Page 13 - Finance Ministry

India to become world's third-largest economy by FY28, says IMF

Projected to grow bigger than Japan at $5.36 trillion

13 major states have room for Rs 7.4 trn capital spending in FY23: Icra

As many as 13 major states, including West Bengal, Tamil Nadu and Gujarat, have a massive fiscal space of Rs 7.4 lakh crore for capital spending in the current fiscal, 81 per cent higher than the last fiscal, Icra said on Thursday. The 13 states, having nearly 85 per cent share in India's GDP in 2020-21, had made a capital expenditure of Rs 4.1 lakh crore last fiscal. Their Budget estimate for capex spending this fiscal is Rs 5.8 lakh crore, the rating agency added. The agency's analysis is based on 13 states -- Andhra Pradesh, Gujarat, Haryana, Karnataka, Kerala, Madhya Pradesh, Maharashtra, Punjab, Rajasthan, Tamil Nadu, Telangana, Uttar Pradesh and West Bengal. "Icra estimates that the 13 state governments have the fiscal space to incur capital spending of as much as Rs 7.4 trillion in FY2023, rivalling the size of the GoI's capex budgeted for this fiscal. While the availability of funds doesn't appear to be a constraint in FY2023, the actual outgo incurred by these state ...

FM Sitharaman on US visit from today; to attend IMF-WB annual meetings

Union Finance Minister Nirmala Sitharaman will arrive here on Tuesday to attend an important meeting of the International Monetary Fund and the World Bank. The finance minister during her visit will also hold a bilateral meeting with US Treasury Secretary Janet Yellen. Sitharaman upon her arrival will participate in a fireside chat on "India's Economic Prospects and Role in the World Economy" at the prestigious Brookings Institute think-tank and soon after hold a bilateral meeting with Yellen at the Department of Treasury. At an official dinner hosted by India's Ambassador to the US Taranjit Singh Sandhu, nearly 30 senior representatives of the US Administration, World Bank, IMF, and CEOs of the private sector are expected to participate. In addition to her one-on-one meeting with the IMF Managing Director Kristalina Georgieva and World Bank President David Malpass, the finance minister is scheduled to have bilateral meetings with countries like Japan, South Korea, Saudi Arabia, ..

Finance ministry mulls steps to curb cheque bounce cases: Report

The finance ministry is mulling several steps like dipping into other accounts of a cheque issuer and prohibition of opening of new accounts of offenders to effectively deal with cheque bounce cases which are clogging the legal system. Many suggestions were made at a high-level meeting recently called by the ministry to deal with the high incidence of cheque bounce cases. Some of the steps suggested before taking legal recourse included debiting another accounts of the cheque issuer if his or her account is short of funds to honour the instrument, sources said. The other suggestions were treating cheque bounce as default of loan and thus reporting it to credit information companies for necessary downgrade of score, the sources said, adding a proper legal view would be taken before these suggestions are accepted. If these suggestions are implemented, it would help enforce cheque honouring by the payer without the matter going to court and also compel him/her to make payment by creat

Govt to kick off Budget-making exercise for FY 2023-24 on Monday

The government on Monday will kick off its annual Budget making exercise for financial year 2023-24, that is expected to look at measures to revive growth amid a gloomy global outlook. The meeting would start with consultations with various ministries and departments on the revised estimates (RE) of expenditure for ongoing financial year and the fund requirement for 2023-24. On the first day on Monday, RE meetings with Ministry of Environment, Forest and Climate Change, Ministry of Labour And Employment, Ministry of Information and Broadcasting, Ministry of Statistics and Programme Implementation and Ministry of Youth Affairs and Sports would take place. Most of these discussions to finalise RE for ongoing financial year (2022-23) and Budget Estimate for 2023-24 would be chaired by the Finance Secretary and Expenditure Secretary. The month-long deliberations would end on November 10, with consultations with Ministry of Cooperation, Department of Agriculture and Farmers Welfare, ...

Expenditure under Centrally Sponsored Schemes up by 72.1% till FY22

11 states, UTs spent more than allocated share in FY21; but in FY23, Centre expects to save Rs 80,000 cr

Finance Ministry cuts August 2022 spend: Efficiency or compression?

