FINANCE MINISTRY

The Finance Ministry on February 20 permitted five states, Karnataka, Rajasthan, Uttarakhand, Goa, and Bihar, to borrow an additional amount from the Centre for meeting the power sector reforms. Reportedly, the states successfully reduced aggregate technical and commercial losses while matching the cost of supply with average revenue gap. Andhra Pradesh and Madhya Pradesh have also been given the permission. Till now, the Centre has granted … read-more

Adding thrust to the budget’s ‘asset monetisation’ mantra, the Rural Development Ministry has offered its support to the Centre in identifying the idle assets and land parcels available with ministries. The ministry claimed to have comprehensive record of over 90% villages while assuring assistance in ascertaining the market value and transfer of lands available. Earlier, the Finance Ministry, in the budget document, had stated to monetise… read-more

For the first time in history, the Union budget will be released in virtual mode and soft copies will be provided to all the 750 members owing to the Covid-19 pandemic. While presenting a unified general and railway budget, the government will also conduct the traditional ‘Halwa ceremony’ 10-days before the Budget day. As per reports, the Union Budget 2021 will be introduced by Finance Minister Nirmala Sitharaman on February 1.

The Finance Ministry on December 20 permitted five states - Karnataka, Madhya Pradesh, Andhra Pradesh, Telengana and Tamil Nadu - to borrow an additional amount from the Union government. The ministry will allot Rs 16,728 crore additionally towards the states for completing the reforms related to 'ease of doing business'. Earlier in May 2020, the government announced the states could avail an additional grant after completing the reform… read-more

Finance Minister Nirmala Sitharam announced that central government employees can avail an interest-free festival advance worth Rs 10,000. The advance money will increase consumer spending and help in balancing the economy, she added. She further mentioned that the total expenditure of the scheme is Rs 4,000 crores. Reportedly, the advances will be given as a pre-paid Rupay card and the employees have to repay the advance in 10 instalments.… read-more