News

Banking community should view `MSMEs as an opportunity not a risk`: Nirmala Sitharaman Finance Minister Nirmala Sitharaman has said that the banking community should view Micro, Small and Medium Enterprises (MSMEs) not merely as a sector of risk but as a sector brimming with opportunity. Sitharaman noted that cash flow-based lending has the transformative potential to address the working capital requirements of MSME units. She said India’s sound banking system, with cleaner balance sheets & adequate capital buffers and robust earnings, is well positioned to cater to t...
Banking community should view `MSMEs as an opportunity not a risk`: Nirmala Sitharaman
Banking community should view `MSMEs as an opportunity not a risk`: Nirmala Sitharaman
Source: Accord Fintech
2024-11-19 10:31:07 am
GST Council likely to decide on tax relief for life & health insurance at Dec 21 meet The GST Council will hold its next meeting in Rajasthan’s Jaisalmer on December 21, during which it is likely to take a decision on exempting or lowering the GST rate on health and life insurance.  The council, chaired by Union Finance Minister Nirmala Sitharaman, may also take up the issue of rationalising GST rates on a number of goods consumed by the common man such as bottled drinking water and notebooks for students, to bring them under the 5 per cent slab from 12 per cent ...
GST Council likely to decide on tax relief for life & health insurance at Dec 21 meet
GST Council likely to decide on tax relief for life & health insurance at Dec 21 meet
Source: IANS
2024-11-19 10:03:15 am
India`s economic growth needs more affordable interest rates, minister says  India's economic growth requires "far more affordable" bank interest rates, the finance minister said on Monday, adding New Delhi was committed to measures to ensure the economy remained on course. "At a time when we want industries to ramp up and build capacities, bank interest rates will have to be far more affordable," the minister, Nirmala Sitharaman, said at an event in Mumbai. Last week, the nation's trade minister said the Reserve Bank of India (...
India`s economic growth needs more affordable interest rates, minister says
India`s economic growth needs more affordable interest rates, minister says
Source: Reuters
2024-11-18 06:14:53 pm
Five-fold increase in India-Russia bilateral trade: Russian Deputy PM Russia's First Deputy Prime Minister Denis Manturov on Tuesday confirmed Moscow's intentions to conclude a Free Trade Agreement (FTA) between the Eurasian Economic Union and India -- as well as a bilateral agreement on services and investments -- while spotlighting that the volume of mutual trade between the two countries has grown more than fivefold over the past five years, including by nine per cent in the first eight months of the current year. As he co-chaired the 25th meeting...
Five-fold increase in India-Russia bilateral trade: Russian Deputy PM
Five-fold increase in India-Russia bilateral trade: Russian Deputy PM
Source: IANS
2024-11-13 10:54:50 am
India`s public sector banks clocks 11 pc growth at Rs 236 lakh crore in April-Sep FY25 Public sector banks (PSBs) showed strong performance in the first half of current fiscal (FY25) with 11 per cent annual growth as their aggregate business stood at Rs 236.04 lakh crore in the April-September period, the government said on Tuesday.  Global credit and deposit portfolio grew by 12.9 per cent and 9.5 per cent (year-on-year), and stood at Rs 102.29 lakh crore and Rs 133.75 lakh crore, respectively, according to a Ministry of Finance statement. The operating and net prof...
India`s public sector banks clocks 11 pc growth at Rs 236 lakh crore in April-Sep FY25
India`s public sector banks clocks 11 pc growth at Rs 236 lakh crore in April-Sep FY25
Source: IANS
2024-11-13 10:37:30 am
AIIB must extend support for India’s Nextgen reforms: FM Nirmala Sitharaman  Finance Minister Nirmala Sitharaman said on Monday that the Asian Infrastructure Investment Bank (AIIB) should broaden its investment in priority sectors of climate adaptation and resilience, infrastructure development, energy security, urban development and extend support for India’s next-generation reforms.   She also stressed upon the importance of continually incorporating finance plus and budget plus elements in AIIB’s project design and implementation. FM...
