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ministry of finance

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The rise in daily new cases since mid February marks the onset of second wave of Covid-19 infection in India, the report said.(HT Photo)

India well-prepared to combat second wave of Covid-19: Finance ministry report

PTI | | Posted by Srivatsan K C
PUBLISHED ON APR 05, 2021 06:23 PM IST
The report further said high-frequency data indicates that India is on the path to become better and stronger.
The six-member monetary policy committee, headed by the RBI governor, decides on the monetary policy based on the inflation target.(Mint)
The six-member monetary policy committee, headed by the RBI governor, decides on the monetary policy based on the inflation target.(Mint)

Centre sticks with inflation goal for 5 yrs

Livemint | By Asit Ranjan Mishra
PUBLISHED ON APR 01, 2021 07:17 AM IST
The Reserve Bank of India (RBI) governor Shaktikanta Das had defended the existing inflation target, contending that any further loosening would undermine the central bank’s ability to set effective monetary policy.
Japan had protested India’s decisions to put ACs in the restricted list, leading to an 87% fall in Japanese AC imports.(HT Photo)
Japan had protested India’s decisions to put ACs in the restricted list, leading to an 87% fall in Japanese AC imports.(HT Photo)

India calls big economies’ pressure tactics to gain market access unfair

By Rajeev Jayaswal, Rezaul H Laskar
UPDATED ON MAR 29, 2021 07:16 AM IST
Several countries have concerns about India’s changed policies that encourage local goods and services.
The Government of India had set up a special borrowing window in October last year to meet the estimated shortfall of <span class='webrupee'>₹</span>1.10 lakh crore in revenue arising on account of implementation of GST.(PTI)
The Government of India had set up a special borrowing window in October last year to meet the estimated shortfall of 1.10 lakh crore in revenue arising on account of implementation of GST.(PTI)

Finance ministry releases entire 1.10 lakh crore estimated GST shortfall

PTI |
PUBLISHED ON MAR 15, 2021 07:54 PM IST
With the release of the 20th installment, 100 per cent of the total estimated GST compensation shortfall of 1.10 lakh crore for the year 2020-21 has now been released to the states and UTs with Legislative Assembly.
The <span class='webrupee'>₹</span>2,000 notes were introduced in November 2016, soon after the government withdrew <span class='webrupee'>₹</span>500 and <span class='webrupee'>₹</span>1,000 notes.(Getty Images/iStockphoto)
The 2,000 notes were introduced in November 2016, soon after the government withdrew 500 and 1,000 notes.(Getty Images/iStockphoto)

Government says 2,000 notes not been printed in last 2 years

PTI |
PUBLISHED ON MAR 15, 2021 04:57 PM IST
Minister of State for Finance Anurag Singh Thakur said 3,362 million currency notes of 2000 denomination were in circulation on March 30, 2018, constituting 3.27 per cent and 37.26 per cent of the currency in terms of volume and trade respectively.
Anurag Thakur said that the government was ready to discuss the issue of bringing petroleum products under the ambit of Goods and Services Tax (GST).(PTI)
Anurag Thakur said that the government was ready to discuss the issue of bringing petroleum products under the ambit of Goods and Services Tax (GST).(PTI)

Centre, states need to think about reducing taxes on petrol, diesel: Thakur

PTI |
PUBLISHED ON MAR 15, 2021 02:54 PM IST
"The Centre is ready to consider the idea of reducing the tax on petrol and diesel, the states should also consider it," Anurag Thakur said.
'One nation, one ration card' system is one of the four citizen-centric reforms identified by the Department of Expenditure.(HT Photo)
'One nation, one ration card' system is one of the four citizen-centric reforms identified by the Department of Expenditure.(HT Photo)

List of 17 states which have implemented one nation, one ration card system

By hindustantimes.com | Edited by Deepali Sharma
UPDATED ON MAR 11, 2021 09:41 PM IST
Here is the list of states that have implemented the scheme with the additional borrowing (in crores) permitted to them.
Eighteen rounds of borrowings have been completed so far starting from October 23, 2020.(PTI)
Eighteen rounds of borrowings have been completed so far starting from October 23, 2020.(PTI)

