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Economic prospects look bright in near term: FinMin

Indian economy is showing "bright" near-term prospects, but reducing fiscal deficit to 3.5 percent of GDP in 2016-17 is a challenge because of additional liabilities on account of pay revision, the government said.

SBI secures $625 million from World Bank for solar programme

SBI secures $625 million from World Bank for solar programme

State Bank of India has inked agreements with the World Bank for a USD 625 million (around Rs 4,200 crore) facility to support grid connected rooftop solar programme in the country.

Finmin promises to resolve tax concerns of FPIs

Government on Tuesday promised to address tax concerns of foreign portfolio investors (FPIs) even as it nudged them to set up permanent establishment in the country.

Finmin seeks list of wilful bank loan defaulters by month-end

"We have asked banks to provide list of wilful defaulters which is expected in the last week of this month," Secretary Department of Financial Services Hasmukh Adhia told PTI.

FinMin frontloads FY16 borrowing;RBI says huge supply of bonds

As they scotch murmurs of their 'differences' over public debt management, the government today frontloaded its market borrowing for next fiscal with plans to raise Rs 3.6 lakh crore in the first half, even as RBI voiced concern over a "huge supply" of government bonds.

FinMin to start budgetary exercise tomorrow

The Finance Ministry will start the budgetary exercise tomorrow, with the Expenditure Secretary meeting various ministries starting with Law and Justice and Information & Broadcasting.

FinMin shortlists B Sriram, V G Kannan for MD posts of SBI

The Finance Ministry has shortlisted two senior officials of State Bank of India (SBI) for the post of managing directors of the country's largest bank.

FinMin clears SPV proposal for electronic clusters

In July 2012, the Cabinet had approved the proposal to offer financial support for the development of EMCs.

FinMin expects $25 bn inflows via swap windows by Nov-end

"Till November 30, our (FCNR-B) window is open. We might even touch USD 25 billion," Economic Affairs Secretary Arvind Mayaram told reporters here on Tuesday.

FinMin seeks DoT's view on attracting top global telecom firms

After allowing 100 percent FDI in the telecom sector, the government is making efforts to attract global giants such as China Telecom to help revive investment flows, sources said.

FinMin to review performance of major govt schemes in July

Finance Ministry will next month review financial and operational performance of about major 70 schemes, like mid-day meal, bank recapitalisation and rural employment guarantee scheme, and has sought expenditure details from the concerned ministries and departments.

FinMin verifying outward remittances made in 2011-12 fiscal

For 2011-12, there were 7,56,741 foreign remittances made from India with money worth Rs 3,56,461 crore going out of India, he added.

Examining 2-3 models by PlanCom, Finmin on PPP model: Coal Min

The panel is required to devise a PPP policy framework in order to increase production of coal.

FinMin to soon notify 30% investment cap for LIC: Takru

Justifying the decision to treble LIC's investment limit, Takru said the Corporation was sitting on trillions of rupees which have to be invested.

FinMin forms panel to rationalise FII, FDI definition

"In accordance with the budget announcement, a committee is hereby constituted, to examine and work out the details of the application of the principle followed internationally for defining FDI and FII," the Ministry said on Tuesday.

FinMin meets PSU officials, discusses surplus fund utilisation

Economic Affairs Secretary Arvind Mayaram met top officials of bluechip PSUs and discussed possible ways to efficiently utilise their surplus cash that would boost investments and spur economic growth, sources said.

FinMin likely to take up IKEA's Rs 10,500cr proposal on Nov 20

The Finance Ministry said the next meeting is scheduled for November 20. It, however, said "agenda for the meeting will follow".

FinMin says working on modifying 'outdated' MSME definition

As per the MSME Development Act of 2006, two categories viz services and manufacturing have been created and investment sizes set, according to which companies are classified.

Finmin asks banks to prepare capital requirement plan

In order to finalise the additional capital allocation, the Finance Ministry will hold discussion with the management of the public sector banks between August 15-31, official sources said.

Declining trend in inflation likely to continue: FinMin

With inflation moderating in June over the previous month, the Finance Ministry said the decline is likely to continue with improvement in food supply situation.