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<ul><li>The <keyword id="156153" type="General" weightage="100" keywordseo="ministry-of-finance" source="Orion">Ministry of Finance</keyword> is recruiting 15 paid and 10 unpaid interns for a duration of 3-6 months.</li><li>The online application window will close on June 16, 2022.</li><li>Candidates can expect a stipend ranging between ₹10,000-20,000 depending upon their qualifications.</li></ul>The Ministry of Finance is inviting applications to fill 15 internship posts at the Department of Economic Affairs for a period of three to six months. The role is open for PhD and postgraduate students working on specific issues such as microeconomic management, economic reforms, capital markets, exchange management, foreign investment in India and Indian investment abroad, monetary policy and others. The online application window is open and the last day to apply for the opportunity is June 16. <cmsannotation type="cmsannotation" annotationid="Stipend" comment="subhead" text="Stipend">Stipend</cmsannotation> Post-graduate students will get a token remuneration of ₹10,000 per month, while PhD students will receive ₹20,000 per month on completion of their internship after submitting a report, a paper or feedback. The ministry will also be hiring ten additional unpaid interns out of those who are not selected for the paid internship. <cmsannotation type="cmsannotation" annotationid="Eligibility criteria for the internship" comment="subhead" text="Eligibility criteria for the internship">Eligibility criteria for the internship</cmsannotation> Candidates pursuing post-graduation (session 2021-23) or Ph.D. in economics/law/ finance/ or management from universities/ institutions ranked among the top 25 as per the National Institutional Ranking Framework. <cmsannotation type="cmsannotation" annotationid="Certificate of Internship" comment="subhead" text="Certificate of Internship">Certificate of Internship</cmsannotation> The certificate will be issued to the Interns on satisfactory completion of their internship of not less than three months and submission of their report/ paper/ feedback/ attendance certificate duly certified by the divisional head. <cmsannotation type="cmsannotation" annotationid="How to apply" comment="subhead" text="How to apply">How to apply</cmsannotation> Interested and eligible candidates can apply for the opportunity before June 16, 2022, on the official website of<a href="https://dea.gov.in/"> the Ministry of Finance</a>. <ol><li>Open the official website on any smart device. </li><li>Click on the link ‘Internship Scheme of the Department of Economic Affairs for the year 2022-23’. </li><li>Fill up your details and register yourself. </li><li>Add three divisions of interest in order of preference, duration of availability and complete the application form. </li><li>Submit the application form by clicking on ‘Submit’.</li></ol> Candidates will be shortlisted by a committee of senior DEA officers on the basis of the application form. Interested candidates may seek more information <a href="https://dea.gov.in/sites/default/files/internship%20ad%202022-23.pdf">here</a> and apply <a href="https://dea.gov.in/">here</a>. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="http://www.businessinsider.in/business/auto/news/maruti-suzuki-will-gain-the-most-from-economic-recovery-and-also-regain-lost-market-share-say-brokerages/articleshow/92171487.cms">Maruti Suzuki will gain the most from economic recovery and also regain lost market share, say brokerages</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="http://www.businessinsider.in/business/news/indias-indigenous-drones-set-to-take-flight-but-concerns-remain-say-experts/articleshow/92171103.cms">India's indigenous drones set to take flight but concerns remain, say experts</a>

Ministry of Finance is hiring interns with a maximum stipend of ₹20,000 per month

