upi: UPI transactions grow 7.7 per cent to 730 crore in October

UPI transactions in India surged 7.7 per cent to 730 crore and the total value stood at more than Rs 12.11 lakh crore in October from 678 crore worth Rs 11.16 lakh crore in September. The number of instant interbank fund transfer through IMPS (Immediate Payment Service) in October stood at 48.25 crore and the … Read more

India economy news: Centre on firm fiscal footing, H1 deficit at 37.3% of FY23 BE

The Centre’s fiscal situation remained comfortable at the end of first half of FY23, as robust tax collection helped offset increased fertiliser and food subsidy burden, data released on Friday showed. The fiscal deficit at the end of September was 37.3% of the budget estimate for FY23, marginally higher than 35% a year earlier. In … Read more

72% of budgeted fund under MGNREGS released to states so far, says Centre

The Centre has released more than 72 per cent of the total amount allocated for MGNREGS in the 2022-23 budget to states so far, the Rural Development Ministry said on Saturday. In the Union Budget for 2022-23, Rs 73,000 crore was allocated for the Mahatma Gandhi National Rural Employment Guarantee Scheme (MGNREGS), out of which … Read more

world bank: Finance Minister Nirmala Sitharaman urges World Bank to avoid “unidimensional” view of subsidies

Finance Minister Nirmala Sitharaman, while speaking at an intervention of the World Bank Development Committee‘s meeting, urged the World Bank to avoid having a “unidimensional” view of the subsidies that the Indian government provides. She asserted that it is important to differentiate between “distortive subsidies” and “targeted support” to vulnerable households. She said that the … Read more

mauro: India’s direct benefit transfer scheme is a logistical marvel: IMF Paola Mauro

A senior official of the International Monetary Fund (IMF) has applauded India for its seamless direct benefit transfer programme. India’s case is “quite impressive” given the “sheer size” of the country, said Paolo Mauro, deputy director of the fiscal affairs department, responding to a question on its successful implementation by the government. Mauro was addressing … Read more

cash transfer scheme: IMF calls India’s deployment of cash transfer scheme a ‘logistical marvel’

The International Monetary Fund (IMF) on Wednesday lauded India. It called deployment of a direct cash transfer scheme and other similar social welfare programmes a “logistical marvel”. “From India, there is a lot to learn. There is a lot to learn from some other examples around the world. We have examples from pretty much every … Read more

banking fees: Investment banking fees in India fall 23 pc to USD 668.4 mn in Jan-Sep: Refinitiv Report

India‘s investment banking fees reportedly fell by 23 per cent to USD 668.4 million according to a market analysis. This is the first in nine months of 2022 that the country witnessed such a sharp decline, making it the lowest since 2016. According to the Refinitiv data, the world’s largest providers of financial markets data … Read more

Direct tax collection grows 24 per cent to Rs 8.98 lakh crore till Oct 8

The Finance Ministry on Sunday informed that India‘s direct tax collection surged 24 per cent to Rs 8.98 lakh crore between April 1 – October 8, 2022. The gross collection of taxes on corporate earnings rose 16.74 per cent during April 1 to October 8, while personal income tax collection jumped 32.30 per cent, reported … Read more

shaktikanta das: India’s forex umbrella continues to remain strong despite uncertainty, valuation changes: RBI Governor Shaktikanta Das

The Reserve Bank of India Governor Shaktikanta Das on Friday said that the central bank’s forex reserves umbrella has continued to remain strong despite uncertainty in markets. He said the RBI has been intervening in the forex market based on continuous assessment of the prevailing and evolving situations. Das said about 67 per cent of … Read more

Government cuts market borrowing target for FY23 by ₹10kcr

The government on Thursday marginally cut its planned market borrowing for the current fiscal year, sending a strong signal that the fiscal situation is comfortable despite higher expenditure on food and fertiliser subsidies. The lower-than-budgeted borrowing plan is expected to provide some comfort to the jittery bond market, ahead of the Reserve Bank of India … Read more