FINANCE MINISTRY

The Ratle hydroelectric power project in Jammu and Kashmir has been proposed to be developed through a joint venture. A recommendation from the Public Investment Board of the Finance Ministry has also asked for an investment of Rs 5,281.94 crore for the 850 MW project. Reportedly, the joint venture will be named as Jammu Hydroelectric Power Corporation Limited. The project will boost the economy of J&K, said an official spokesperson.

Finance Ministry, on September 19 predicted that the GDP will see a rise of 19% by the end of Fiscal Year 2022. K. Subramanian, Chief Economic Advisor to Finance Ministry said, "When you take account of the reforms, all those together will increase productivity in the economy and will help bringing growth." The experts also speculated that rebound might be strong but GDP may be less than the pre-pandemic times.

According to the Finance Ministry data, 12 states have selected to borrow Rs 97,000 crore through RBI-facilitated window (option 1) to meet the compensation deficit under GST regime. However, Manipur, opted to borrow the entire compensation deficit from the market (option 2). While six other states are expected to send in their option in a couple of days, others have written to the Finance Minister, expecting other options.

Indian Finance Minister, Nirmala Sitharaman held a virtual meeting with the Finance Minister of UAE, Obaid Al Tayer seeking contribution for India's Rs 111 lakh crore National Infrastructure Pipeline (NIP). Over 7,000 projects are recognized under NIP for the next five years (2020-25). The Finance Ministry's tweet stated that the collaboration leads… read-more