<keyword id="19896016" type="General" weightage="20" keywordseo="new-delhi" source="keywords">New Delhi</keyword> [India], January 29 (<keyword id="19904948" type="General" weightage="20" keywordseo="ani" source="keywords">ANI</keyword>): The Indian economy is projected to grow close to 7 per cent in the financial year 2024-25 that starts this April, said the <keyword id="19908390" type="General" weightage="20" keywordseo="ministry-of-finance" source="keywords">Ministry of Finance</keyword> in its monthly review report. The strength of domestic demand has driven the economy to a 7 per cent plus growth rate in the last three years. <keyword id="19895063" type="General" weightage="20" keywordseo="india" source="keywords">India</keyword>'s economy grew 7.2 per cent in 2022-23 and 8.7 per cent in 2021-22. The Indian economy is expected to grow 7.3 per cent in the current financial year 2023-24, remaining the fastest-growing major economy. The robustness seen in domestic demand -- private consumption and investment -- traces its origin to the reforms and measures implemented by the government over the last 10 years, said the report issued by <keyword id="19912839" type="General" weightage="20" keywordseo="department-of-economic-affairs" source="keywords">Department of Economic Affairs</keyword>. "The supply side has also been strengthened with investment in infrastructure - physical and digital - and measures that aim to boost manufacturing. These have combined to provide an impetus to economic activity in the country," the review report noted. "Accordingly, in FY25, real GDP growth will likely be closer to 7 per cent." There is, however, considerable scope for the growth rate to rise well above 7 per cent by 2030, the report added. "The rapidly expanding digital infrastructure is continuously improving institutional efficiency. Technological progress is picking up pace with rising collaboration with foreign partners in the production of goods and services. Decisive steps have been taken to speed up human capital formation. Finally, the overall investment climate is increasingly becoming more favourable with sustained enhancement in the ease of doing business." In the next three years, India is expected to become the third-largest economy in the world, with a GDP of USD 5 trillion, it asserted. India can aspire to become a USD 7 trillion economy in the next six to seven years (by 2030), it said. "This will be a significant milestone in the journey to delivering a quality of life and standard of living that match and exceed the aspirations of the Indian people." Firm GDP growth forecasts, inflation at manageable levels, political stability at the central government level and signs that the central bank is done tightening its monetary policy have all contributed to painting a bright picture for the Indian economy. (ANI)

Indian economy likely to grow 7% next financial year: Ministry of Finance

Prime Minister Narendra Modi intervened to end the battle between the department of industrial policy and promotion (<keyword id="6391107" type="ORGANIZATION" weightage="100" keywordseo="DIPP">DIPP</keyword>) and the <keyword id="47209" type="ORGANIZATION" weightage="80" keywordseo="Finance-Ministry">Finance Ministry</keyword> to exercise control over the Foreign Investment Promotion Board (<keyword id="6360345" type="ORGANIZATION" weightage="100" keywordseo="FIPB">FIPB</keyword>). 
 
DIPP, at present, is a part of the Ministry of Commerce and Industry. "It has been decided that FIPB will remain with the Finance Ministry," a senior government official said. The Modi government wants to ensure that the policy regime encourages foreign investors to invest in the country. 
 In order to ensure effective coordination between ministries, Modi had given <keyword id="129243" type="PERSON" weightage="60" keywordseo="Nirmala-Sitharaman">Nirmala Sitharaman</keyword> independent charge of commerce and industry and also made her the Minister of State for Finance and Corporate Affairs. DIPP had asked for moving FIPB back into its fold after the Modi government took charge. 
 
The Department of Economic Affairs (DEA), which is a part of the Finance Ministry, had also asked for absolute control of the FIPB, including the policy on foreign direct investment.

