The Union Budget has pegged the fiscal deficit at Rs 16.61 lakh crore or 6.4 per cent of the gross domestic product (GDP) for the financial year ending March 2023.
Saying that the fiscal situation was less challenging last year, T V Somanathan stressed that the government will work on maintaining growth and fiscal stability, while the primary responsibility of controlling inflation lies with the Reserve Bank of India.
Finance Secretary T V Somanathan said the Centre provides for some "cross-cutting health infrastructure" and also spends on the Pradhan Mantri Jan Arogya Yojana, which helps people from lower strata of the society to access healthcare.
A daily round-up of the most interesting articles to help jump-start the day.
The proposed Bill lays down the procedure for tax refunds subject to conditions, Finance Secretary TV Somanathan said, adding that it "represents the best way forward" and offers a "fair solution" to companies who have objected to the retro tax law.
In an exclusive interview to Moneycontrol, Ajay Bhushan Pandey said that GST collections in the last couple of months have improved because of systemic changes undertaken by the department of revenue, without increasing tax rates.
The Narendra Modi government is now focused on sector-specific interventions, and is speaking to stakeholders across the board as it prepares its next set of stimulus announcements, Finance Secretary Ajay Bhushan Pandey told Moneycontrol in an interview.
Pandey had taken charge as the Revenue Secretary in November 2018, replacing Hasmukh Adhia who was to retire at the end of the month.
The move will help boost confidence of people in the banking system which has been shaken after a scam last year in Punjab and Maharashtra Cooperative Bank (PMC Bank) which affected lakhs of customers.
The committee on ECF was set up by the central bank in December last year and was expected to submit its report within 90 days from the date of its first meeting.
The Appointments Committee of the Cabinet has approved extension in service of Jha, Finance Secretary and Secretary, Department of Expenditure, for a period of one month beyond his superannuation, i.e. January 31 this year, said the order issued by the Personnel Ministry.
Reserve Bank of India Governor Urjit Patel resigned on Monday evening after a rift between the bank and the government, shocking financial markets.
Prime Minister Narendra Modi led Appointments Committee of the Cabinet has cleared Jha's appointment to the post after incumbent Hasmukh Adhia, a 1981-batch Gujarat cadre officer of the Indian Administrative Service (IAS), retired on November 30.
Hasmukh Adhia said he will discuss the issue of fall in local markets with Finance Minister Arun Jaitley.
The recent NPA ordinance is a part of a multi-pronged approach to resolve the bad debt crisis – that's the word from Finance Secretary, Ashok Lavasa. Speaking to CNBC-TV18's Malvika Jain in the USA, Lavasa also said that the government is looking at taking sector specific steps to tackle the bad loan problem.
Central government employees may be in for some good news this April as revised allowances including house rent allowance (HRA) are likely to be announced after April 12, when the ongoing Budget session of Parliament gets over.
The 'revolutionary' biometric identifier programme Aadhaar should not be undermined as it has brought efficiency in public spending and removed corruption, Finance Secretary Ashok Lavasa said today.
People, he said, do understand the objective behind the move. "And I'm sure they will cooperate in dealing with the difficulties and inconvenience that they might face. And eventually things will settle down." Lavasa said people need money for transaction so for replacement that currency is being introduced.
There will be discussion thread bare on the contour of the forthcoming Budget containing rail-related proposals, since the Rail Budget will be part of the General Budget and there will be no separate one for railways, said a senior official of Railway Ministry.
Post the monetary policy meet today, Ashok Lavasa told CNBC-TV18 that inflation should remain in control in the coming days and expects banks to pass on the rate cut to its borrowers.
Finance Secretary Ashok Lavasa said RBI and the government are on the same page with regard to inflation target and the government is taking all measures possible to keep inflation within the range of 2-6 percent.
Once the circular is issued Budget exercise will kick off, Finance Secretary Ashok Lavasa told CNBC-TV18. Under the contours of the merged Budget, gross budgetary support to Railways Ministry will continue, so will the commercial arrangements of Railways Ministry, he said.
Government said it has achieved the fiscal deficit target of 3.9 percent of GDP in 2015-16 and India continues to remain a bright spot in the world economy with solid macroeconomic parameters
Financial Secretary Ashok Lavasa says planned expenditure budgeted by the government has been fully met with spending focussed on social and economic sectors.