Page 62 - Finance Ministry

Automakers should cut royalty payments to foreign parent firms: Official

Indian carmakers should reduce royalty payments to foreign partners to bring down costs instead of seeking tax cuts, a finance ministry official said on Thursday

Govt to infuse Rs 20,000 cr in public sector banks; seeks parliamentary nod

The government has infused Rs 3.5 trillion in PSBs in the last few years, with the previous round of recapitalisation taking place in September 2019

20 CPSEs, their units in pipeline for strategic sale: Finance Ministry

As many as 20 CPSEs and their units are at various stages of strategic disinvestment, while six are being considered for closure or are under litigation, Minister of State for Finance Anurag Singh Thakur said on Monday. In a written reply to a question in the Lok Sabha, Singh said the government follows a policy of disinvestment through strategic stake sale and minority stake dilution. "Based on the criteria laid down by NITI Aayog, the Government has 'in principle' approved strategic disinvestment in 34 cases since 2016, out of which strategic disinvestment in 8 cases has been completed, 6 CPSEs are under consideration for closure and litigation, and remaining 20 transactions are at various stages," Singh said. The CPSEs which are under consideration for closure/ under litigation are Hindustan Fluorocarbon Ltd (HFL), Scooters India, Bharat Pumps & Compressors Ltd, Hindustan Prefab, Hindustan Newsprint, and Karnataka Antibiotics & Pharmaceuticals Ltd. The transactions which ...

FM presents 1st batch of supplementary demands; seeks additional Rs 2.3 trn

FM Nirmala Sitharaman on Monday sought the Parliament nod for additional spending of Rs 2.35 trillion, which include cash outgo of Rs 1.66 trillion, primarily to meet expenses for combating Covid-19

There must be an end to CEAs airing private views in Economic Survey

The annual report should present the opinion of the government as seen from the finance ministry.

PSBs sanctioned over 90% loans under PM SVANidhi to street vendors: FinMIn

Under the scheme, street vendors of urban areas get collateral-free loan of up to Rs 10,000 for a period of one year

Govt plans secondary listing for firms joining foreign markets: Report

India said in March it would allow local firms to directly list abroad to better access foreign capital for growth, but the rules have yet to be decided

Centre releases Rs 6,195 crore to 14 states as devolution of taxes

Office of Union Finance Minister Nirmala Sitharaman in a tweet said that this would provide them with additional resources during the Covid-19 crisis

India's road to economic recovery will be a long, hard and painful one

Real GDP in 2021-22 will be lower than in 2019-20 and the economic, social and strategic consequences will be profoundly negative

In absence of GST compensation, states may cut FY21 capex by Rs 3 trn: ICRA

The borrowing alternative offered by the Centre to make up for the shortfall in the promised compensation will lead to the states' fiscal deficits widening to 4.25 - 5.52 per cent

Explained: How to solve the financial sector's capital shortfall

Given that PSBs account for 90% of the shortage, a credible divestment plan would reveal some well-capitalised suitors among private banks

Vote on GST compensation inevitable if govt sticks to 2 options, says Isaac

Centre will have to get support of some non-BJP-ruled states to pass its decision even in case of vote

Over 42 cr poor got Rs 68,820 cr financial aid under PM Garib Kalyan Yojana

Finance Ministry said more than 42 cr people have received Rs 68,820-cr financial assistance under the government's Pradhan Mantri Garib Kalyan Yojana to protect poor and vulnerable due to Covid-19

FinMin may soon set up DFI as banks struggle to finance infra projects

Govt has already come out with an pipeline of 6,749 projects which would cost $1.7 trillion in five years

Stamp duty going digital is like demat of shares: NeSL MD & CEO S Ramann

NeSL has set up a secured digital document execution (DDE) platform which will facilitate MSMEs and individuals to avail contactless loans on remote basis, says S Ramann

No restrictions on filling up govt posts, says FinMin after notification

Any posts created after July 1 without the approval of the expenditure department will remain vacant if they haven't yet been filled, the memorandum said

Withdraw circular 'banning' creation of new posts: Congress to govt

Congress leader Rahul Gandhi earlier hit out at the Centre over the issue, alleging that the Modi dispensation''s thinking is "minimum government, maximum privatisation"

FinMin bans creation of new posts in govt in major austerity drive

Expenditure curbs also include re-fixing fee of consultants, reviewing their hiring; protocols on printing and functions

FinMin directs govt-owned banks to invoke personal guarantees of defaulters

SBI takes lead in preparing list of all defaulters, including large corporations, whose firms are under bankruptcy proceedings

India witnessing V-shaped recovery; lockdown led to drop in economy: FinMin

The finance ministry on Friday said the country is witnessing a V-shaped economic recovery and attributed the steep 23.9 per cent contraction of the economy in the June quarter to "stringent lockdown" that was put in place to curb spreading of coronavirus infections. Among the major economies, India witnessed the steepest decline in the GDP growth in the April-June quarter following the outbreak of the coronavirus pandemic. "The higher contraction has resulted from the stringent lockdown that India enforced in the April-June quarter. India enforced the most stringent lockdown as reflected in the Government Response Stringency Index developed by Oxford University," the ministry said in its Monthly Economic Review for August. US economy contracted by 9.1 per cent while UK and France witnessed a contraction of 21.7 per cent and 18.9 per cent, respectively. Spain, Italy and Germany saw their economies contract 22.1 per cent, 17.7 per cent and 11.3 per cent, respectively, in the June ...