FIPB To Remain Under Finance Ministry

New Delhi [India], February 1 (ANI): Ahead of the presentation of the interim budget 2024-2025, Union Finance Minister <keyword id="19916618" type="General" weightage="20" keywordseo="nirmala-sitharaman" source="keywords">Nirmala Sitharaman</keyword> arrived at the Ministry of Finance on Thursday. MoS finance Bhagwat Karad and Pankaj Chaudhary also accompanied her to the finance ministry. The Union Finance Minister will table the interim budget as the <keyword id="19895394" type="General" weightage="20" keywordseo="lok-sabha" source="keywords">Lok Sabha</keyword> polls are due to be held this year. This will be her sixth Budget as the Finance Minister and last in the second term of the Modi government. The interim budget will take care of the financial needs of the intervening period until a government is formed after the Lok Sabha polls. A full budget will be presented by the new government. The Budget Session of Parliament commenced on Wednesday with President Droupadi Murmu addressing a joint sitting of Lok Sabha and <keyword id="19895369" type="General" weightage="20" keywordseo="rajya-sabha" source="keywords">Rajya Sabha</keyword>. <keyword id="19916494" type="General" weightage="20" keywordseo="sitharaman" source="keywords">Sitharaman</keyword> equaled the record of former Prime Minister Morarji Desai, who as finance minister, presented five annual budgets and one interim budget between 1959 and 1964. In her address, the President said 2023 was a historic year for the country and among other steps, the country kept up the momentum of being the fastest-growing major economy. "The year 2023 was a historic year for <keyword id="19895063" type="General" weightage="20" keywordseo="india" source="keywords">India</keyword> when it grew the fastest among major economies despite the global crisis. India grew about 7.5 per cent for two consecutive quarters," she said. The last session before Lok Sabha polls, expected to be held in April-May this year, will have a total of eight sittings spread over 10 days. A day before the session was set to start, Parliamentary Affairs Minister Pralhad Joshi, at an all-party meeting, said the budget session would mainly be devoted to the financial business relating to the interim union budget for 2024-25 and discussion on the Motion of Thanks on the President's Address. However, essential legislative and other business may also be taken up during this session. The all-party meeting was attended by 45 leaders from 30 political parties. In addition, he also informed that Supplementary Demands for Grants for 2023-24 in respect of the Union Government will be discussed. The presentation and discussion on the Interim Budget of the Union Territory of Jammu and Kashmir for 2024-25 along with Supplementary Demands for Grants of Union Territory of Jammu and Kashmir for the financial year 2023-24 will also be taken up and voted. The Indian economy is projected to grow close to 7 per cent in the financial year 2024-25 which starts this April, said the Ministry of Finance in a review report. India's economy grew 7.2 per cent in 2022-23 and 8.7 per cent in 2021-22. The Indian economy is expected to grow 7.3 per cent in the current financial year 2023-24, remaining the fastest-growing major economy. The last full Budget of Modi government 2.0 had proposed to increase capital expenditure outlay by 33 per cent to Rs 10 lakh crore in 2023-24, which would be 3.3 percent of the GDP. It was almost three times the outlay in 2019-20. (ANI)

Nirmala Sitharaman arrives at Finance Ministry ahead of Budget 2024

The <keyword id="47209" type="ORGANIZATION" weightage="100" keywordseo="Finance-Ministry">finance ministry</keyword> has supported the scrapping of restrictions on <keyword id="436047" type="UNKNOWN" weightage="20" keywordseo="Ecommerce">ecommerce</keyword> companies that have overseas investment, for example, those on directly offering discounts to clients, said an official. 
 "This condition (directly or indirectly impacting discounts) is arbitrary," the individual said. “It unnecessarily creates confusion.” The foreign direct investment (FDI) policy permits companies, for example, <keyword id="6354742" type="COMPANY" weightage="20" keywordseo="Flipkart">Flipkart</keyword> and Amazon to function as market places or stages for purchasers and sellers to transact. Be that as it may, discounts, a basic component of the ecommerce model, must be offered by sellers and not the market places. 
 
The finance ministry is of the view that this and different curbs have offered ascend to disarray and could discourage investments, offering support that could give a straightforward and clear policy for online retail. 
 
A Niti Aayog board is assessing the general policy system for ecommerce and is relied upon to solidify its perspectives on the matter in a month. It had held discussions on the matter with stakeholders. 
 
A decision will be taken after the committee presents its proposals. The Department of Industrial Policy and Promotion (DIPP) issued a press note in March clearing up the provision relating to ecommerce. 
 