AIIB must extend support for India’s Nextgen reforms: FM Nirmala Sitharaman
AIIB must extend support for India’s Nextgen reforms: FM Nirmala Sitharaman
Source: IANS
2024-11-12 10:51:28 am
Scheduled commercial banks, NBFCs to give additional MSME credit of Rs 1.54 lakh cr: FM The government has set the target for all scheduled commercial banks and NBFCs for providing additional MSME credit of Rs 1.54 lakh crore in the current financial year (FY25).  The banks and NBFCs should aim at total credit growth of Rs 5.75 lakh crore, Rs. 6.21 lakh crore and Rs 7 lakh crore to MSMEs in the financial year 2024-25, 2025-26 and 2026-27 respectively, according to Finance Minister Nirmala Sitharaman. At the ‘National MSME Cluster Outreach’ programme here, ...
Scheduled commercial banks, NBFCs to give additional MSME credit of Rs 1.54 lakh cr: FM
Scheduled commercial banks, NBFCs to give additional MSME credit of Rs 1.54 lakh cr: FM
Source: IANS
2024-11-10 10:43:35 am
Regional rural banks must empower MSMEs via flagship government schemes: FM Nirmala Sitharaman Finance Minister Nirmala Sitharaman on Saturday urged Regional Rural Banks (RRBs) to increase credit disbursement for MSMEs under various flagship government schemes such as MUDRA, PM Vishwakarma, etc, with the active support of their sponsor banks.  In a meeting to review the performance of 10 RRBs of the southern region here, FM Sitharaman directed RRBs to increase their share in ground-level agriculture credit disbursement with special focus on allied agriculture activities like da...
Regional rural banks must empower MSMEs via flagship government schemes: FM Nirmala Sitharaman
Regional rural banks must empower MSMEs via flagship government schemes: FM Nirmala Sitharaman
Source: IANS
2024-11-10 08:47:10 am
No MSME will be left behind in PM Narendra Modi`s government: FM Nirmala Sitharaman Indian micro, small, and medium enterprises (MSMEs) are providing 21 crore jobs while making a major contribution to the economy and exports across sectors, and no MSME will be left behind by the government, Finance Minister Nirmala Sitharaman said here on Saturday.  Addressing the ‘National MSME Cluster Outreach Programme’, the Finance Minister said that under Prime Minister Narendra Modi, no state will be left behind and the government would attend to every state. &qu...
No MSME will be left behind in PM Narendra Modi`s government: FM Nirmala Sitharaman
No MSME will be left behind in PM Narendra Modi`s government: FM Nirmala Sitharaman
Source: IANS
2024-11-10 08:39:36 am
Every rupee collected is accounted for so it doesn`t get frittered away: FM Nirmala Sitharaman The government, under Prime Minister Narendra Modi, accounts for every rupee collected so that it doesn't get frittered away and common people benefit from the work that it is doing, Union Finance Minister Nirmala Sitharaman said here on Saturday.  Addressing students at an event here, FM Sitharaman said that if you're looking at how our government has managed the money that it earns and the money that it spends, "the philosophy has been that for every rupee which is coll...
Every rupee collected is accounted for so it doesn`t get frittered away: FM Nirmala Sitharaman
Every rupee collected is accounted for so it doesn`t get frittered away: FM Nirmala Sitharaman
Source: IANS
2024-11-09 02:54:08 pm
Finance Ministry tells banks to give more loans for agri-allied activities The Finance Ministry has asked public sector banks to increase credit availability for animal husbandry, dairying, and fisheries to ensure that targets are met for the current financial year.   The progress of credit disbursement to these agri-allied activities was reviewed at a high-level meeting held by Secretary, Department of Financial Services (DFS), M. Nagaraju, according to a Finance Ministry statement issued on Wednesday. The meeting was attended by top officials of public ...
Finance Ministry tells banks to give more loans for agri-allied activities
Finance Ministry tells banks to give more loans for agri-allied activities
Source: IANS
2024-11-06 02:08:01 pm
Finance Minister chairs meeting to review various aspects of Income Tax Act 1961 with an aim to review the various aspects of the Income Tax Act 1961, Finance Minister Nirmala Sitharaman has chaired a meeting with Revenue Secretary Sanjay Malhotra, Secretary, Central Board of Direct Taxes (CBDT) chairman Ravi Agarwal, and senior CBDT officials. The finance ministry said that Malhotra informed the Finance Minister that 22 specialised sub-committees have been established to review the various aspects of the Income Tax Act to review the various aspects of the Income Tax Act....
