March 4, 2020
US-based think tank Global Financial Integrity (GFI) recently released a report titled “Trade-related Illicit Financial Flows in 135 Developing Countries: 2008-2017”. As per the report, five countries with the largest gaps were China ($457.7 billion), followed by Mexico, India, Russia and Poland. India has the third-highest trade-related illicit financial flow escaping the government’s tax net, with $83.5 ..
February 3, 2020
In the recent Union Budget 2020-21, the government has estimated the fiscal deficit target for 2020-21 at 3.5 per cent of GDP (Budget Estimate). The fiscal deficit target for 2019-20 was estimated at 3.3% earlier, which has also been revised to 3.8% of GDP, citing revenue shortage as the reason. Under the Fiscal Responsibility and ..
February 3, 2020
In the Union Budget 2020-21, the Government has set its disinvestment target at ₹ 1.2 Lakh Crores for the fiscal year 2020-21. The government also expects ₹90,000 crore revenue from disinvestment of government stake in public sector banks and financial institutions, including the LIC and IDBI bank. This is in addition to the 1.2 Lakh Crore ..
February 1, 2020
The National Statistical Office released revised estimates for economic growth of India for the last three years, on January 31,2020. As per the report, it fixed the actual GDP growth 2018-19 at 6.1%, against its previous estimate of 6.8%, estimated in May 2019. The National Statistical Office also stated that the main reason for the ..
December 5, 2019
In early December, the Prime Minister of India and the President of Maldives jointly inaugurated 4 development projects in the island nation: LED lighting project in Mahe – will save 80% of energy. RuPay card facility launched in Maldives. Inauguration of 3 fish processing plants in Addu Atoll. (Kaamiyaab) Fast Interceptor Craft gifted to Maldives ..
November 29, 2019
The Union Minister of Finance and Corporate Affairs, Nirmala Sitharaman on Thursday, 28 November 2019 sought Parliament’s approval for capital infusion as a part of the first supplementary demand of grants for Rs 21,246.16 crore which will include: 1)About Rs, 8,820 crores will be spent for the newly-formed Union Territories of Ladakh and Jammu and ..
November 16, 2019
On 15 Nov, the three judge bench of the Supreme Court has accepted world’s largest steelmaker, Arcelor Mittal’s offer to pay an aggregate Rs 42,000 crore as an upfront amount to the secured financial creditors of bankrupt Essar Steel. This creates a path for Arcelor Mittal to take over Essar and enter the world’s second ..
November 16, 2019
On 15 Nov, the Ministry of Corporate Affairs (MCA) has notified the Insolvency and Bankruptcy (Insolvency and Liquidation Proceedings of Financial Service Providers and Application to Adjudicating Authority) Rules, 2019 (Rules). The rules will provide a framework for insolvency and liquidation proceedings of Financial Service Providers (FSPs) other than banks. These rules will be applicable ..
