Finance Minister

  • Recapitalisation of PSU banks is on high priority: Arun Jaitley 5 days ago

    New Delhi: Finance Minister Arun Jaitley on Saturday said recapitalisation to the tune of Rs 2.4 lakh crore in public sector banks to meet Basel III norms is a 'high priority' item for the government. "We suggested proposal for recapitalising of public sector banks over the next four years...the government is...
  • Government closely monitoring Iraq situation: Arun Jaitley 6 days ago

    New Delhi: The government on Friday said it is closely monitoring the situation in Iraq and will calibrate policy response to cope with it. "The turmoil in Iraq has the potential to have an impact on international prices of oil. The government closely monitors the emerging situation and calibrates appropriate policy...
  • Government takes steps to boost production of tea, coffee, rubber 6 days ago

    New Delhi: Government has taken measures to boost the production and export of plantation crops like tea, coffee, rubber and spices through the Plantation Commodity Boards which provide financial and technical assistance to the growers and the industry. Finance Minister Arun Jaitley said the help is offered to the growers and...
  • India in talks with a number of countries for new tax treaties July 15, 2014

    New Delhi: India on Tuesday said negotiations are going on for signing new Double Taxation Avoidance Agreements (DTAAs) with Hong Kong, Iran, Nigeria and three other nations. The three other countries are Azerbaijan, Chile and Venezuela, Finance Minister Arun Jaitley informed Rajya Sabha in in a written reply. Besides, negotiations are also...
  • More tax concessions when economy improves: Finance Minister July 12, 2014

    New Delhi: Finance Minister Arun Jaitley on Saturday promised more concessions in income tax when the economy improves. "We do not want a high taxation regime. It was because of the high taxation regime of the previous government that inflation rose." "I think there was never a Union Budget since 1947, which...
  • Growing population of urban India is an increasing cause of concern July 12, 2014

    One of the main takeaway from the Narendra Modi government's budget was the plan to create 100 smart cities to reduce the burden of migrant population on the ever growing urban India. The question is how will the government make this work. ...
  • Three Maharashtra farmers ended lives on budget day July 11, 2014

    Nagpur: Three debt-ridden farmers committed suicide even as Finance Minister Arun Jaitley presented his well-received budget Thursday, a farm NGO said on Friday. The extreme step by the farmers was prompted by the failed monsoon in large parts of eastern Maharashtra, which has compelled many of them to go in for...
  • Snooping row: US promises to deal with it professionally July 10, 2014

    New Delhi: The US on Thursday promised to deal "professionally" with India's "concerns" over reported snooping of BJP by American spy agency NSA. "We understand the concerns which has been raised, we will deal with them professionally," US Deputy Secretary of State William J Burns told reporters after meeting Finance Minister...
  • Arun Jaitley raises exemption limit, introduces Kisan Vikas Patra to boost savings July 10, 2014

    New Delhi: Encouraging household savings, the government today raised tax exemption limit on investments in financial instruments to Rs 1.5 lakh, re-introduced Kisan Vikas Patra and hiked the PPF investment ceiling. In his maiden Budget 2014-15, Finance Minister Arun Jaitley also proposed higher exemption limit for re-payment of interest on loans...
  • Branded petrol price cut by over Rs 5 per litre July 10, 2014

    New Delhi: Price of branded or premium petrol on Thursday was cut by over Rs 5 per litre after Finance Minister Arun Jaitley slashed excise duty on the fuel. Central Excise duty on Branded Petrol was cut from Rs 7.50 per litre to Rs 2.35 per litre. Branded petrol, which contains...
  • India Inc welcomes Modi's Budget, says it sets tone for higher growth trajectory July 10, 2014

    New Delhi: India Inc on Thursday welcomed the Narendra Modi government's maiden budget, saying it sets the tone for attaining higher growth trajectory, job creation and attracting much-needed investments for an economy grappling with multiple challenges. "I think the approach of creating a stable business environment to attract investment and boost...
  • Union Budget: Rs 500 crore for creation of five tourist circuits July 10, 2014

    New Delhi: With an aim of boosting tourism, government on Thursday announced allocation of Rs 500 crore for creation of five tourist circuits with specific themes in the country. In his maiden Budget speech in Parliament, Finance Minister Arun Jaitley said India's rich cultural, historical, and natural heritage provides a huge...
  • Budget doesn't reflect common man's aspirations: Opposition July 10, 2014

    New Delhi: Opposition parties on Thursday criticised the union budget, saying it did not reflect the aspirations of the common man. Finance Minister Arun Jaitley presented his maiden budget on Thursday. "The budget does not reflect the aspiration of the common man. Most of the announcements are ministry programmes, which the finance...
  • Budget 2014: New airports in smaller cities, towns July 10, 2014

    New Delhi: New airports will be developed in smaller cities and towns to encourage air travel in the country, Finance Minister Arun Jaitley announced on Thursday. The Airport Authority of India (AAI) will build the airports through public private partnership (PPP) process, the minister told the Lok Sabha while presenting the...
  • Arun Jaitley allocates Rs 1,000 crore for renewable sector schemes July 10, 2014

    New Delhi: Calling it a 'high priority' area, finance minister Arun Jaitley on Thursday allocated Rs.1,000 crore for the solar power sector, a move that will boost energy generation from renewable sources. The government aims to construct Ultra Mega Solar Power Projects or high capacity plants in the radiation rich...
  • Power producers rise on tax holiday proposal in budget July 10, 2014