Finance Minister chairs meeting to review various aspects of Income Tax Act 1961
Finance Minister chairs meeting to review various aspects of Income Tax Act 1961
Source: Accord Fintech
2024-11-05 10:34:53 am
Loan limit under PM Mudra Yojana raised to Rs 20 lakh from Rs 10 lakh The limit of Mudra loans under the Pradhan Mantri Mudra Yojana (PMMY) has been enhanced from the current Rs 10 lakh to Rs 20 lakh in keeping with the announcement by Finance Minister Nirmala Sitharaman in the Union Budget 2024-25, a statement said on Friday.   A new ‘Tarun Plus’ category has been created under the Mudra Scheme to offer loans above Rs 10 lakh and up to Rs 20 lakh and would be available to the entrepreneurs who have availed and successfully repaid previous l...
Loan limit under PM Mudra Yojana raised to Rs 20 lakh from Rs 10 lakh
Loan limit under PM Mudra Yojana raised to Rs 20 lakh from Rs 10 lakh
Source: IANS
2024-10-25 02:41:04 pm
Jobs are most pressing global issue: FM Sitharaman in US Jobs are the most pressing global issue, given the continued economic headwinds and rapid technological changes that are redefining the skills required for youth to enter the job market, Union Finance Minister Nirmala Sitharaman has stressed.  Speaking at the plenary lunch during the annual meetings of the International Monetary Fund (IMF) and the World Bank in Washington, DC, she said the World Bank has previously conducted several studies on sectoral trends and their potential impac...
Jobs are most pressing global issue: FM Sitharaman in US
Jobs are most pressing global issue: FM Sitharaman in US
Source: IANS
2024-10-25 12:18:05 pm
No country in the world, whether US or China, can ignore India: FM Nirmala Sitharaman Union Finance Minister Nirmala Sitharaman has said that India wants to enhance its influence in the world as one in every six persons is Indian and the world cannot ignore India's economy. Union Minister Sitharaman said that no country, whether the US which is far away or China which is very close cannot ignore India. While participating in a panel discussion on the 'Bretton Woods Institutions at 80: Priorities for the Next Decade', organised by the Centre for Global Develop...
No country in the world, whether US or China, can ignore India: FM Nirmala Sitharaman
No country in the world, whether US or China, can ignore India: FM Nirmala Sitharaman
Source: IANS
2024-10-24 09:27:31 am
280 companies register 1.27 lakh internship offers under Prime Minister Internship Scheme About 280 companies participated in the PM Internship Scheme (PMIS) and offered 1.27 lakh internship opportunities, according to reports.  The Centre has now closed the onboarding window for corporates’ participation in the Scheme, which opened on October 3 for corporates to register their internship offerings.  However, the window for youth registration, which commenced on October 12 is expected to remain open until early November.  The scheme was announced in t...
280 companies register 1.27 lakh internship offers under Prime Minister Internship Scheme
280 companies register 1.27 lakh internship offers under Prime Minister Internship Scheme
Source: IANS
2024-10-23 11:40:34 am
India to retain investment curbs on border nations India will retain investment curbs on bordering nations, the finance minister said, days after it struck a pact with China on patrols along their disputed Himalayan frontier, with the leaders of both countries expected to meet on Wednesday. The deal paves the way to end a four-year military stand-off and improve political and business ties between the Asian giants, strained since a deadly border clash in 2020 that slowed exchanges of capital, technology and talent. "I cannot blindl...
India to retain investment curbs on border nations
India to retain investment curbs on border nations
Source: Reuters
2024-10-23 10:59:40 am
India poised to continue sustained growth trajectory: Finance Minister Finance Minister Nirmala Sitharaman has said that India is poised to continue its sustained growth trajectory and enhance its contribution to global growth significantly. She also noted that at the current rate, India is likely to be the world's third-largest economy by 2027. While addressing the Roundtable on 'Investment Opportunities in India' at the New York Stock Exchange, Finance Minister shared the contours of various policy reforms and initiatives that are shaping India, wi...
India poised to continue sustained growth trajectory: Finance Minister
India poised to continue sustained growth trajectory: Finance Minister
Source: Accord Fintech
2024-10-22 12:43:40 pm
GoM proposes to raise GST on luxury shoes, watches, aims revenue boost by Rs 22,000 cr In a significant development, the Group of Ministers (GoM) on Saturday agreed upon some Goods and Services Tax (GST) rate revisions that are likely to bring in an additional Rs 22,000 crore revenue.  The GoM, headed by Bihar Deputy Chief Minister Samrat Chaudhary, suggested raising GST rates on several luxury items, including high-end wristwatches and shoes. The GoM proposed to increase the GST rate on wristwatches priced above Rs 25,000 from 18 per cent to 28 per cent. Also, shoes...
