financeminister

26 Jul

No plan to print currency notes to tide over crisis: FM

editor0 CommentsBusiness, Indiafinanceminister, Nirmala Sitharaman

The government has no plan to print currency notes to tide over the current economic crisis triggered by the outbreak of COVID-19 pandemic, Finance Minister Nirmala Sitharaman informed Parliament on Monday. To a question on whether there is any plan to print currency to tide over the crisis, the Finance Minister said, “No Sir”. Many economists and experts have suggested the government to resort to printing more currency notes to support the economy ravaged by the spread of COVID-19, and protect jobs. India’s real Gross Domestic Product (GDP) is estimated to have contracted by 7.3 per cent during 2020-21, Sitharaman…

01 Sep

GST compensation CRISIS: State govts ask Centre to borrow and pay

editor0 CommentsBusinessCENTREGOVERNMENT, FINANCE, financeminister, GST, Indian government

Terming the two options proposed by the Union government as“unconstitutional,” “illegal” and “a betrayal of the spirit ofcooperative federalism,” key opposition-ruled states pressed theCentre to borrow in order to compensate states for the entire goodsand services tax (GST) shortfall ‘regardless of Act of God’.While six states – Kerala, Telangana, Chhattisgarh, Delhi, Punjaband West Bengal – huddled over a video-conference meeting onMonday to thrash out a strategy to take on the Union government,some states separately shot off letters to the Centre, expressingdisapproval of putting the onus of borrowings on states.The finance ministry on Saturday officially communicated the finerdetails of the two…