FM Nirmala Sitharaman pushes for easier processes to boost public service delivery

FM Nirmala Sitharaman pushes for easier processes to boost public service delivery

New Delhi: Finance and corporate affairs minister Nirmala Sitharaman Tuesday called for further simplification of official processes to ensure maximum and effective delivery of public services. Consistency in the reform policy, with focus on individual and institutional efficiencies, will come in handy in the delivery of such services, she said at the ‘Chintan Shivir’ deliberations … Read more

Rupee below 83 not abnormal; currency fluctuation not exclusive to India: Finance Ministry official

Rupee below 83 not abnormal; currency fluctuation not exclusive to India: Finance Ministry official

The rupee dipping below 83 to a US dollar is not abnormal and the fluctuation in currency rate is not exclusive to the Indian currency, a finance ministry official said, hoping that RBI‘s inflation control steps will factor in exchange rate volatility. The rupee hit an all-time intra-day low of 83.16 to a US dollar … Read more

CAG asks Finance Ministry to put in place online Customs refund system

CAG asks Finance Ministry to put in place online Customs refund system

The Comptroller and Auditor General (CAG) has asked the Finance Ministry to consider having an online system for processing customs refunds along the lines of the GSTN system to make it more efficient. The official auditor has also flagged “inordinate delays” in the implementation of the module for daily updation of exchange rate and asked … Read more

Centre’s debt profile safe and prudent; external debt-to-GDP ratio eases: Finance Ministry

Centre’s debt profile safe and prudent; external debt-to-GDP ratio eases: Finance Ministry

The Central government’s debt profile remains safe and the share of its external debt in the country’s gross domestic product dropped to 2.7% in FY23 from 3.3% in FY14 at the current exchange rate, the finance ministry told the Lok Sabha on Monday. In a written reply, minister of state for finance Pankaj Chaudhary said: … Read more

India’s growth prospects intact in FY24; sequential increase in food inflation in June: Finance ministry report

India’s growth prospects intact in FY24; sequential increase in food inflation in June: Finance ministry report

India’s growth prospects remain intact in FY24 on the back of improved monsoon showers, solid fiscal performance, continued expansion in manufacturing and services sectors and vigorous capital expenditure spending by both public and private sectors, the finance ministry said on Thursday. “Indian economy’s domestic dynamics continue to be strong. Real GDP growth data for the … Read more

GST mop-up grows 12% YoY in June to Rs 1.61 lakh crore

GST mop-up grows 12% YoY in June to Rs 1.61 lakh crore

Goods and services tax (GST) revenue rose 12% in June to `1.61 lakh crore from the year earlier, maintaining a robust pace, showed data released on Saturday, the sixth anniversary of the single tax that replaced multiple indirect levies in 2017. Bolstering the theme, automobile companies reported a sixth straight month of 300,000-plus sales in … Read more

Final Cost Inflation Index for FY24 to be fixed at 348

Final Cost Inflation Index for FY24 to be fixed at 348

Finance Ministry has notified the final Cost Inflation Index (CII) for FY24 (Assessment Year 2024-25) at 348, same as the provisional index notified in April. “This notification shall come into force with effect from the 1st day of April 2024 and shall, accordingly, apply in relation to the assessment year 2024-25 and subsequent assessment years” … Read more

EPFO looks to increase equity investments

EPFO looks to increase equity investments

The Employees’ Provident Fund Organisation is considering enhancing its equity exposure and reinvesting redemption proceeds from its investments in exchange-traded funds back in equity or related instruments, people familiar with the move told ET. The retirement fund body will soon approach the finance ministry to seek its clearance for investing the proceeds from ETFs in … Read more

Export duty on husk rice scrapped

Export duty on husk rice scrapped

The central government has scrapped export duty of 20% on rice of seed quality in the husk (paddy or rough). Officials said the duty was scrapped after review of rice stocks. The exemption will be effective from April 11. The centre in September, 2022 had imposed an export duty of 20% on Rice in Husk … Read more

India Inc’s strong debt profile key to economy’s macro stability: Finance Ministry

India Inc’s strong debt profile key to economy’s macro stability: Finance Ministry

The strong debt profile of Indian companies was key to maintaining the country’s macroeconomic stability, which is expected to further improve as the current account deficit (CAD) for this fiscal year is set to be smaller than earlier estimates, a finance ministry report said Monday. Supported by gains from high services exports, moderation in oil … Read more