GoM proposes to raise GST on luxury shoes, watches, aims revenue boost by Rs 22,000 cr
GoM proposes to raise GST on luxury shoes, watches, aims revenue boost by Rs 22,000 cr
Source: IANS
2024-10-20 09:22:15 am
GST on term life insurance premium, senior citizens likely to be exempted The Group of Ministers (GoM) on Saturday more or less decided to exempt the goods and services tax (GST) on term life insurance premiums and premiums paid by senior citizens for health cover.  The GST exemption/reduction on life and health insurance is a long-pending demand of the industry as the move would alleviate the tax burden on both insurers and policyholders.  While most of the panel members of the GoM, led by Bihar Deputy Chief Minister Samrat Chaudhary, pitched for &...
GST on term life insurance premium, senior citizens likely to be exempted
GST on term life insurance premium, senior citizens likely to be exempted
Source: IANS
2024-10-20 09:06:25 am
India needs to create 100 million jobs towards ‘Viksit Bharat’ goal: Natarajan Chandrasekaran As Indian embarks on the journey to become a developed nation, the country needs to create 100 million jobs to meet the employment needs of the growing workforce, Tata Sons Chairman, N Chandrasekaran, has stressed.  The Tata Group has also doubled down on creating more manufacturing jobs in the country, as the whole ecosystem is brimming with multiple opportunities for the Indian companies, especially 500,000 small and medium enterprises (SMEs). According to Chandrasekaran, as the ...
India needs to create 100 million jobs towards ‘Viksit Bharat’ goal: Natarajan Chandrasekaran
India needs to create 100 million jobs towards ‘Viksit Bharat’ goal: Natarajan Chandrasekaran
Source: IANS
2024-10-16 10:35:08 am
FM Nirmala Sitharaman to visit Mexico and US to boost trade ties, woo investments In a bid to showcase India’s attractiveness as an investment destination and boost bilateral trade ties, Union Finance Minister Nirmala Sitharaman is set to embark on an official visit to Mexico and the US, beginning October 16, it was announced on Tuesday.  During the first leg of her maiden visit to Mexico from October 17-20, the Finance Minister will lead an Indian delegation, underscoring a positive trajectory of growing bilateral economic and trade relations between the two...
FM Nirmala Sitharaman to visit Mexico and US to boost trade ties, woo investments
FM Nirmala Sitharaman to visit Mexico and US to boost trade ties, woo investments
Source: IANS
2024-10-16 09:31:40 am
Over 1.55 lakh candidates sign up for PM Internship Scheme in just 24 hours  More than 1.55 lakh candidates have signed up for the newly launched PM Internship Scheme in just 24 hours, according to reports citing government sources.  The registration process for the Scheme began on Saturday, with nearly 80,000 internship opportunities across 24 sectors available on the portal. Aimed at benefiting around 10 million young people over the next five years, the scheme was announced in the Union Budget 2024 by Finance Minister Nirmala Sitharaman. It aims to...
Over 1.55 lakh candidates sign up for PM Internship Scheme in just 24 hours
Over 1.55 lakh candidates sign up for PM Internship Scheme in just 24 hours
Source: IANS
2024-10-14 11:50:11 am
Registration for PM Internship Scheme begins, over 80,000 opportunities available Aimed at benefiting around 10 million young people over the next five years, the registration process for the PM Internship Scheme began on Saturday, with nearly 80,000 internship opportunities across 24 sectors available on the portal.  The registration process for the Prime Minister Internship Scheme 2024 began at 5 p.m. The portal ensures efficient access to internships across sectors with Aadhaar-based registration and tools like bio-data generation. All eligible candidates ...
Registration for PM Internship Scheme begins, over 80,000 opportunities available
Registration for PM Internship Scheme begins, over 80,000 opportunities available
Source: IANS
2024-10-13 09:23:23 am
Ugro Capital has reached a total aum of INR 10,200+ cr milestone in Q2 FY25, growing from INR 2,970 crore in March 2022 UGRO Capital, a leading DataTech NBFC focused on MSME lending, today announcedits robust performance for the quarter ended September 30, 2024 (Q2 FY25), marking significant milestones in its journey towards becoming a leading MSME-focused lender. The company has reached a total AUM of INR 10,200+ crore, growing from INR 2,970 crore in March 2022, underscoring its accelerated growth trajectory and investment in DataTech infrastructure. During Q2 FY25, UGRO Capital achieved several lifetime ...