Centre releases 1.04 lakh crore GST compensation shortfall to states

PTI |
PUBLISHED ON MAR 01, 2021 08:37 PM IST
The ministry on Monday released the 18th weekly instalment of 4,000 crore to 23 states and 3 Union territories with Legislative Assembly (Delhi, Jammu & Kashmir and Puducherry).
FILE PHOTO: An Air India Boeing 777-300ER plane taxis at O'Hare International Airport in Chicago, Illinois, U.S. November 30, 2018. REUTERS/Kamil Krzaczynski/File Photo(REUTERS)
FILE PHOTO: An Air India Boeing 777-300ER plane taxis at O'Hare International Airport in Chicago, Illinois, U.S. November 30, 2018. REUTERS/Kamil Krzaczynski/File Photo(REUTERS)

Government considers new panel to take over privatisation of state-run companies

Bloomberg |
UPDATED ON FEB 15, 2021 05:05 PM IST
The panel will replace bureaucrats, who currently manage privatization, as well as minority stake sales, according to people with knowledge of the matter.
Finance Minister Nirmala Sitharaman in her budget speech, said the initial public offering (IPO) of Life Insurance Corporation (LIC) would be launched in the next financial year, beginning April 1.(Reuters)
Finance Minister Nirmala Sitharaman in her budget speech, said the initial public offering (IPO) of Life Insurance Corporation (LIC) would be launched in the next financial year, beginning April 1.(Reuters)

MoS Finance says up to 10% of LIC IPO issue to be reserved for policyholders

PTI |
PUBLISHED ON FEB 09, 2021 04:50 PM IST
The government will remain the majority shareholder and will continue to retain management control safeguarding the interest of policyholders, Minister of State for Finance Anurag Thakur said.
“We have done an exercise. There are 131 centrally sponsored schemes. We intend to reduce the number of schemes by approximately one third taking into account the recommendations of the Finance Commission,” Somanathan said in an interview.(ANI)
“We have done an exercise. There are 131 centrally sponsored schemes. We intend to reduce the number of schemes by approximately one third taking into account the recommendations of the Finance Commission,” Somanathan said in an interview.(ANI)

15th finance commission recommendations: Centrally funded plans face the axe

Livemint | By Asit Ranjan Mishra
PUBLISHED ON FEB 03, 2021 07:36 AM IST
Schemes that have outlived their relevance will be terminated, says expenditure secretary T V Somanathan.
India's Finance Minister Nirmala Sitharaman holds up a folder with the Government of India logo, as she leaves her office to present the federal budget in the parliament.(Reuters)
India's Finance Minister Nirmala Sitharaman holds up a folder with the Government of India logo, as she leaves her office to present the federal budget in the parliament.(Reuters)

Decoding the big numbers in the Union Budget '21-22

By hindustantimes.com
UPDATED ON FEB 02, 2021 07:11 AM IST
Nirmala Sitharaman's budget sought to get India back on the road to recovery after the Covid-19 challenge.
In Budget 2019, the government had provided an additional income tax deduction of up to <span class='webrupee'>₹</span>1.5 lakh for home loans to purchase an affordable housing unit (below <span class='webrupee'>₹</span>45 lakh).(HT Photo)
In Budget 2019, the government had provided an additional income tax deduction of up to 1.5 lakh for home loans to purchase an affordable housing unit (below 45 lakh).(HT Photo)

More tax relief for 1st time homebuyers

By Abhinav Kaul
PUBLISHED ON FEB 02, 2021 03:51 AM IST
The tax relief for homebuyers and developers buying or selling below the circle rate by up to 20% has also been extended up to March 2022.
The finance minister added that “while applying this cess, we have taken care not to put additional burden on consumers on most items.”(AP)
The finance minister added that “while applying this cess, we have taken care not to put additional burden on consumers on most items.”(AP)

Agriculture infra cess may hit state revenues

By Sayantan Bera
PUBLISHED ON FEB 02, 2021 03:51 AM IST
“There is an immediate need to improve agricultural infrastructure so that we produce more, while also conserving and processing agricultural output efficiently,” Nirmala Sitharaman said in her budget speech.
A file photo of the BSE as Sensex soars over 1,800 points; currently at 48,172.85 after Union Budget 2021-22, in Mumbai on Monday. (ANI Photo)
A file photo of the BSE as Sensex soars over 1,800 points; currently at 48,172.85 after Union Budget 2021-22, in Mumbai on Monday. (ANI Photo)

