Search Result for : Economic Affairs Secretary

The Dollar Business Bureau Subhash Chandra Garg, a senior bureaucrat on Wednesday took charge as the new Secretary of Department of Economic Affairs (DEA), Ministry of Finance. Garg succeeds Shaktikanta Das, who had retired on May 31 after an extended term. Tapan Ray, Corporate Affairs Secretary, was handling the additional charge of Economic Affairs Secretary after the exit of Das. “Subhash Chandra Garg assumed charge as full-time Secretary, Department of Economic Affairs, said an official statement on Wednesday. In his immediate preceding posting, Garg has served as the Executive Director, World Bank for India, Bhutan, Bangladesh and Sri Lanka. He is a 1983 batch IAS officer, from Rajasthan cadre and has worked in various capacities with the central government. “Garg has widespread administrative experience ...

Ranjeet Mahtani & Sweta Rajan All eyes and ears are on the GST Council's meeting this weekend. At the time of stop press, the update is that the GST Council has reached a consensus on the CGST  and IGST bills, but the State GST bill could not be discussed - it emerges that some amendments by the Law Department are yet to be incorporated. These agreed bills will be taken up later this month by the Parliament, and the GST Council will have a further meeting on March 16th. Ahead of the GST Council’s meetings today, March 4th and tomorrow, a limited indication of some of its proposals to the provisions of the GST laws has been provided.  Peak rate at 40% One such ...

The Dollar Business BureauUnderlining India’s strong macroeconomic parameters, the government on Tuesday held a meeting with the global credit rating agency Fitch and pitched for an upgrade in the country’s credit rating. Finance ministry officials explained to the agency about the government’s intended fiscal disciplines while indicating that the Union Budget 2017 will spur economic growth in the country. Recently, several credit rating agencies have denied providing an upgrade to the country’s credit ratings, citing reasons such as stressed balance sheets of corporates as well as banks. The government officials also asked Fitch to explain how it rated the credit ratings of any country. The Fitch officials, in turn, explained that they considered the government’s structural reforms, which ...

The Dollar Business Bureau Shaktikanta Das, Economic Affairs Secretary, said that India is trying to enhance shipments to China in order to reduce the trade deficit, which reached $46 billion in 2016. "Our commerce and trade department is working with China to increase our exports there. So that there is parity in trade with China," Das said while interacting with the Chinese media delegation in New Delhi. In 2016, trade between the two countries was $71 billion. But India had a huge trade deficit of $46 billion with China. The Finance Ministry, in a series of tweets, said that India is intending to augment exports to China and was also working on that. For sustainable trade ties, trade balance is required between China and India ...

The Dollar Business Bureau The government has yet to come to a decision with regards to tax on banking transactions, but it has got various recommendations from the Committee of Chief Ministers, constituted by the NITI Aayog, said Economic Affairs Secretary, Shaktikanta Das on Thursday. “The government is carefully examining the report, no decision has been taken so far, as and when a decision is taken, naturally government will give it out,” said Das, while speaking at the ASSOCHAM’s 96th Annual Function in New Delhi. Mentioning the strong fiscal foundation of India, he said that the fiscal deficit of the country has gradually been cut down,and that it is essential to find the perfect balance between the public expenditure requirements and fiscal consolidation by focussing those ...

Source: PTI The government and RBI are prepared to deal with any eventuality arising out of the US Federal Reserve's action on interest rates later this week, the Finance Ministry said on Monday. “The government and RBI, we are prepared for all eventualities, as and when the situation emerges. I am confident we will be able to deal with it,” Economic Affairs Secretary Shaktikanta Das said at an ICRIER event in New Delhi. He was replying to a query on whether the government is prepared to deal with the challenges posed by a possible interest rate hike by the United States on September 17. “The US policy stance is something which has been expected for the past two years or so. ...