Ugro Capital has reached a total aum of INR 10,200+ cr milestone in Q2 FY25, growing from INR 2,970 crore in March 2022
Ugro Capital has reached a total aum of INR 10,200+ cr milestone in Q2 FY25, growing from INR 2,970 crore in March 2022
Source: PR Agency
2024-10-11 12:51:47 pm
GST panel deliberates on lowering rate on health insurance, tractors As the government focuses on GST 2.0 which further eases tax laws, enhance tax simplification and adoption of technology, the ministerial panel tasked to rationalise rates is deliberating on lowering GST on essential items like health insurance and tractors up to 5 per cent.  As tractor segment volumes saw marginal growth (year-on-year) in September, a reduction in GST on tractors will offset the revenue loss, according to industry experts. Tractors currently attract 12-28 per cent GS...
GST panel deliberates on lowering rate on health insurance, tractors
GST panel deliberates on lowering rate on health insurance, tractors
Source: IANS
2024-10-05 09:03:54 am
Per capita income in India to increase by at least $2,000 in 5 years: FM Nirmala Sitharaman Fuelled by overall economic growth, per capita income in the country is likely to increase by at least $2,000 over the next five years, according to Finance Minister Nirmala Sitharaman on Friday.  The Finance Minister said that it took 75 years to reach a per capita income of $2,730 but the next jump is expected to happen very rapidly amid robust investments, strong fundamentals and continuity in policy reforms. Addressing the Kautilya Economic Conclave, conceived by the Ministry o...
Per capita income in India to increase by at least $2,000 in 5 years: FM Nirmala Sitharaman
Per capita income in India to increase by at least $2,000 in 5 years: FM Nirmala Sitharaman
Source: IANS
2024-10-04 12:21:24 pm
PM Narendra Modi to address Kautilya Economic Conclave on Friday Prime Minister Narendra Modi will deliver an address on Friday on the opening day of the three-day Kautilya Economic Conclave, which will feature nearly 150 Indian and international academicians and policymakers discussing issues faced by India and other countries of the Global South.  The conclave, being organised by the Institute of Economic Growth in partnership with the Ministry of Finance, will be inaugurated by Finance Minister Nirmala Sitharaman and Prime Minister Modi will par...
PM Narendra Modi to address Kautilya Economic Conclave on Friday
PM Narendra Modi to address Kautilya Economic Conclave on Friday
Source: IANS
2024-10-04 09:21:27 am
Revolutionary shift: FM Nirmala Sitharaman hails rise in credit-driven consumption in rural India Finance Minister Nirmala Sitharaman has lauded the meteoric rise in credit-driven consumption in small cities and towns, calling it a “revolutionary shift” that has been made possible due to the Pradhan Mantri Jan Dhan Yojana (PMJDY).  A definitive surge has been reported in household consumption in tier 2, 3 and 4 cities and even beyond, evidenced by the sales growth of two-wheelers, ACs, refrigerators, smartphones and FMCGs in small towns and cities. According to FM S...
Revolutionary shift: FM Nirmala Sitharaman hails rise in credit-driven consumption in rural India
Revolutionary shift: FM Nirmala Sitharaman hails rise in credit-driven consumption in rural India
Source: IANS
2024-10-02 11:36:21 am
'Job creation powerhouse': FM Nirmala Sitharaman credits PM Narendra Modi for manufacturing sector boost Finance Minister Nirmala Sitharaman on Tuesday credited Prime Minister Narendra Modi for the recently reported remarkable surge in manufacturing jobs and wages for workers in FY 23, where they have risen by 7.6 per cent and 5.5 per cent, respectively, saying under his leadership, the sector has "not only rebounded but is now thriving".  As per the government's Annual Survey of Industries 2022-23, nationwide employment in the sector has achieved a laudable rise from 1.6 c...