A booster shot for bulls in best budget day rise

By Nasrin Sultana
UPDATED ON FEB 02, 2021 03:10 AM IST
"This is not a populist budget. It prioritised growth over fiscal prudence... Markets have loved it," says Prabhat Awasthi, Nomura India head.
“This budget provides every opportunity for our economy to raise and capture the pace that it needs for sustainable growth,” the finance minister said in her budget speech.(Reuters)
“This budget provides every opportunity for our economy to raise and capture the pace that it needs for sustainable growth,” the finance minister said in her budget speech.(Reuters)

Union budget 2021 tests positive for hope

UPDATED ON FEB 02, 2021 07:01 AM IST
Sitharaman goes for big boost in capital expenditure, loosens purse strings on fiscal deficit.
“Over and above this expenditure, we would also be providing more than <span class='webrupee'>₹</span>2 lakh crores to States and Autonomous Bodies for their Capital Expenditure,” Nirmala Sitharaman said.(HT Photo)
“Over and above this expenditure, we would also be providing more than 2 lakh crores to States and Autonomous Bodies for their Capital Expenditure,” Nirmala Sitharaman said.(HT Photo)

Govt hikes capital expenditure by 34.5%

UPDATED ON FEB 02, 2021 01:55 AM IST
Finance minister Nirmala Sitharaman on Monday raised the government’s capital expenditure by 34
“This will help in encouraging fuel efficient, environment friendly vehicles, thereby reducing vehicular pollution and oil import bill.,” FM Nirmala Sitharaman said in her budget speech.(HT Photo)
“This will help in encouraging fuel efficient, environment friendly vehicles, thereby reducing vehicular pollution and oil import bill.,” FM Nirmala Sitharaman said in her budget speech.(HT Photo)

Centre launches voluntary vehicle scrappage policy

By Anisha Dutta
UPDATED ON FEB 02, 2021 01:49 AM IST
The vehicle scrapping policy aims to take old, polluting vehicles off the roads and send them to the scrapyard.
How the government addresses the twin challenges of fuelling economic growth and maintaining fiscal prudence will define the trajectory markets take in the near term, analysts said.(HT Photo)
How the government addresses the twin challenges of fuelling economic growth and maintaining fiscal prudence will define the trajectory markets take in the near term, analysts said.(HT Photo)

Union budget 2021: All eyes on Nirmala Sitharaman

By Nasrin Sultana
UPDATED ON FEB 01, 2021 07:59 AM IST
FM Sitharaman will have to strike a fine balance between prioritising growth and maintaining fiscal prudence.
GST collection in January 2021 is <span class='webrupee'>₹</span>1,19,847 crore, an 8.15% jump from <span class='webrupee'>₹</span>1,10,818 crore collected in January 2020.(Mint)
GST collection in January 2021 is 1,19,847 crore, an 8.15% jump from 1,10,818 crore collected in January 2020.(Mint)

GST collections surge to record 1.2 L-cr in January

By Rajeev Jayaswal
UPDATED ON FEB 01, 2021 01:43 AM IST
Tax collection in January beat the previous collection of Rs. 1,15,174 crore in the last month.
The Covid-19 pandemic and the restrictions that continue are expected to cause the economy to contract by 7.7% in 2020-21, according to an the National Statistical Office.(PTI)
The Covid-19 pandemic and the restrictions that continue are expected to cause the economy to contract by 7.7% in 2020-21, according to an the National Statistical Office.(PTI)

Budget to focus on job creation, health today

By Rajeev Jayaswal
UPDATED ON FEB 01, 2021 08:50 AM IST
Budget 2021: Big infrastructure projects, continued support to MSMEs and making India self-reliant will be the other objectives of Sitharaman’s third budget.
While the increase in agricultural production has ensured that India does not have to lead a ‘ship-to-mouth’ existence, this has not necessarily translated into higher incomes for farmers.(AP)
While the increase in agricultural production has ensured that India does not have to lead a ‘ship-to-mouth’ existence, this has not necessarily translated into higher incomes for farmers.(AP)

Why govt will need to adopt a different economic strategy

UPDATED ON JAN 31, 2021 08:34 AM IST
The economic strategy to revive the economy from its current predicament will have to be very different from the previous episodes of contraction.
The NSO has projected a 7.7% contraction in GDP in 2020-21.(Bloomberg)
The NSO has projected a 7.7% contraction in GDP in 2020-21.(Bloomberg)