The policy permits 100% FDI in the market put model through an automatic route. Be that as it may, it additionally lays out the guidelines for price cuts. 
 
“Ecommerce entities providing market place will not directly or indirectly influence the sale price of goods or services and shall maintain level playing field,” the policy states. Other than that, no single vendor can represent more than a fourth of aggregate deals on the portal. 
 
It likewise discounts FDI in the stock based model, so foreign subsidized ecommerce companies can't purchase merchandise, stock them and then retail them to shoppers online. 
 
The restrictions were forced after businesses griped against online discounts and looked for a level playing field. North Block is of the view that this segment can be a much greater investment draw if the rules are relaxed, creating more jobs. 
 
The finance ministry is keen to achieve consistency and clarity in the foreign investment administration other than empowering technology and innovation.

Finance Ministry easens policies on FDI in ecommerce

The Finance Ministry on Friday evening clarified that the securities transaction tax (STT) on options trading has been hiked by 25 per cent from 0.05 per cent to 0.0625 per cent, and not from 0.017 per cent to 0.021 per cent, saying that it was a typographical error and the rectification will be done in accordance with the extent procedure of the government. The <keyword id="16937384" type="General" weightage="20" keywordseo="STT-for-futures-trading" source="Orion">STT for futures trading</keyword> remains the same, as was announced in the amendments to the <keyword id="16001498" type="General" weightage="20" keywordseo="finance-bill-2023" source="Orion">Finance Bill 2023</keyword>, i.e., it has been raised to 0.0125 per cent from 0.01 per cent. The hikes in STT for both futures and options trading would be effective from April 1, 2023. In short, the STT has been hiked by up to 25 per cent on futures and options (F&amp;O) trading as per the amendments to the <keyword id="123776" type="General" weightage="20" keywordseo="finance-bill" source="Orion">Finance Bill</keyword> 2023, which was passed in the Lok Sabha earlier in the day through voice vote, without any discussion. By effecting a <keyword id="16937385" type="General" weightage="20" keywordseo="hike-in-STT-on-FO-trading" source="Orion">hike in STT on F&amp;O trading</keyword>, the government aims to tax such transactions more as turnover is higher in them. As per the amendments, option traders will have to pay Rs 6,250 for every Rs 1 crore worth of turnover as against Rs 5,000 that is being paid currently, which translates into a hike of around 25 per cent. Also, traders will now have to pay STT of Rs 1,250 on Rs 1 crore of turnover while selling futures. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/careers/news/desk-bombing-monk-mode-other-emerging-trends-at-the-workplace-as-per-linkedin/slidelist/98973217.cms">Desk-bombing, monk mode &amp; other emerging trends at the workplace</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/finance/banks/news/haircut-on-cases-resolved-through-ibc-not-very-encouraging-says-kotak-report/articleshow/98972743.cms">Haircut on cases resolved through IBC not very encouraging, says Kotak report</a>

Finance ministry clarifies on hike in STT on options trading

New Delhi, Jan 28 () The Finance Ministry has invited applications for the next chairman of Securities and Exchange Board of India (Sebi) to succeed Ajay Tyagi, whose three-year term comes to an end next month.
 Tyagi, a 1984 batch IAS officer of Himachal Pradesh cadre, was appointed as head of the market regulator in 2017 for the period of three years. He assumed charge on March 1, 2017.
 It was widely expected that Tyagi would get at least two years' extension given his stellar performance on the job.
 However, the public notice dated January 24 inviting application from eligible candidates indicates that the government in not inclined to give an extension of two years to the incumbent.
 Applications of eligible candidates in prescribed proforma along with attested copies of annual confidential report for the last five years, vigilance clearance and no penalty and integrity certificate in case of serving government employees should reach on or before February 10, a public notice issued by the Finance Ministry's Economic Affairs Department said.
 In the past, the government has given extension to U K Sinha for three years, making him the second longest-serving chief of Sebi.
 In case of Tyagi, the government issued appointment notification twice. According to the first notification issued on February 10, 2017, Tyagi, the then Additional Secretary (Investment) in Department of Economic Affairs, was appointed chairman of Sebi for a period not exceeding five years or till the age of 65 years or until further order, whichever is earlier.
 Subsequently, another notification curtailed his appointment to initial period of three years.
 Since age in on his side, Tyagi can apply for the job again. However, this will be considered as fresh appointment and not an extension.
 As per the procedure for the appointment of regulators, the candidates will be shortlisted by the Financial Sector Regulatory Appointments Search Committee (FSRASC) headed by Cabinet Secretary.
 The shortlisted candidates are interviewed by the panel comprising of Economic Affairs Secretary and three external members having domain knowledge.
 Based on interaction, FSRASC recommends name to the Appointments Committee of Cabinet headed by Prime Minister Narendra Modi for approval. DP SID ANS
ANS