    Shares of power producers gain sharply after the finance minister proposed a 10-year tax holiday for power generation companies. Tata Power Co Ltd rises 4.5 per cent, NTPC Ltd is up 2.9 per cent, Adani Power Ltd gains 6.9 per cent and JSW Energy Ltd is 7.8 per cent higher. Arun Jaitley...
  • IT rates unchanged; sops to small, marginal assesses in Budget July 10, 2014

    New Delhi: The Budget for 2014-15 on Thursday left income tax rates unchanged but provided sops to small and marginal assesses by raising the threshold exemption limit from Rs 2 lakh to Rs 2.5 lakh and investments under 80C by Rs 50,000 to Rs 1.5 lakh while promising not to...
  • Tax exemption limit under 80C raised to Rs 1.5 lakh July 10, 2014

    New Delhi: Seeking to boost household savings, the government on Thursday hiked the exemption limit for investments by individuals in financial instruments to Rs 1.5 lakh. Presently the investments and expenditures up to a combined limit of Rs 1 lakh get exemptions under Sections 80C, 80CC and 80CCC of the Income-Tax...
  • Arun Jaitley retains fiscal deficit target at 4.1 pc, outlines road map July 10, 2014

    New Delhi: Outlining the road map for fiscal consolidation, Finance Minister Arun Jaitley on Thursday said the government will retain the fiscal deficit target for 2014-15 at 4.1 per cent of GDP and reduce it further to 3 per cent by 2016-17. Presenting his maiden Budget, the Minister said the prevailing...
  • Government hopes to finalise GST contours this year: Arun Jaitley July 10, 2014

    New Delhi: Committing to expeditiously rolling out Goods and Services Tax (GST), Finance Minister Arun Jaitley on Thursday said a solution to the issues relating to the comprehensive indirect tax regime may be finalised in the current year itself. "I do hope we are able to bring a final solution in...
  • Insurance scrips trade mixed after FDI cap hike announcement July 10, 2014

    Mumbai: Shares of companies that run insurance business saw mixed trend at the BSE after Finance Minister Arun Jaitley on Thursday proposed raising the Foreign Direct Investment (FDI) cap from 26 per cent to 49 per cent. Max India was down 1.93 per cent and Reliance Capital shares were trading 1.32...
  • FTII should be accorded the status of 'Institute of National Importance': Arun Jaitley July 10, 2014

    Finance Minister Arun Jaitley, who presented the first national budget for self and Prime Minister Narendra Modi's government on Thursday, began by putting forth his concerns over economic slowdown and promised steps to ensure a course correction. In addition to announcing schemes for disabled people and welfare of girl child,...
  • Government allocates Rs 500 crore for Internet connectivity in villages July 10, 2014

    New Delhi: The government on Thursday said it will allocate Rs 500 crore for its 'Digital India' initiative to set up broadband network in villages and promote local manufacturing of hardware and Indian software products. Under the Digital India initiative, National Rural Internet and Technology Mission, the government will focus on...
  • Need to infuse 2,40,000 crore in the banking sector by 2018: Jaitley July 10, 2014

    New Delhi: Finance Minister Arun Jaitley on Thursday asserted that banking needs in the country need to be strengthened. He proposed that Rs 2,40,000 crore need to be infused in the banking sector by 2018 to meet global Basel III norms. He proposed to provide greater autonomy to public sector...
  • Highlights of Union Budget 2014-15 July 10, 2014

    New Delhi: Finance Minister Mr Arun Jaitley in the Budget 2014-15 salaried class tax breaks and increased the range of savings. Special focus on women and children's facilities, the construction of world-class cities, and welfare of senior citizens. Here are the highlights of the budget presented by Finance Minister...
  • Budget 2014: Jaitley keeps rules of Retrospective Taxation unchanged July 10, 2014

    New Delhi: Finance Minister Arun Jaitley on Thursday assured that the government will not change ruled on retrospective Taxation. Delivering the Budget for the Fiscal Year 2014-15, he said that the retro tax amendment will be undertaken with extreme caution. Jaitley said that all fresh cases arising out of the 2012...
  • PSU banks to raise Rs 2.40 lakh crore capital by 2018 July 10, 2014

    New Delhi: Proposing to provide greater autonomy to public sector banks, Finance Minister Arun Jaitley on Thursday said these lenders would require Rs 2.40 lakh crore capital by 2018 to meet global Basel III norms. "To be in line with the Basel III norms, there is requirement to infuse Rs 2.40...
  • Budget 2014: First test of Modi government's reform mettle July 10, 2014

    New Delhi: Prime Minister Narendra Modi faces the first major test of his reform credentials on Thursday, when his fresh-faced government presents its maiden budget amid early doubts about his willingness to make unpopular decisions. Modi, 63, won a landslide general election victory in May with a pledge to boost growth...
  • Fiscal deficit for 2014-15 projected at 4.5 per cent of GDP: Arun Jaitley July 9, 2014

    New Delhi: Finance Minister Arun Jaitley on Wednesday presented the Economic Survey 2014-15 in the Lok Sabha and pointed towards the worsening Fiscal situation. He said that the fiscal deficit for 2014-15 year is projected at 4.5 per cent of Gross Domestic Product (GDP). He assured that the government will...
  • Economic Survey highlights the 'mess' we inherited: Piyush Goyal July 9, 2014

    New Delhi: Blaming the UPA-led government for the poor state of economy, Power Minister Piyush Goyal on Wednesday said the new government has inherited 'mess' from the previous UPA-led regime. "A robust economy with euphoric investor sentiment that NDA left in 2004, has been brought down to a faltering economy with...