Tuesday, October 22

Tag: finance ministry

ADB raises India’s GDP growth forecast for FY25 to 7% from 6.7% earlier | Economy & Policy News
11Apr By adminNo Comments
Business

ADB raises India’s GDP growth forecast for FY25 to 7% from 6.7% earlier | Economy & Policy News

2 min read Last Updated : Apr 11 2024 | 7:46 AM IST The Asian Development Bank (ADB) on Thursday raised India's GDP growth forecast for the current fiscal to 7 per cent from 6.7 per cent earlier, saying the robust growth will be driven by public and private sector investment demand and gradual improvement in consumer demand.   The 2024-25 growth estimate is, however, lower than 7.6 per cent projected for the 2022-23 fiscal. Strong investment drove GDP growth in the 2022-23 fiscal as consumption was muted, the ADB said.   The ADB had in December last year projected the Indian economy to expand 6.7 per cent in the 2024-25 fiscal.   "The economy grew robustly in fiscal 2023 with strong momentum in manufacturing and services. It will continue to g...
Read More
Govt’s prudent fiscal policy to support economic growth: FinMin review
29Dec By adminNo Comments
Business

Govt’s prudent fiscal policy to support economic growth: FinMin review

India’s domestic economic momentum and stability, low to moderate input cost pressures, and anticipated policy continuity are significant buffers against global inflationary pressures and supply-chain disruptions due to geopolitical stress, the Finance Ministry (FinMin) said in its half-yearly economic review 2023-24 released on Friday. The government’s prudent fiscal policy and re-prioritisation of expenditure towards the immediate requirement of safeguarding the vulnerable would support India’s economic growth prospects without compromising productive capital spending, the review said. The FinMin said the Indian economy would comfortably achieve the growth rate upwards of 6.5 per cent in FY24. India’s high-frequency indicators for October and November 2023, the repo...
Read More
At Rs 3.79 trn, PSU capex hits 52% of budget target by September end
20Dec By adminNo Comments
Business

At Rs 3.79 trn, PSU capex hits 52% of budget target by September end

Capital expenditure by central public sector enterprises touched about 52 per cent of the Budget target at Rs 3.79 lakh crore in the first half of current fiscal, the finance ministry said on Wednesday. This is higher than the capex by CPSEs in the April-September period of last fiscal. In the first half of previous fiscal, the figure stood at Rs 2.85 lakh crore or 43 per cent of Budget estimates for 2022-23 fiscal. "Capital Expenditure #CAPEX targets by Central Public Sector Enterprises #CPSEs on track with 51.71% of target achieved till September 2023," the finance ministry said in a post on X. Against estimated expenditure of Rs 7.33 lakh crore for full 2023-24, Rs 3.79 lakh crore (approx.) achieved i.e. about 51.71 per cent as on 30th September, 2023, it sa...
Read More
FinMin Asks PSU Banks To Take Measures To Strengthen Cybersecurity
19Nov By adminNo Comments
Business

FinMin Asks PSU Banks To Take Measures To Strengthen Cybersecurity

Banks should keep a tight vigil, and there should be readiness for future cyber threats.The Finance Ministry and RBI have been sensitising banks on this aspect at regular intervals amid the growing digitisation in the financial sector.The Finance Ministry has asked state-owned banks to review systems and processes related to their digital operation in view of the recent UCO Bank incident.According to sources, the banks have been advised to check their cybersecurity robustness and take measures to strengthen them.Banks should keep a tight vigil, and there should be readiness for future cyber threats, sources said.The Finance Ministry and RBI have been sensitising banks on this aspect at regular intervals amid the growing digitisation in the financial sector.Last week, Kolkata-based public ...
Read More
Centre sticks to market borrowing plan for H2FY24; introduces 50-year bond
26Sep By adminNo Comments
Business

Centre sticks to market borrowing plan for H2FY24; introduces 50-year bond

The central government has decided to stick to its market borrowing plan of Rs 6.55 trillion in the second half (October-March) of financial year 2023-24 (H2FY24), brushing aside pressure from tepid revenue growth and rising subsidy burden in the pre-election year. This will include the issuance of sovereign green bonds worth Rs 20,000 crore, as against the Rs 16,000 crore maiden green bonds issued in FY23. Out of the gross market borrowing of Rs 15.43 trillion projected for FY24, the Centre borrowed Rs 8.88 trillion (57.55 per cent) in the first half (April-September). The remaining Rs 6.55 trillion, earmarked for the second half, amounts to 42.45 per cent of the total borrowing and will be completed through 20 weekly auctions. “Responding to market demand for...
Read More
FinMin retains 6.5% GDP growth estimate for FY24, says ‘outlook bright’
22Sep By adminNo Comments
Business