Finance Ministry invites applications for new Sebi chief

Former BJP spokesperson, <keyword id="129243" type="PERSON" weightage="100" keywordseo="Nirmala-Sitharaman">Nirmala Sitharaman</keyword>, has been entrusted with the task of ensuring better co-ordination between the Ministries of Finance and Commerce as the government pushes for an economic turnaround. Sitharaman will hold independent charge of the Commerce and Industry Ministry and she is also the Minister of State for Finance and Corporate Affairs. 
 
The two ministries have often been at loggerheads over key policy issues. "What is important is to see where unnecessary overlaps have caused delays. If there is efficiency in bringing activities and departments together, it is beneficial for the country," said Sitharaman. 
 The first issue that Jaitley and Sitharaman will have to resolve is the foreign direct investment (<keyword id="44528" type="ORGANIZATION" weightage="100" keywordseo="FDI">FDI</keyword>) policy. The <keyword id="47209" type="ORGANIZATION" weightage="100" keywordseo="Finance-Ministry">Finance Ministry</keyword>, which looks after some aspects of the foreign investment policy under the Foreign Exchange Management Act, wants control of the FDI policy, a move strongly opposed by the Commerce and Industry Ministry. 
 
"It appears that Finance (Ministry) will call the shots on a lot of issues, especially (those) related to FDI. However, having a common minister will also mean more synergy between the two departments who have always had turf wars in the past, affecting decision-making," said a Commerce Department official.

Nirmala Sitharaman To Facilitate Co-ordination
Between Finance And Commerce Ministries

The <keyword id="47209" type="ORGANIZATION" weightage="80" keywordseo="Finance-Ministry">Finance Ministry</keyword> has given nod to constitute a committee under <keyword id="30067" type="ORGANIZATION" weightage="80" keywordseo="RBI">RBI</keyword> Deputy Governor HR Khan to look into unclaimed amounts in <keyword id="76579" type="CITY" weightage="100" keywordseo="PPF">PPF</keyword>, post office and savings schemes. The committee will recommend how this money can be used for the financial welfare of the senior citizens. 
 
The committee will submit its report by the end of this year. It will value the amount lying unclaimed and also giver its recommendation whether that amount should be placed within the government account or not. 
 Finance Minister <keyword id="42575" type="PERSON" weightage="80" keywordseo="Arun-Jaitley">Arun Jaitley</keyword> had announced in the Budget that "a large amount of money was estimated to be lying as unclaimed amounts with PPF, post office and savings schemes.”

Finance Ministry Okays Panel On Unclaimed PPF And
Other Deposits

Providing relief to SEZ units and developers, the <keyword id="47209" type="ORGANIZATION" weightage="20" keywordseo="Finance-Ministry">Finance Ministry</keyword> today said they will be entitled to refund of the Swachh Bharat cess, a levy imposed by the government from November last year to fund its cleanliness drive. 

