Covid-19 pandemic has triggered the worst global recession in 2020 since the Great Depression; the adverse economic impact is, however, expected to be lesser than initially feared. The resulting economic crisis has led to a sharp decline in global trade, lower commodity prices and tighter external financing conditions with varying implications for current account balances and currencies of different countries. ...

India must continue to focus on Economic Growth to Alleviate Poverty: Economic Survey 2020-21 “Given India’s stage of development, India must continue to focus on economic growth to lift the poor out of poverty by expanding the overall pie.” Laying a clear cut emphasis on economic growth, the Economic Survey 2020-21 was tabled by the Union Minister for Finance & ...

The Department of Expenditure, Ministry of Finance has released an amount of Rs.12,351.5 crore to 18 States for providing grants to the Rural Local Bodies (RLBs).  This amount is the 2nd instalment of basic grants released in the financial year 2020-21. The grant has been released to 18 States who have provided the Utilisation Certificate for the first instalment and on ...

The Ministry of Finance, Department of Expenditure has released the 13th weekly instalment of Rs. 6,000 crore to the States today to meet the GST compensation shortfall. Out of this, an amount of Rs. 5,516.60 crore has been released to 23 States and an amount of Rs. 483.40 crore has been released to the 3 Union Territories (UT) with Legislative Assembly ...

Madhya Pradesh has become the first State to get additional funds for capital projects for successfully carrying out reforms in various citizen-centric areas.  The Department of Expenditure, Ministry of Finance has allocated additional Rs.660 crore to the State for capital expenditure for undertaking the One Nation, One Ration Card Reforms, Ease of Doing Business Reforms, and Urban Local Bodies Reforms. ...

Recognising their critical contribution in supporting the economy especially during the present difficult times of COVID-19 pandemic, Central Board of Indirect Taxes & Customs (CBIC) has taken a new initiative to introduce its flagship “Liberalised MSME AEO Package” for Micro Small and Medium Enterprises (MSMEs). In order to attract MSMEs to become Authorised Economic Operators (AEOs) and avail the various ...

The National Statistics Office (NSO) released today the first Advance Estimates (AE) of GDP for the year 2020-21. The real GDP at 2011-12 prices in 2020-21 has been estimated to contract by 7.7 per cent and nominal GDP at current prices by 4.2 per cent. As per quarterly estimates of NSO, real GDP contracted by 15.7 percent in first half ...

Governments of Kerala and West Bengal have communicated their acceptance of Option-1 to meet the revenue shortfall arising out of GST implementation.  The number of States who have chosen this option has gone up to 25. All the 3 Union Territories with Legislative Assembly (i.e. Delhi, Jammu & Kashmir and Puducherry) have also decided in favour of Option-1. The States ...

Union Minister for Finance & Corporate Affairs Smt. Nirmala Sitharaman has announced 12 key measures, as part of Government of India’s stimulus to the economy, under AatmaNirbhar Bharat 3.0. The net stimulus announced today amounts to ₹ 2.65 Lakh crore. While addressing the Press Conference here today , SmtSitharaman also informed that the total stimulus announced by the Government and Reserve Bank ...

In exercise of the powers conferred by sub-section (2) of section 14 of the Customs Act, 1962 (52 of 1962), the Central Board of Indirect Taxes & Customs, being satisfied that it is necessary and expedient to do so, hereby makes the following amendments in the notification of the Government of India in the Ministry of Finance (Department of Revenue), ...