The centre saved around Rs 10,000 crore through SNA last fiscal year

No loss of interest rate for EPFO subscribers, clarifies Finance Ministry

The Finance Ministry has said there is no loss of interest rate for EPFO subscribers and the delay in crediting interest for the last fiscal is due to software upgrade being conducted. It further said that for all outgoing subscribers seeking settlement and also those withdrawing their deposits, the payments are being done inclusive of the interest. "There is no loss of interest for any subscriber. The interest is being credited in the accounts of all EPF subscribers. However, that is not visible in the statements in view of a software upgrade being implemented by EPFO (Employees' Provident Fund Organisation) to account for change in the tax incidence," the ministry tweeted late on Wednesday night. The ministry said this on Twitter in reply to a tweet by IT industry veteran TV Mohandas Pai, who raised queries on interest in the Employees' Provident Fund deposits. "For all outgoing subscribers seeking settlement and for subscribers seeking withdrawal, the payments are being done ...

Centre releases Rs 7,183 cr as revenue deficit grant to 14 states

The Union Finance Ministry on Thursday released the seventh monthly instalment of post devolution revenue deficit (PDRD) grant of Rs 7,183.42 crore to 14 states

Latest news LIVE: India logs 2,529 Covid-19 cases, 4 deaths in 24 hours

From coronavirus cases in India to all the latest developments from across the globe, catch all the updates here

Classification of goods: CBIC comes to the aid of auto component industry

The industry had been worried after the Supreme Court dismissed a review petition filed by the finance ministry over the issue.

FinMin modifies ECLGS; raises loan limit to Rs 1,500 cr for aviation sector

The finance ministry has modified the Emergency Credit Line Guarantee Scheme (ECLGS) by raising loan limit under the scheme to Rs 1,500 crore from Rs 400 crore to help the COVID-hit industry tide over liquidity stress. Recognising that an efficient and strong civil aviation sector is vital for the economic development of the country, the Department of Financial Services (DFS) has modified the ECLGS on Tuesday to enhance the maximum loan amount eligibility for airlines, an official statement issued on Wednesday said. As per the modified ECLGS 3.0, an airline would be eligible for "100 per cent of their fund based or non-fund-based loan outstanding as on the reference dates or Rs 1,500 crore, whichever is lower; and of the above, Rs 500 crore shall be considered, based on equity contribution by the owners." All other criteria terms and conditions parameters prescribed under the operational guidelines of the ECLGS on August 30, 2022, would be applicable as it is, it said. The ...

Govt likely to save around Rs 80k crore in FY23 from unused budgeted funds

The government will be saving more than two per cent on the Rs 39.4 trillion budget

Finance ministry rejects 15% benign corporate tax in DESH Bill

Although the commerce ministry is making efforts to finalise the DESH Bill and introduce it in the parliament during the winter session, the finance ministry's stance may delay it

Exporters call on FM Sitharaman to extend GST exemption on export freight

If the exemption is not extended, exporters will have to pay GST of 18% on export ocean freight, which will increase the logistical costs for Indian goods in global market

Top Headlines: PM Gati Shakti plan, broad-based rules for PE/VCs, and more

Under a 100-trillion-rupee ($1.2 trillion) mega project called PM Gati Shakti Modi's administration is creating a digital platform that combines 16 ministries

Finance ministry panel mulls 'broad-based' regulations for PE/VCs

FinMin panel has sought inputs from the Big Four audit firms

FinMin's special campaign in seven districts to deepen financial inclusion

Campaign will work to achieve saturation in respect of bank accounts, insurance/pension schemes; distribution of loans to FPOs, SHGs for setting up cold-chain infra, KCC penetration, among other thing

GST collections rise by 26% to over Rs 1.47 trn in September 2022

GST collections in September rose 26 per cent to over Rs 1.47 lakh crore, the finance ministry said on Saturday. Goods and Services Tax (GST) mop-up has been over Rs 1.40 lakh crore for seven months in a row. The gross GST revenue collected in the month of September 2022 is Rs 1,47,686 crore, of which Central GST is Rs 25,271 crore, State GST is Rs 31,813 crore, Integrated GST is Rs 80,464 crore (including Rs 41,215 crore collected on import of goods) and Cess is Rs 10,137 crore (including Rs 856 crore collected on import of goods), the ministry said in a statement.

Some small savings schemes see up to 30-basis point hike for Q3 of FY23

National Savings Certificate, Public Provident Fund rate kept unchanged