	"The SEZ Unit or the Developer shall be entitled to refund of the Swachh Bharat Cess paid on the specified services on which ab-initio exemption is admissible but not claimed," the Central Board of Excise and Customs said in a notification.
 

	It has also specified a formula for calculating refund due to SEZ units and developers. 
 Government had imposed 0.5 per cent Swachh Bharat cess on taxable services from November 15, 2015. With the imposition of the cess, <keyword id="6355686" type="COMPANY" weightage="20" keywordseo="Service-tax">service tax</keyword> rate has gone up from 14 per cent to 14.5 per cent. The cess is levied only on the portion of taxable services (after abatement) and will go towards <keyword id="6357455" type="EVENT" weightage="20" keywordseo="Funding">funding</keyword> of the Swachh Bharat scheme, a pet project of Prime Minister Narendra Modi. The concessions provided to the Special Economic Zones (SEZs) is expected to generate some interest of investors in them. Investors have been losing interest in these zones for various reasons including global economic slowdown, imposition of minimum alternate tax (MAT) and dividend distribution tax ( <keyword id="375780" type="ORGANIZATION" weightage="20" keywordseo="DDT">DDT</keyword>). 

	Many business houses have surrendered SEZs while the government on its part has given more time to some developers to execute the projects. 
	 
	(Image credit: BCCL)

Finance Ministry to refund Swachh Bharat cess paid by SEZs

<keyword id="161813" type="General" weightage="20" keywordseo="union-finance-minister" source="Orion">Union Finance Minister</keyword> <keyword id="129243" type="General" weightage="20" keywordseo="nirmala-sitharaman" source="Orion">Nirmala Sitharaman</keyword> said on Friday that her Ministry is looking at ways to reduce the overall level of <keyword id="169777" type="General" weightage="20" keywordseo="government-debt" source="Orion">government debt</keyword> so that future generations do not have to bear the burden. "We are conscious of the debt of the Government of India today. Compared to many other countries it might not be as high. But even there, we are consciously looking at experiments in different parts of the world," the finance minister said while addressing the <keyword id="19206518" type="General" weightage="20" keywordseo="kautilya-economic-conclave" source="Orion">Kautilya Economic Conclave</keyword>. "We are looking at ways in which we can bring down the overall debt. And I'm sure going to be very successful in that because I'm very much in line to meet India's aspirational requirements, but deal with it with a sense of responsibility so that the coming generations don't feel the burden, that government has left debt on them," she explained. The Finance Minister also said that there was a global consensus on putting in place a system for <keyword id="6259353" type="General" weightage="20" keywordseo="cryptocurrency-regulation" source="Orion">cryptocurrency regulation</keyword>. She highliighted India's role in bringing this issue to the forefront during the G20 meeting. "Crypto was the issue that we're able to bring in G20 meeting under India presidency and brought all the countries on consensus. All G20 countries agreed on a template and they will bring the regulation based on that template," Sitharaman added.

Finance Ministry looking at ways to cut govt debt: Sitharaman

The <keyword id="47209" type="ORGANIZATION" weightage="100" keywordseo="Finance-Ministry">Finance Ministry</keyword> today has said that subscribers of the Public Provident Fund (<keyword id="76579" type="CITY" weightage="100" keywordseo="PPF">PPF</keyword>) can prematurely close their deposit scheme once they have completed five financial years, citing reasons like higher education or expenditure towards medical treatment. 
 
"A subscriber shall be allowed premature closure of his account or account of a minor of whom he is the guardian on ground that amount is required for treatment of serious ailments or life-threatening diseases of the account holder, spouse or dependent children on production of supporting documents from competent medical authority," said a notification from the Finance Ministry. 
 
It added that the allowance will be applicable to the requirement of higher education of the account holder or the minor account holder when the documents and fee bills are produced, confirming admission in a recognised institution in India or abroad. 
 
