Finance Ministry

December 12, 2024 3:34 PM

Tax refunds up by 46.31% to ₹3.08 lakh crore in April-Nov 24: Finance Ministry

The Finance Ministry announced on Thursday that tax refunds between April 1 and November 27, 2024, surged by 46.31% compared to the same period last year. In the financial year 2024-25, refunds amounting to ₹3.08 lakh crore were issued, significantly higher than the ₹2.03 lakh crore issued during the same period in 2023. "The Income Tax Return (ITR) portal managed high traffic efficiently this year, processing over 900 filings per second at peak times. A record 69.93 lakh ITRs were filed on...

November 25, 2024 5:13 PM

Inflation to ease, economic growth to accelerate in coming months: Finance Ministry

India's food inflation is likely to ease while the growth outlook for the economy is "cautiously optimistic" for the coming months as the agricultural sector is likely to benefit from favourable monsoon conditions, increased minimum support prices and adequate supply of inputs, according to the Finance Ministry's monthly economic review released on Monday. India's retail inflation jumped to 6.21 percent in October, marking a 14-month high, driven by elevated food inflation in a few vegetables. ...

September 27, 2024 1:13 PM

Govt to issue Rs 20,000 cr ‘Sovereign Green Bonds’ in four tranches this fiscal

The central government has announced plans to collect ₹20,000 crore through the issuance of 'Sovereign Green Bonds' in the second half of the financial year 2024-25 (October-March), Finance Ministry said in a press release. The government aims to complete its borrowing for the latter half of FY25 through a series of 21 weekly auctions. The green bonds will be issued in four tranches, each valued at ₹5,000 crore. The first tranche will consist of a 10-year Sovereign Green Bond, scheduled for...

September 16, 2024 4:22 PM

Independence Day 2024: Road to Reform is Blueprint for Growth, says PM Modi

In his address marking the 78th Independence Day, Prime Minister Narendra Modi praised the reforms in India's banking sector from the ramparts of the Red Fort. He emphasized that these reforms have significantly strengthened the country's banking system, placing Indian banks among the strongest in the world. "The banks were in trouble, we made several reforms and today our banks are counted among the strongest banks in the world. This increases the strength of the formal economy," PM Modi said....

June 11, 2024 9:12 AM

Centre releases over Rs 1.39 lakh crore in tax devolution to support state finances & development

The Centre has announced the release of a significant installment of one crore thirty-nine thousand 750 crore rupees in tax devolution to states. The Finance Ministry said yesterday that the release, which includes both the regular allocation for June and an additional installment, is aimed at bolstering state government capacity to accelerate development and capital expenditure. It further said that as of today, the total amount devolved to states for the fiscal year 2024-25 stands at t...