Tracking India’s past crisis budgets

UPDATED ON JAN 31, 2021 02:29 PM IST
Since Independence, India has faced different economic and social crises that have threatened to derail its growth. HT looks at the trajectory the budgets took then as we gear up for this year’s Union Budget that will come in the backdrop of the largest GDP contraction post-1947
Finance minister Nirmala Sitharaman needs to boost spending to dig India out of an unprecedented recession when she presents her budget February 1.(ANI)
Finance minister Nirmala Sitharaman needs to boost spending to dig India out of an unprecedented recession when she presents her budget February 1.(ANI)

Union budget 2021: Economists warn any new tax in India could hurt recovery

Bloomberg |
PUBLISHED ON JAN 28, 2021 09:32 PM IST
A so-called Covid cess shouldn’t be announced because the economy is still normalizing after a strict and vast lockdown, said Sonal Varma, an economist at Nomura Holdings.
"Budget 2021 will be a game-changer and will focus on areas that have not received full support. We are going to identify such areas that need further support. We are working towards a resurgent India and Atmanirbhar Bharat," Agarwal said.(PTI)
"Budget 2021 will be a game-changer and will focus on areas that have not received full support. We are going to identify such areas that need further support. We are working towards a resurgent India and Atmanirbhar Bharat," Agarwal said.(PTI)

BJP says India's economic recovery post Covid-19 is strong

ANI |
PUBLISHED ON JAN 28, 2021 03:25 PM IST
BJP spokesperson Gopal Krishna Agarwal said that the Modi government has been walking on the path of strong reforms.
Finance Minister Nirmala Sitharaman will unveil the Budget 2021-22 on February 1.(PTI)
Finance Minister Nirmala Sitharaman will unveil the Budget 2021-22 on February 1.(PTI)

Government may tweak customs duties on host of goods in Budget 2021

PTI |
PUBLISHED ON JAN 25, 2021 03:58 PM IST
Sources said that while import duties could be tweaked on over 20 products, the customs duties could be removed on select raw materials.
The Centre had set up a special borrowing window in October 2020 to meet the estimated shortfall of <span class='webrupee'>₹</span>1.10 lakh crore in revenue arising on account of the implementation of the GST.(PTI)
The Centre had set up a special borrowing window in October 2020 to meet the estimated shortfall of 1.10 lakh crore in revenue arising on account of the implementation of the GST.(PTI)

FinMin releases weekly installment of 6,000 cr to meet GST shortfall

PTI |
PUBLISHED ON JAN 25, 2021 03:06 PM IST
Till now, 70 per cent of the total estimated GST compensation shortfall has been released to the states and union territories (UTs) with legislative assembly.
The 'Special Assistance to States for capital expenditure' scheme was announced by the Centre in October last year as part of Aatmanirbhar Bharat package.(HT Photo)
The 'Special Assistance to States for capital expenditure' scheme was announced by the Centre in October last year as part of Aatmanirbhar Bharat package.(HT Photo)

FM allocates 660 crore additional funds to MP for citizen-centric reforms

PTI |
PUBLISHED ON JAN 24, 2021 03:44 PM IST
"Fifty per cent of the approved amount has also been released to the state as first installment for the approved projects," the finance ministry said in a statement.
The total amount released so far in 12 instalments is <span class='webrupee'>₹</span>72,000 crore at an average interest rate of 4.70 per cent.(PTI)
The total amount released so far in 12 instalments is 72,000 crore at an average interest rate of 4.70 per cent.(PTI)

GST compensation shortfall: FinMin releases installment of 6,000 cr to states

PTI |
PUBLISHED ON JAN 18, 2021 07:00 PM IST
The Centre had set up a special borrowing window in October 2020 to meet the estimated shortfall of 1.10 lakh crore in revenue arising on account of implementation of Goods and Services Tax (GST).
The total number of GSTR-3B Returns filed for the month of November up to 31st December 2020 is 87 lakh.(PTI)
The total number of GSTR-3B Returns filed for the month of November up to 31st December 2020 is 87 lakh.(PTI)

FinMin releases 6,000 cr to states, UTs to meet GST compensation shortfall

PTI |
UPDATED ON JAN 11, 2021 06:56 PM IST
The Ministry of Finance in a statement said it has released the 11th weekly instalment of 6,000 crore to states/Union Territories to meet the GST compensation shortfall.
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