<a href="http://www.enemyofdebt.com/wp-content/uploads/2015/10/EOD_SavingsLoanPic.jpg">Image source</a>

Finance ministry has decided the terms for premature PPF withdrawal

The government has merged the Department of <keyword id="108214" type="CITY" weightage="20" keywordseo="Public-Enterprises">Public Enterprises</keyword> (DPE) with the finance ministry to give it a better control over state-owned firms and facilitate its ambitious privatisation programme. Finance ministry will now have six departments while DPE's hereto parent ministry, the ministry of heavy industries and public enterprises will now be called the ministry of heavy industries. Previously, the <keyword id="44532" type="PERSON" weightage="20" keywordseo="Disinvestment">disinvestment</keyword> ministry - created under the Atal Bihari Vajpayee government - was merged with the Finance Ministry and is now a department under it. Also, <keyword id="62529" type="ORGANIZATION" weightage="20" keywordseo="Foreign-Investment-Promotion-Board">Foreign Investment Promotion Board</keyword> (FIPB) was abolished and administration of foreign investments was given to the Finance Ministry (FinMin). The shift of DPE to the finance ministry will help in efficient monitoring of the capital expenditure, asset monetisation and financial health of the Central Public Sector Enterprises (CPSEs). "<keyword id="156153" type="ORGANIZATION" weightage="20" keywordseo="Ministry-of-Finance">Ministry of Finance</keyword> (<keyword id="11588398" type="UNKNOWN" weightage="20" keywordseo="vitta-mantralaya">Vitta Mantralaya</keyword>), after the sub-heading (v) Department of <keyword id="6354241" type="UNKNOWN" weightage="20" keywordseo="Financial-services">Financial Services</keyword> (Vittiya Sewayen Vibhag), following sub-heading shall be inserted, namely:- (vi) Department of Public Enterprises (Lok Udyam Vibhag)" as per the Cabinet Secretariat notification dated July 6, 2021. The rejig comes ahead of Cabinet expansion slated later in the day. The gazette notification issued said these rules may be called the government of India (Allocation of Business) Three Hundred and Sixty First Amendment Rules, 2021. "They shall come into force at once," the notification said. Presently, the finance ministry has five departments -- Economic Affairs, Revenue, Expenditure, Investment and Public Asset Management and Financial Services. With the addition, this will be the sixth department under the finance ministry. Giving details of the functions performed by the DPE, the notification said coordination of matters of general policy affecting all Public Sector Enterprises (PSEs), evaluation and monitoring the performance of PSEs, including the memorandum of understanding mechanism, review of capital projects and expenditure in CPSEs. Besides, the DPE frames measures aimed at improving performance of CPSEs and other capacity building initiatives of PSEs, rendering advice relating to revival, restructuring or closure of PSEs including the mechanisms, counselling, training and rehabilitation of employees in CPSEs under Voluntary Retirement Scheme and categorisation of CPSEs including conferring 'Ratna' status, among others. The heavy industries ministry will continue to be the administrative ministry related primarily to the capital goods sector. As many as 44 CPSEs including Maruti Udyog Limited, BHEL, Cement Corporation, <keyword id="173465" type="CITY" weightage="20" keywordseo="Scooters-India">Scooters India</keyword>, HMT and various other subsidiaries would be under the Ministry of Heavy Industries. Many companies under the ministry are sick and up for sale under the disinvestment programme of the government. Finance minister Nirmala Sitharaman in her Budget 2021-22 already announced that a revised mechanism for fast-tracking closure of loss making PSUs would be worked out and an incentive package would be developed to incentivise states to sell stake in state PSUs. To monetise lands owned by CPSEs, a special purpose vehicle (SPV) would be developed. She also announced a big-ticket privatisation agenda, including privatisation of two public sector banks and one general insurance company to garner Rs 1.75 lakh crore from stake sale in public sector companies and financial institutions during 2021-22. As part of the divestment strategy for the financial sector, the government has decided to go for a mega initial public offering (IPO) of Life Insurance Corporation of India (LIC) and residual stake sale in IDBI Bank during the financial year beginning April. Besides, strategic sale of Bharat Petroleum Corporation Ltd (BPCL), <keyword id="11588399" type="UNKNOWN" weightage="20" keywordseo="shipping-corp-container-corporation">Shipping Corp, Container Corporation</keyword>, <keyword id="2459265" type="PERSON" weightage="20" keywordseo="Neelachal-Ispat-Nigam-Ltd">Neelachal Ispat Nigam Ltd</keyword>, <keyword id="132488" type="COMPANY" weightage="20" keywordseo="Pawan-Hans">Pawan Hans</keyword>, Air India among others, would be completed in 2021-22. In September 2020, the government had apprised that out of the 34 PSUs approved for disinvestment so far, transactions were completed for eight. Transactions for four PSUs were halted as they are recommended for closure. Two of them were held up due to litigation, while transactions for 20 PSUs are in the process. 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Government merges the Department of Public Enterprises with the Finance Ministry to bring better control over state-owned firms

