Page 5 - Finance Ministry

2nd highest gross GST collection in January 2023 amounting Rs 1.55 trn

Revenues in the current financial year upto January 2023 was 24% higher than the GST revenues during the same period last year

Budget 2023: Experts expect a boost to decarbonisation, energy transition

Issues that need to be addressed include expanding funding for renewable manufacturing, extending PLI to wind and green hydrogen, among others

Union Budget likely to test govt's fiscal resolve ahead of 2024 elections

A review of budgets since Modi came to power shows he's been chipping away at subsidies, barring the pandemic years when assistance saw an increase

Budget 2023-24: With all eyes on growth, it's over to FM Sitharaman

Even as India is a relatively bright spot in the global economy, most of its big trading partners in the West, and China are bracing for a deep slowdown and, in some cases, a recession

Green debut

Green bonds can help lower borrowing cost

FinMin to stick to privatisation of already announced CPSEs next fiscal

The Finance Ministry will move ahead with the already-announced and planned privatisation of state-owned companies in the next fiscal, and the chances of the new addition to that list of CPSEs in the Budget for 2023-24 is unlikely, sources said. The disinvestment target outlined in the Budget for the next fiscal is likely to be a scaled-down and realistic one, as the budgeted PSU sell-off target is going to be missed for the fourth year in a row this fiscal. In the current fiscal, the government had budgeted to collect Rs 65,000 crore from disinvestment. However, so far, it has realised only Rs 31,106 crore by selling minority stakes in public sector companies. After tasting success in privatising loss-making Air India in 2021, the progress of PSU sell-off has not been very impressive over the past year, and experts say that with the general election around the corner in 2024, no major disinvestment announcement is expected in this Budget either. "The plan is to move ahead with the

PSE dividends likely to cross govt's target for first time in 8 years

The government has so far garnered Rs 36,835 crore, which is 92 per cent of the Budget estimate of Rs 40,000 crore

Insurance body GIC opposes govt nominee in life and non-life councils

Says both umbrella bodies are self-regulated and don't depend on funds from finance ministry; govt nominees may hamper their autonomy

Centre cutting its share in funding education: Bihar FM Vijay Choudhary

Likewise in Pradhan Mantri Gram Sadak Yojana (PMGSY), earlier the Centre has reduced its share to 60% from the earlier's 100%

Finance Ministry contemplating sops for middle class in upcoming Budget

The finance ministry is considering proposals to benefit the middle class in its last full Budget of the Narendra Modi 2.0 government to be presented on February 1 in the Lok Sabha. The finance ministry is looking into proposals sent by various government departments on specific steps which may be announced in the Budget, benefitting a large section of the middle class, sources said. The government has not raised income tax exemption limit from Rs 2.5 lakh which was fixed in 2014 by the then Finance Minister Arun Jaitley in his first Budget. Also the standard deduction has remained at Rs 50,000 since 2019. Several experts are of the opinion that the exemption limit as well as standard deduction need to be increased to compensate salaried middle class for elevated level of inflation. The recent statement of Finance Minister Nirmala Sitharaman that she was aware of pressures of the middle class has raised hope that some incentives may come for them in the upcoming Budget. "I too bel

Tax cut, restoration of OPS on citizens' Budget wish list this year

Like every year, multiple suggestions come in from citizens on MyGov, some reasonable, others clearly whacky

Budget 2023: Citizens' expectations from FM Nirmala Sitharaman | Union Budget 2023 | Budget

15 important terms you should know ahead of Union Budget presentation

Finance Minister Nirmala Sitharaman is set to present the Union Budget 2023-2024 in Parliament on February 1; here's a lowdown on vital budget related terms that you should know

Parliament's Budget session to begin Jan 31; Here's what you need to know

At this session, with 27 sittings spread over 66 days, the Parliament discusses and approves the proposed annual budget

FM Sitharaman to attend traditional 'halwa' ceremony before Budget session

In a series of tweets on Wednesday, the Finance Ministry said the ceremony will be held in the Budget Press situated inside North Block

FinMin meets private sector bankers, reviews progress of flagship schemes

The finance ministry on Tuesday held a meeting with private sector lenders to review progress made by them under the flagship financial inclusion and social security schemes. "Dr. Vivek Joshi, Secretary DFS chaired a meeting today with the representatives of Private Sector Banks, Small Finance Banks and Payment Banks to review the progress made by them under various Financial Inclusion initiatives (PMJDY, PMJJBY, PMSBY, APY, PM SVANidhi, etc.)," Department of Financial Services said in a tweet. Last week, Joshi met heads of public sector banks and urged them to achieve targets under various schemes for current financial year. During the meeting, progress of various social security (Jan Suraksha) schemes, including Pradhan Mantri Jan Dhan Yojana (PMJDY), Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY), Pradhan Mantri Suraksha Bima Yojana (PMSBY), Atal Pension Yojana (APY), Pradhan Mantri MUDRA and Prime Minister Street Vendor's AtmaNirbhar Nidhi (PMSVANidhi), and Agri credit etc, we

What the Budget should explain

FM's speech must highlight its impact on money supply, demand and investment- factors that influence inflation and growth

Raise credit penetration in 112 aspirational dists, FinMin tells banks

The Finance Ministry on Friday asked banks to further increase credit penetration in aspirational districts and ensure availability of at least one banking outlet within 5 km of all inhabited villages. Progress of 112 Aspirational Districts under Targeted Financial Inclusion Intervention Programme (TFIIP) was discussed in detail during a review meeting of Lead District Managers (LDMs) of aspirational districts and State Level Bankers' Committee (SLBC) convenors chaired by banking secretary Vivek Joshi. "Banks were also requested to run financial literacy camps in villages with the help of Panchayati Raj institutions to further improve the performance of financial inclusion schemes. A reward and recognition programme for performing districts and SLBCs was also discussed," said an official release. Joshi appreciated the efforts of SLBCs and LDMs in furthering the drive for financial inclusion in the country and requested LDMs and SLBC convenors to utilise the next six months with ...

Achieve financial inclusion targets, finance ministry tells PSBs

The progress in digitisation of the process for getting the KCC was also discussed to improve the transparency

Govt seeks expenditure proposals for final supplementary demands for grants

The two-part Budget session of Parliament will commence on January 31 and the final Supplementary Demands for Grants is likely to be presented in the second leg of the session