The 21st meeting of FSDC comes against the backdrop of the economy hitting a six-year low growth rate of 5 per cent in the first quarter of 2019-20. Even some of the macroeconomic data for the second quarter does not portray an encouraging picture of the economy.
The top court had granted bail to Chidambaram in the case lodged by the CBI saying he is neither a "flight risk" nor is there a possibility of "his abscondence from the trial".
The meeting is expected to review fund flow to stressed NBFC and MSME (micro, small and medium enterprises) sectors, sources said.
The bank was put under "directions" by the Reserve Bank of India (RBI) last month due to weak financial health, wherein the central bank has capped the deposit withdrawals at Rs 25,000.
7th Pay Commission: In great news, Cabinet on Wednesday approves 78 days of bonus for Indian Railways employees, under 7th Pay Commission recommendation, said Union Minister Prakash Javadekar on Wednesday. According to reports, Rs 2024 crore will be spent on this exercise and around 11 lakh employees will be benefited.
The Road Transport and Highways Minister also said a scrappage policy, which also includes two-wheelers, is in the works and will be launched soon.
She will address media on "Furthering Development -- 100 days of bold initiatives, decisive actions of the government".
Illustrating the impact of lower GDP growth, R. Nagraj, professor of economics at Indira Gandhi Institute of Development Research, said that given per capita monthly income of Rs 10,534 in 2018-19, annual GDP growth of 5% means that the per capita income will go up by Rs 526 in FY20.
Tax experts said that the clarification has watered down the expected benefits of the government announcement and can make return-filing very complicated. One of them said that the structure is very "ridiculously worked out" as it makes things very complex.
The rollback comes after Indian capital markets witnessed massive outflow of foreign funds in the month of July.
UP Finance Minister Rajesh Agarwal Resigns Day Before Cabinet Reshuffle
Justifying raising of tax incidence on the super-rich, the finance ministry said the highest tax rate in India was still lower than many countries, including the US and China, and it was a worldwide phenomenon to ask the super-rich to pay extra tax.
Finance Minister Nirmala Sitharaman on Saturday said the non-banking finance company (NBFC) sector crisis has plateaued but not ended yet and her ministry will monitor the emerging situation with the RBI, a day after she announced a slew of measures to address the lending concerns of the NBFCs.
In a bid to lower domestic interest rates, Finance Minister Nirmala Sitharaman has proposed raising a part of the government's gross borrowings from abroad.
In a bid to lower domestic interest rates, Finance Minister Nirmala Sitharaman has proposed to raise a part of the government's gross borrowings from overseas.
Former Prime Minister Indira Gandhi was the first and only women till now to have presented the Union Budget. In 1970, she presented the Union Budget of India for 1970-71, after she took over the finance portfolio following the resignation of Morarji Desai as finance minister.
Budget 2019: When and where to watch Union Budget 2019 India: Finance Minister Nirmala Sitharaman will present her maiden Union Budget 2019 speech in the Parliament on Friday at around 11 am. Nirmala Sitharaman will be the first woman full-time Finance Minister to present Union Budget in the Parliament.
The Finance Ministry has made progress in the strategic sale of 28 state-owned companies, of which three have already been sold off in the previous fiscal. The Department of Investment and Public Asset Management (DIPAM) had raised about Rs 85,000 crore from CPSE disinvestment in 2018-19
Replying to a question, the finance mnister said RBI was closely monitoring the liquidity position of NBFCs and will continue to monitor the activity and performance of the sector with a focus on major entities and their interlinkages with other sectors.
The Union Budget 2019-20, to be presented later this week, will be the decisive factor for equity markets going ahead and investors are likely to be in a 'wait and watch' mode ahead of the mega event, analysts said.
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