'Job creation powerhouse': FM Nirmala Sitharaman credits PM Narendra Modi for manufacturing sector boost
'Job creation powerhouse': FM Nirmala Sitharaman credits PM Narendra Modi for manufacturing sector boost
Source: IANS
2024-10-02 10:16:36 am
India`s fiscal deficit, at Rs 4.35 lakh cr, reaches 27 pc of FY25 target India’s fiscal deficit stood at Rs 4.4 lakh crore, or 27 per cent of the annual estimate, in the April-August period in the current fiscal (FY25), from Rs 6.4 lakh crore in the same period last year, the government announced on Monday.  The fiscal deficit narrowed from 36 per cent reported during the same period last year. As per government data, total receipts stood at Rs 12.17 lakh crore in the April-August period, while overall expenditure was Rs 16.52 lakh crore, or about...
India`s fiscal deficit, at Rs 4.35 lakh cr, reaches 27 pc of FY25 target
India`s fiscal deficit, at Rs 4.35 lakh cr, reaches 27 pc of FY25 target
Source: IANS
2024-10-01 08:49:43 am
JPMorgan to keep growing its operations in India amid robust growth  Bullish on India amid robust growth and positive investment sentiment, American financial services major JPMorgan Chase & Co intends to keep growing its operations in the country.  According to JPMorgan CEO Jamie Dimon, there is a substantial opportunity for the fastest-growing economy in the world from the shift in supply chains from China, though the transition will take several years. Meanwhile, the country needs to further build its manufacturing ecosystem and ensure ...
JPMorgan to keep growing its operations in India amid robust growth
JPMorgan to keep growing its operations in India amid robust growth
Source: IANS
2024-09-24 03:57:17 pm
S&P Global Ratings retains India`s GDP growth at 6.8 pc for FY25, cuts China`s forecast  S&P Global Ratings on Tuesday retained India's growth forecast at 6.8 per cent for the fiscal 2024-25, while reducing China's economic growth by 0.2 per cent to 4.6 per cent in the calendar year 2024.  In its quarterly economic outlook for the Asia-Pacific region, the global rating agency said, "In India, GDP growth moderated in the June quarter as high interest rates temper urban demand, in line with our projection of 6.8 for GDP for the full fiscal year 2024-2...
S&P Global Ratings retains India`s GDP growth at 6.8 pc for FY25, cuts China`s forecast
S&P Global Ratings retains India`s GDP growth at 6.8 pc for FY25, cuts China`s forecast
Source: IANS
2024-09-24 01:42:36 pm
India to sign bilateral investment treaty with Uzbekistan during FM Nirmala Sitharaman`s visit Finance Minister Nirmala Sitharaman is set to embark on an official visit to Uzbekistan from September 24-28, to attend the ninth annual meeting of Board of Governors of Asian Infrastructure Investment Bank (AIIB).  FM Sitharaman will hold bilateral meetings with her counterparts from Uzbekistan, Qatar and China, along with the AIIB President. The Finance Minister will attend the meeting as the Indian Governor to the AIIB, according to a statement from Ministry of Finance. India is...
India to sign bilateral investment treaty with Uzbekistan during FM Nirmala Sitharaman`s visit
India to sign bilateral investment treaty with Uzbekistan during FM Nirmala Sitharaman`s visit
Source: IANS
2024-09-24 10:15:47 am
Kharif crop sowing exceeds 1,104 lakh hectares: Centre Kharif crop sowing has exceeded 1,104 lakh hectares, up from 1,096 lakh hectares last reported (as of September 17), as paddy, coarse cereals, oilseed and sugarcane crossed the normal area, the government said on Monday.   Paddy sowing reached 413 lakh hectares coverage (as of September 23), as compared to 404 lakh hectares during the corresponding period of last year, as per data from the Ministry of Agriculture and Farmers Welfare. For pulses, 128.58 lakh hectare area coverage ha...
Kharif crop sowing exceeds 1,104 lakh hectares: Centre
Kharif crop sowing exceeds 1,104 lakh hectares: Centre
Source: IANS
2024-09-24 09:04:07 am
GST 2.0 will further ease tax compliances and boost economic growth Goods and Services Tax (GST) is one of the major economic reforms in the last decade in India which replaced the Value Added Tax (VAT) system.     It paved the way for economic growth, lower logistics costs, and ease of doing for business. Now the Union government is focusing on GST 2.0 which further eases tax laws, enhance tax simplification and adoption of technology. In Budget 2024, Finance Minister Nirmala Sitharaman emphasised further simplification of tax laws and the ...