<ul><li><keyword id="129243" type="PERSON" weightage="20" keywordseo="Nirmala-Sitharaman">Nirmala Sitharaman</keyword> is back in Prime Minister Narendra Modi’s Union Cabinet as he takes office for the second-term.</li><li>Sitharaman, who previously held the Ministry of Defence, has been given the <keyword id="156153" type="ORGANIZATION" weightage="20" keywordseo="Ministry-of-Finance">Ministry of Finance</keyword> and Ministry of Corporate Affairs.</li></ul>Nirmala Sitharaman was once again sworn in in the Cabinet ministry of Prime Minister Narendra Modi. Sitharaman who took oath in the 6th position, was given the Finance Ministry in the Modi cabinet. She has also been given the Ministry of Corporate Affairs. She will be taking over Arun Jaitley, who served as the Finance Minister, in Modi's first term and had written a letter to the PM asking to be excused from ministerial duty this time due to health issues. Sitharaman is one of the three women in PM Modi’s 25-member cabinet. Sitharaman made history when she was announced to be India’s first full-time Defence Minister in 2017. Now, with the position of Finance Minister she becomes India’s second female finance minister, after former Prime Minister Indira Gandhi. She held the position of Defence Minister as tensions escalated between India and Pakistan during the Pulwama terror attack. She has been a member of the Rajya Sabha from Karnataka since 2016 and from Andhra Pradesh from 2014-2016. She was also the spokesperson for the Bharatiya Janata Party from 2010-2014. A graduate from the Jawaharlal Nehru University in Delhi, when Sitharaman lived in London she also worked as saleswoman before going on to join PriceWaterhouseCooper before finally joining politics in India.

You Searched For "Ministry of Finance" and got 14 results

Ministry of Finance is hiring interns with a maximum stipend of ₹20,000 per month

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Indian economy likely to grow 7% next financial year: Ministry of Finance

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FIPB To Remain Under Finance Ministry

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Nirmala Sitharaman arrives at Finance Ministry ahead of Budget 2024

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Finance Ministry easens policies on FDI in ecommerce

BI India Bureau

Finance ministry clarifies on hike in STT on options trading

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Finance Ministry invites applications for new Sebi chief

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Nirmala Sitharaman To Facilitate Co-ordination Between Finance And Commerce Ministries

BI India Bureau

Finance Ministry Okays Panel On Unclaimed PPF And Other Deposits

BI India Bureau

Finance Ministry to refund Swachh Bharat cess paid by SEZs

BI India Bureau

Finance Ministry looking at ways to cut govt debt: Sitharaman

IANS

Finance ministry has decided the terms for premature PPF withdrawal

BI India Bureau

Government merges the Department of Public Enterprises with the Finance Ministry to bring better control over state-owned firms

PTI

Nirmala Sitharaman becomes India’s second female Finance minister

Sanchita Dash

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