The Finance Ministry would not curtail its capital infusion plan for this financial year even as state-owned banks would be needing fewer funds following the RBI’s decision to defer the deadline to meet Basel III norms by a year, according to sources.
The finance ministry is likely to approve a subsidy outlay of nearly Rs 4,000 crore for the second phase of FAME India scheme to promote electric and hybrid vehicles, official sources said today.
Metro construction will pick up pace in the country with the Union finance ministry recently giving “in-principle” approval to five proposed metro projects in Indore, Bhopal, Kanpur, Agra, and Delhi, with an estimated cost of Rs 1.07 lakh crore, senior central and state government officials familiar with the matter said.
Pinning hopes on further reduction in global crude oil prices, economic affairs secretary Subhash Chandra Garg on Thursday indicated that the retail prices of petrol and diesel could see a further decline.
To make funds available to the Indian Railways, the ministry of finance has approved government guarantee of Rs 5,000 crore for bonds to be issued by Indian Railway Finance Corporation (IRFC) before the end of this fiscal.
India is on track to doubling the size of its economy to $5 trillion by 2025, the finance ministrysaid on Monday while asserting that the inflation target set by the Reserve Bank will not be breached.
This year’s Economic Survey published by the finance ministry has a stark message: climate change can dent farm incomes by as much as 25% in rain-fed areas over the medium term.
India, the largest importer of Chinese solar equipment, proposed a 70% safeguard duty on cells and modules shipped from China and Malaysia, citing “threat of serious injury” to the domestic industry.
The governments of India and Tamil Nadu on Tuesday signed an agreement with the World Bank for the multilateral lender to provide a $318 million loan for modernisation of irrigation projects in Tamil Nadu, improve market opportunities for small and marginal farmers and their adoption of climate resilient techniques.
Exporters have informed the finance ministry that goods and services tax refunds are getting delayed due to airline and shipping companies not submitting proof of export to customs and mismatches of invoice numbers in shipping bills and GST return forms.