Economic & Finance News

Finance Ministry asks depts, CPSEs to refund 95% of performance/bid security forfeited from MSMEs till March 2022

All contractors or suppliers registered as micro, small and medium enterprises (MSME) with the Ministry of MSME as on March 31, 2022, would be eligible to claim a refund of… [...]

India will not merge GST tax rates in 2023/24, government official says

India will not overhaul its Goods and Services Tax (GST) regime in the next fiscal year, a senior official said on Monday, delaying a move it has been considering for… [...]

'Overly optimistic' Modi govt likely to fall short of fulfilling capex dreams, experts say

Of 39 economists who responded, 34 said the government could achieve Finance Minister Nirmala Sitaraman's borrowing target for the 2023/24 fiscal year, 5.9% of gross domestic product (GDP). That would… [...]

Higher investment limit in saving schemes aimed at benefiting senior citizens, middle class: Fin Secy

The top bureaucrat in the finance ministry said the decision to revise the ceilings will come at a cost as the government can raise funds at a cheaper rate compared… [...]

DIPAM confident of meeting Rs 51,000 crore selloff target for FY24

The Department of Investment and Public Asset Management or DIPAM secretary Tuhin Kanta Pandey termed the FY24 budgeted estimate for disinvestment receipts as "realistic" and said it was based on… [...]

Savings via tax-free instruments Rs 4 lakh crore: Revenue secretary

"I would also like to point out that the savings through tax exemptions is actually a very small portion of the total savings of our country, which are about Rs… [...]

Kerala Budget: Price of liquor, fuel to go up along with increased vehicle tax & land fair price value

The FM said it is proposed to levy a Social Security Cess on Indian Made Foreign Liquor (IMFL) and on the sale of petrol and diesel as the commitment to… [...]

North Block pins hopes on large footfall for its pumped-up new income tax regime​​

Union Budget 2023: The revised new tax regime offers a higher tax exemption, raises the threshold for tax rebate and reduces the surcharge for the super rich. Revenue Secretary Sanjay… [...]

Public financial institutions are in a very strong position, says Finance Secretary Somanathan

He said it is for regulators, markets and the company to address the issue. "The government does not concern itself with the fortunes of individual private sector companies," Somanathan told… [...]

Windfall tax to continue for now; collections at Rs 25,000 cr this year

India first imposed windfall profit taxes on July 1, joining a growing number of nations that tax super normal profits of energy companies. At that time, export duties of Rs… [...]

I-T Department spends 57 paise for every Rs 100 of tax collection: Official

We are one of the lowest in the world. The UK spends 73 paise, Japan 174 paise, Germany 135 paise, Canada 150 paise, France 111 paise. The USA is the… [...]

Budget took dramatic bet on capex while continuing path of fiscal consolidation: NITI Aayog VC

Finance Minister Nirmala Sitharaman in her fifth straight budget has raised the capital expenditure by 33 per cent to Rs 10 lakh crore for infrastructure development for 2023-24, and announced… [...]

Monthly GST revenue at Rs 1.50 lakh cr to be new normal next fiscal: CBIC chief

Monthly GST collection is expected to average around Rs 1.50 lakh crore and it will be the 'new normal' in FY24 in view of concerted efforts to check evasion and… [...]

NBFCs hail budget announcements for agri, MSME sectors

NBFCs operating in the gold loan, auto finance and other segments feel that the announcements made in the budget for growth and development of the agriculture sector, fisheries, animal husbandry… [...]

Fin laws set for an overhaul: Focus likely on investor protection, enhancing governance at banks

Laws governing the financial sector are set for an overhaul as the government pushes regulators and itself to accommodate the growing demands of the country that is racing towards a… [...]

Market News

Retail investors flock to small-cap AI firms as Big Tech battles for share

The viral success of ChatGPT has turned the spotlight on AI on Wall Street, reminiscent of the blockchain hype from a few years ago when shares of companies remotely associated… [...]

Tata Teleservices Q3 net loss narrows to Rs 279.79 crore

The company has also appointed a new chief financial officer in Shinu Mathai who will take over the position from March 1. Apart from the role of CFO, Mathai will… [...]

CreditAccess Grameen Q3 net profit surges 85% YoY to Rs 217 cr in highest-ever quarterly profit

Its net interest income rose by 38% at Rs 567 crore. Total income grew by 32% at Rs 910 crore. Impairment of financial instruments dipped by 24% at Rs 89.4… [...]

Ahead of Market: 10 things that will decide D-St action on Wednesday

Expectations of high rates for a protracted period dragged Wall Street's main indexes down on Monday. But, all three major averages are in the black for 2023, with the Nasdaq… [...]

Stocks, dollar pause ahead of Powell, Biden speeches

The Australian dollar earlier bolted higher after its central bank reiterated further increases would be needed, while the yen gained after an unusually strong Japanese wage data [...]

Govt becomes single largest shareholder in VI with 33.44%

The board, at its meeting today, approved allotment of 16,133,184,899 equity shares of face value of Rs 10 each at an issue price of Rs 10 per share, aggregating Rs… [...]

First Budget in Amrit Kaal: India is the only economic oasis amid global slowdown

Virtue of spending meticulously, in pockets which provide maximum multiplier is something the FM has shown in Budget 2023, just like the careful spending towards pandemic led stimulus a couple… [...]

Will RBI's Das make D-Street bulls smile or frown on Wednesday?

The volatility gauge ending lower in trade is another indication that traders haven’t taken any aggressive bets in the run-up to the policy. India VIX, often termed as the ‘fear… [...]

Wall Street edges lower ahead of Powell comments

Traders are speculating that the central bank would push the benchmark rate to 5.1% in June, levels that policymakers have backed vociferously [...]

BSE to divest 2.5% stake in CDSL through OFS route

Along with the divestment decision, the board has also approved and released third quarter results of BSE. The company's consolidated net profit fell 15% to Rs 52 crore in the… [...]