GST 2.0 will further ease tax compliances and boost economic growth
GST 2.0 will further ease tax compliances and boost economic growth
Source: IANS
2024-09-22 03:59:08 pm
Banking sector to play crucial role in driving agenda of making India developed nation: FM Nirmala Sitharaman Finance Minister Nirmala Sitharaman has said that the banking sector will have to play a crucial role in driving the agenda of making India a developed nation or Viksit Bharat by 2047. She also said banks will be required to give strong momentum to the infrastructure sector, ensure the availability of need-based funding to MSMEs, bring unbanked population under the ambit of formal banking channels, and help increase insurance penetration.  The minister noted that technology is changin...
Banking sector to play crucial role in driving agenda of making India developed nation: FM Nirmala Sitharaman
Banking sector to play crucial role in driving agenda of making India developed nation: FM Nirmala Sitharaman
Source: Accord Fintech
2024-09-20 12:45:19 pm
Tax refund crosses Rs 2 lakh crore mark in FY25 The income tax department's efficiency has rapidly increased in the last decade as refunds out of direct tax collection crossed the Rs 2 lakh mark in the financial year (FY) 2024-25, according to government data.   According to the data, direct tax collection in the current financial year (From April 1 to September 17) was Rs 9.95 lakh crore, up 16.12 per cent compared to the same period last year. Tax refunds also jumped during this period and have increased by 56.49 per ce...
Tax refund crosses Rs 2 lakh crore mark in FY25
Tax refund crosses Rs 2 lakh crore mark in FY25
Source: IANS
2024-09-19 01:47:09 pm
India`s mobile phone manufacturing rises to Rs 4.1 lakh crore in value India’s mobile phone manufacturing in value has risen to Rs 4.1 lakh crore in India in the last 10 years due to strategic government policy measures like product-linked initiative (PLI) and phased-manufacturing programme (PMP) schemes, a report showed on Wednesday.  The electronics sector experienced rapid growth and local production nearly doubled from $48 billion in FY17 to $101 billion in FY23 and is around $115 billion in the current fiscal to date -- driven primarily by mob...
India`s mobile phone manufacturing rises to Rs 4.1 lakh crore in value
India`s mobile phone manufacturing rises to Rs 4.1 lakh crore in value
Source: IANS
2024-09-18 03:18:17 pm
Finance Minister Nirmala Sitharaman to launch new pension scheme `Vatsalya` for children today  Finance Minister Nirmala Sitharaman will launch the New Pension Scheme (NPS) 'Vatsalya' on Wednesday here, which will be joined by school children, according to an official statement from the Ministry of Finance.  Announced in the Union Budget 2024, the scheme will allow parents to contribute a certain amount on behalf of their children towards National Pension Scheme (NPS) to secure their future and help them develop a retirement fund. As part of the launch in New De...
Finance Minister Nirmala Sitharaman to launch new pension scheme `Vatsalya` for children today
Finance Minister Nirmala Sitharaman to launch new pension scheme `Vatsalya` for children today
Source: IANS
2024-09-18 09:27:00 am
Kharif crop sowing exceeds normal area amid healthy monsoon: Centre Healthy monsoon has helped paddy sowing reach 410 lakh hectare area coverage, compared to 393.57 lakh hectare during the corresponding period of last year, the government said on Tuesday.  Overall, kharif crop sowing has exceeded 1,096 lakh hectares, up from 1,087.33 lakh hectares last reported (as of September 2). According to the Ministry of Agriculture and Farmers Welfare, 127.77 lakh hectare area coverage under pulses has been reported (till September 17), compared to 118.43 la...
Kharif crop sowing exceeds normal area amid healthy monsoon: Centre
Kharif crop sowing exceeds normal area amid healthy monsoon: Centre
Source: IANS
2024-09-18 09:09:36 am
Time to tap GVCs to achieve $500 bn electronics manufacturing target by FY30: ICEA As the country aspires to reach $500 billion electronics manufacturing by FY30 while creating 60 lakh jobs, the India Cellular and Electronics Association (ICEA) said on Tuesday it is keen to chart out a comprehensive strategy with the government to help the industry achieve this goal.  The electronics industry is currently at around $115 billion and global value chains (GVCs) will be key to boosting production and exports from the country, said Pankaj Mohindroo, ICEA Chairman. Moh...