FinMin retains 6.5% GDP growth estimate for FY24, says ‘outlook bright’

Holding that economic activities in July-September (Q2) are shaping up well, the finance ministry has kept its estimate for the country’s real gross domestic product (GDP) growth in 2023-24 (FY24) unchanged at 6.5 per cent. However, it has cautioned that the monsoon deficit in August could affect both kharif and rabi crops and said rising crude oil prices needed to be watched. In its Monthly Economic Review, the finance ministry said the risks were offset by bright spots in corporate profitability, private-sector capital formation, bank credit growth, and activities in the construction sector. “India’s economic outlook for FY24 remains bright. Economic activity maintained its momentum. HFIs (high-frequency indicators) suggest that the second q...
Read More
Vegetable prices likely to cool down next month, says FinMin official
20Aug By adminNo Comments
Business

Vegetable prices likely to cool down next month, says FinMin official

The government expects vegetable prices to start cooling off from next month with the advent of new crops in the market, but rising crude oil prices is a concern even though it is still within the tolerable zone of $ 90 a barrel, a finance ministry official said. The official further said that reduction in excise duty is not on cards and the government is driving infrastructure investment, and private sector capital investment is yet to gather steam. He further said that the Centre's capital expenditure which was 28 per cent of Budget estimates at the end of June quarter, will reach 50 per cent by September end. In the 2023-24 budget, the government had hiked capital investment outlay by 33 per cent to Rs 10 trillion in the current fiscal. The official further ...
Read More
Tax filing for AY24 touches all-time high, surpasses 67.7 million
1Aug By adminNo Comments
Business

Tax filing for AY24 touches all-time high, surpasses 67.7 million

Income-tax (I-T) filings for the assessment year (AY) 2023-24 have hit a record high, exceeding 67.7 million. This figure represents a 16.1 per cent increase compared to the total tax returns filed during the previous assessment year, according to an announcement by the revenue department on Tuesday. For AY23, the department received 58.3 million returns. It emphasised that the 5.37 million income-tax returns (ITRs) received from new taxpayers signify a “widening of the tax base.” On 31 July, the final day for filing, the number of ITRs peaked with over 6.433 million ITRs submitted in a single day, the I-T department reported. According to the department, various campaigns on social media, coupled with targeted email and SMS initiatives, aided taxpayers in submitting ...
Read More
FinMin flags concentration risk at 5 PSBs
27Jul By adminNo Comments
Business

FinMin flags concentration risk at 5 PSBs

The finance ministry has cautioned five of the 12 public sector banks (PSBs) about the risk of credit concentration and asked them to ensure a well-diversified credit portfolio to reduce exposure to any particular group or industry.   During the 2022-23 (FY23) performance review of PSBs earlier this month, the ministry highlighted that the top 10 borrowers in the case of Bank of India, Canara Bank, Punjab National Bank, Punjab & Sind Bank, and UCO Bank constituted more than 10 per cent of their total outstanding credit as on March 31, 2023.   Doing a scenario analysis, the ministry examined the risk to capital adequacy ratio of the five PSBs that might occur in case the top three borrowers or the largest group borrower defaults.   ...
Read More
Gst: June GST revenues up 12%, cross Rs 1.6 lakh crore for fourth time
1Jul By adminNo Comments
Business

Gst: June GST revenues up 12%, cross Rs 1.6 lakh crore for fourth time

NEW DELHI: Finance minister Nirmala Sitharaman on Saturday said GST implementation has brought relief to the common citizens and helped raise revenues of the Centre and the states as her ministry reported that gross GST revenues in June rose 12% to Rs 1.6 lakh crore.Data released by the finance ministry showed that gross GST revenues crossed the Rs 1.6 lakh crore mark for the fourth time since the implementation of the tax reform on July 1, 2017. Collections have been Rs 1.4 lakh crore for 16 months in a row and Rs 1.5 lakh crore for the seventh time since the rollout. The average monthly gross GST collection for the first quarter of financial year 2021-22, FY 22-23 and FY 23-24 are Rs 1.1 lakh crore, Rs 1.5 lakh crore and Rs. 1.7 lakh crore, respectively, according to a finance ministry ...
Read More