The Indian government may postpone its plans to sell its stake in Hindustan Zinc until a turnaround in the industry’s fortunes, following advice from merchant bankers, two government sources told Reuters. The government though, still hopes to push through the long-delayed sale this financial year, one of the sources said. The government plans to sell … Read more
Apart from sanctioning ₹12,911 crore for completion of the Polavaram irrigation project, the Union government has promised the Government of Andhra Pradesh to remove certain restrictions on payments, consider the latest price levels, and extend financial assistance for the damages caused due to unexpected flooding in the Godavari. “There are three major points in the … Read more
India’s direct tax collections stood at Rs. 14.71 lakh crore for FY 2022-23 up to January 10, 2023, which is 24.58% higher than the gross collections for the corresponding period of last year, government data released on Wednesday showed. Direct tax collection, net of refunds, stands at Rs. 12.31 lakh crore, which is 19.55 % … Read more
India on Thursday imposed 20 per cent export duty on export of various types of rice, excluding the parboiled and Basmati rice . As per a release by the Department of revenue, under the Ministry of Finance, the 20 per cent levy will be imposed on export of rice in the husk (paddy or rough), … Read more
India’s renewable energy ministry has backed a demand to shield some projects from impending taxes on solar equipment imports, after generators said the added costs will slow the nation’s shift to clean energy. “We have requested Ministry of Finance to consider grandfathering of basic customs duty for projects bid out before March 9, 2021,” the … Read more
The government has approved the grant of Non-Productivity Linked Bonus (Ad-hoc Bonus) equivalent to 30 days emoluments for 2020-21 to Central Government employees in Group ‘C’ and all non-gazetted employees in Group ‘B’, who are not covered by any Productivity Linked Bonus Scheme. According to an office memorandum issued by department of expenditure, ministry of … Read more
The Department of Expenditure, Ministry of Finance on Thursday released the second monthly installment of Post Devolution Revenue Deficit (PDRD) Grant of Rs 9,871 crore for the year 2021-22 to 17 States. “With the release of second installment, a total amount of Rs 19,742 crore has been released in the first two months of the … Read more
In a bid to boost the economy grappling with the fresh COVID-19 wave, the Finance Ministry has relaxed the spending guidelines to enable ministries and departments to undertake capital expenditure totalling Rs 44,000 crore envisaged in the budget for 2021-22. According to an office memorandum (OM) issued by the Finance Ministry on Thursday, the monthly/quarterly … Read more
Union Finance Minister Nirmala Sitharaman on Monday held the 11th pre-budget consultations with experts in the field of infrastructure, energy and climate change, in view of the forthcoming Union Budget 2021-22. Apart from Sitharaman, Minister of State for Finance and Corporate Affairs, Anurag Thakur, Finance Secretary Dr AB Pandey, Chief Economic Adviser K V Subramanian … Read more
There was a time when India was well on the way to socialism. But that time is long past. Today, it is an irreversibly capitalist economy. Synopsis Sitharaman’s package this time is smaller than the May package. But that is not because of a fresh sense of responsibility or caution. She knows that she is … Read more