship of another country. However, last month, the Bombay High Court struck down the powers of chairmen, managing directors and CEOs of all public sector banks to issue LOCs on the grounds that the 'right to travel abroad' cannot be taken away by an executive action and the powers given to bank chiefs is arbitrary and unreasonable.
Centre used capex to build quality infrastructure: FM Nirmala Sitharaman
Sitharaman said the share of capex in overall expenditure went up to over 21% in 2023-24 as against just 12% in 2013-14 during the UPA regime, when infrastructure development remained grossly neglected.
LIC granted 3-year time to achieve 10% public shareholding
LIC gets 3-year extension from Sebi to comply with minimum public shareholding norms, delaying government's possible offer for sale. Investors relieved as stock jumps 3%. Sebi rules mandate 25% public float, with new companies given 3 years to comply. PSU insurer's majority stake owned by Indian government. Finance Ministry grants PSU insurer exemption from 25% MPS norms till 2032.
Muthoot FinCorp to rely less on flagship gold loans
Muthoot FinCorp aims to diversify from gold loans to 80% in 3 years, becoming a full-stack financial services provider. Plans include expanding branches, hiring, and offering new services to lower-middle income groups.
State-run cos thriving under PM Modi's leadership: FM Nirmala Sitharaman
A high-level expert panel on floor wages in India is set to re-examine the wage rates finalised earlier, considering minimum wages notified by all states across three categories. The panel, led by SP Mukherjee, will hold its final meeting on May 27 and submit its report to the new government by June 2024. The three-year term of the expert committee, established in 2021, will end on June 30, 2024. The report is expected to outline a roadmap for periodic review of floor wages based on updated data sets and methodology changes.
16th Finance Commission seeks public opinion on terms of reference
The 16th Finance Commission requests input on terms of reference. Flexibility granted by the Centre. Recommendations on grants and consolidated fund are vital, due by October 31, 2025, for a five-year period.
What's the new RBI proposal giving cold sweats to lenders?
The Reserve Bank of India (RBI) has proposed stringent new rules for project finance, aiming to minimize risks associated with long-gestation infrastructure projects. These regulations include higher provisioning during construction phases and classification of delayed projects as non-performing assets. However, banks and NBFCs fear these rules may hinder project viability and impede India's capital expenditure momentum.
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