Finance Ministry to hold meeting of heads of banks on Wednesday
The Finance Ministry is set to review the development of variousfinancial inclusion schemes as it has called a meeting of heads of Public Sector Banks (PSBs) on Wednesday.
The Finance Ministry is set to review the development of variousfinancial inclusion schemes as it has called a meeting of heads of Public Sector Banks (PSBs) on Wednesday.
The Confederation of Indian Industry (CII) has suggested a seven-point agenda to the Finance Ministry for the Union Budget-2025.
The Finance Ministry said that the government will continue its focus on improving quality spending, strengthening the social security net and bringing down the fiscal deficit to 4.5 per cent of the GDP in FY26.
Sufficient food grain buffer stock and optimism for a healthy kharif harvest are likely to alleviate price pressures, a recent report by finance ministry said.
Furthermore, during the past 5 months (April-August) of the current financial year 2024-25, the transaction volume has reached to 8,659 crore, it added.
'During the course of the survey, the (Income Tax) Department gathered several (pieces of) evidence indicating that tax has not been paid on certain remittances which have not been disclosed as income in India by the foreign entities of the group,'' the Finance Ministry said without directly naming the BBC.
Global spillovers may dampen India's export businesses outlook, however, resilient domestic demand and a rejuvenated investment cycle as well as a strong financial system will push economic growth, as per the monthly economic outlook review for October released by the Finance Ministry on Thursday.
The Centre has hiked interest rate for senior citizen savings scheme by 20 basis points from 7.4 per cent to 7.6 per cent, according to a Finance Ministry notification.
The government will borrow Rs 5.92 lakh crore, or 41.7 per cent of planned gross market borrowing of Rs 14.21 lakh crore for the current financial year, in the second half of the fiscal ending March 31, 2023, the Finance Ministry said in a statement on Thursday.
The monthly economic review released by the Finance Ministry noted that as external pressures will diminish, inflationary pressures are expected to wear down.