Time to tap GVCs to achieve $500 bn electronics manufacturing target by FY30: ICEA
Time to tap GVCs to achieve $500 bn electronics manufacturing target by FY30: ICEA
Source: IANS
2024-09-18 08:36:27 am
Finance Minister to launch New Pension Scheme 'Vatsalya' for children on Sep 18 Finance Minister Nirmala Sitharaman is scheduled to launch the New Pension Scheme (NPS) 'Vatsalya' in New Delhi on September 18, which will be joined by schoolchildren.  Announced in the Union Budget 2024, the scheme will allow parents to contribute a certain amount on behalf of their children towards NPS to secure their future and help them develop a retirement fund. As part of the launch in New Delhi, NPS Vatsalya events will be organised simultaneously at nearly 75 locat...
Finance Minister to launch New Pension Scheme 'Vatsalya' for children on Sep 18
Finance Minister to launch New Pension Scheme 'Vatsalya' for children on Sep 18
Source: IANS
2024-09-17 08:43:09 am
100 days of Modi 3.0: More relief for middle class via tax savings, UPS  In the first 100 days of Prime Minister Narendra Modi's new term, the government has given further relief to the middle class on the tax savings and pension fronts. The government has raised the income tax exemption limit to Rs 7 lakh. The standard deduction for salaried individuals has been increased to Rs 75,000, and the exemption limit for family pensions has been raised to Rs 25,000. Also, a comprehensive review of income tax regulations is underway to simplify and streaml...
100 days of Modi 3.0: More relief for middle class via tax savings, UPS
100 days of Modi 3.0: More relief for middle class via tax savings, UPS
Source: IANS
2024-09-16 10:35:17 am
$8 bn Market opportunity awaits India`s social enterprises by next year: Hardeep Puri India’s social enterprises are witnessing rapid growth and the market opportunity and potential for them is estimated to be $8 billion by next year, Union Petroleum and Natural Gas Minister, Hardeep Singh Puri, has said.  The minister emphasised that social enterprises have always been a vital part of the Indian life, significantly impacting sectors such as agriculture, health, and education. Speaking at an event in the national capital, the minister highlighted that these en...
$8 bn Market opportunity awaits India`s social enterprises by next year: Hardeep Puri
$8 bn Market opportunity awaits India`s social enterprises by next year: Hardeep Puri
Source: IANS
2024-09-11 10:46:24 am
Indian Foreign Minister Subrahmanyam Jaishankar says ``not closed to business from China`` India is not "closed to business from China", but the issue is in which sectors the country does business with Beijing and on what terms, foreign minister Subrahmanyam Jaishankar said in Berlin on Tuesday. Ties between the nuclear-armed Asian giants have been strained since clashes between their troops on their largely undemarcated Himalayan frontier left 20 Indian and four Chinese soldiers dead in 2020. India subsequently tightened its scrutiny of investments from Chinese com...
Indian Foreign Minister Subrahmanyam Jaishankar says ``not closed to business from China``
Indian Foreign Minister Subrahmanyam Jaishankar says ``not closed to business from China``
Source: Reuters
2024-09-10 05:37:30 pm
Industry experts hail significant resolutions announced at GST Council meeting The industry experts on Monday welcomed some significant resolutions announced during the 54th GST Council meeting chaired by Finance Minister Nirmala Sitharaman.  They said that Group of Ministers’ (GoM) recommendation by end of October on the GST rate for health and life insurance will be the one to watch closely. “Specific sectors like automobile, etc. would keenly look forward to the decision on compensation cess and its fate. Another notable development is the prop...
Industry experts hail significant resolutions announced at GST Council meeting
Industry experts hail significant resolutions announced at GST Council meeting
Source: IANS
2024-09-10 10:28:53 am
GST cut on health insurance premium deferred, cancer drugs to become cheaper The GST Council, headed by Finance Minister Nirmala Sitharaman, on Monday announced setting up a Group of Ministers (GoM) on slashing the tax rate on life and health insurance, as well as reducing the GST on cancer drugs and 'namkeens' (selected snacks).  The GoM on life and health insurance will be headed by Bihar Deputy Chief Minister Samrat Choudhary, who is currently heading the panel on GST rate rationalisation. The 54th GST Council meeting reached a “broad conse...
GST cut on health insurance premium deferred, cancer drugs to become cheaper
GST cut on health insurance premium deferred, cancer drugs to become cheaper
Source: IANS
2024-09-10 10:25:41 am