Union Finance Minister Nirmala Sitharaman announced clearance of two proposals worth Rs 469 crore of the International Financial Services Centres Authority (IFSCA) at GIFT City here during her one-day visit on Saturday. Sitharaman announced formal clearance of Rs 269.05 crore for supervisory technology fund for IT infrastructure and Rs 200 crore for headquarter building, the … Read more
The Centre will provide Rs 95,082 crore to states in November, including the advance release of one instalment of central tax devolution, to help them drive up capital expenditure and aid growth. Two instalments – of Rs 47,541 crore each – together instead of one will be released to states on November 22, union finance … Read more
Armed with necessary macro and micro growth drivers, India is on its way to becoming the fastest growing major economy in the world, a finance ministry report said. Rapid vaccination and teeming festivities will push India’s ongoing recovery resulting in narrowing of demand-supply mismatches and greater employment opportunities, as per the monthly Economic Review prepared … Read more
New Delhi, Multilateral development banks like AIIB need to intensify private sector capital mobilisation for inclusive and green development, Finance Minister Nirmala Sitharaman said on Tuesday. Participating in the sixth Annual Meeting of the Board of Governors of Asian Infrastructure Investment Bank (AIIB), the minister also urged the multilateral bank to explore investment opportunities for … Read more
The government may not allocate funds towards bank capitalisation in the FY23 budget, a first in a decade. This comes as all state-run banks have turned profitable and the newly set up bad bank is expected to help free up capital for lenders. In FY22 budget, the government had set aside Rs 20,000 crore for … Read more
Finance Minister Nirmala Sitharaman on Friday held a meeting with UK Foreign Secretary Liz Truss and discussed various areas in which both countries can cooperate with each other. Both leaders discussed investments in green energy, infrastructure, National Monetization Pipeline, FinTech and IFSCA as key areas for further collaboration between the UK and India. “Finance Minister … Read more
India’s recently launched Rs 100-lakh-crore infrastructure master plan, digitisation and the ‘Make in India‘ initiative were among the main topics discussed as Finance Minister Nirmala Sitharaman connected with the world’s leading business officers at the Big Apple here on Saturday. Sitharaman arrived here late Friday after her visit to Washington DC where she participated in … Read more
Institutions such as United Nations, World Bank and International Monetary Fund need to be urgently reformed as they no longer speak for countries whose issues have remained unattended to for decades, Finance Minister Nirmala Sitharaman said. All these organizations will have to look at reforming themselves, she said here at Harvard Kennedy School on Tuesday. … Read more
The Goods and Service Tax (GST) Council decided against including auto fuels within its ambit following unanimous opposition from states, even as it specified that compensation period would not be extended beyond 2022. Finance minister Nirmala Sitharaman highlighted that the cess collected from July 2022 till March 2026 will be used solely for repayment of … Read more
PHD Chamber of Commerce and Industry (PHDCCI) is very hopeful that if not now then in the near future petroleum products will be brought under the Goods and Services Tax (GST) ambit. “If petroleum products are brought under GST there will be no direct benefit as the petroleum price will remain the same,” Sanjay Aggarwal, … Read more