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<ul><li>The <keyword id="25455" type="ORGANIZATION" weightage="20" keywordseo="finance">finance</keyword> ministry turned down a proposal from the civil aviation ministry to infuse ₹300 billion into the struggling airline. </li><li>Instead, it has proposed that <keyword id="2573" type="CITY" weightage="20" keywordseo="Air-India">Air India</keyword>’s non-core assets and subsidiaries be transferred to a special purpose vehicle ahead of their eventual sale. </li><li>The proceeds from the sales will be used to pay down Air India’s debt. </li></ul> Earlier this month, the finance and civil aviation ministries of the Indian government were reported to be discussing a <a href="https://www.businessinsider.in/after-a-botched-sale-the-indian-government-might-just-bail-air-india-out-again/articleshow/65323903.cms">₹110 billion bailout plan</a> for Air India, following the failed sale of a 76% stake in the national carrier. The civil aviation ministry eventually submitted a proposal to the finance ministry for a ₹300 billion <keyword id="163460" type="PERSON" weightage="20" keywordseo="capital-infusion">capital infusion</keyword> into Air India in order to trim the carrier’s debt burden and pay employees and vendors. However, the request was rejected by the finance ministry yesterday owing to the lack of a clear <keyword id="46426" type="PERSON" weightage="20" keywordseo="Turnaround">turnaround</keyword> plan for the airline. A potential fix for the debt problem Instead, the finance ministry proposed a stop-gap solution for Air India’s financing woes. It has told the civil aviation ministry to hive off all of Air India’s non-core assets and subsidiaries, which includes its various real estate assets across the country, into a special purpose vehicle (SPV). A SPV is usually created to isolate and secure a company’s monetisable assets in the event that it goes bankrupt. These assets will be then be sold to pay down the Air India’s debt. The carrier currently has ₹500 billion worth of debt obligations, over 40% of which has been categorised as “unsustainable” or unable to be paid down with current cash inflows. Most of Air India’s revenue goes towards servicing interest payments. It spends around ₹50 billion annually on interest payments alone, which is far from a financially sustainable way of doing things. The civil aviation ministry increased the proposed amount for the <keyword id="6374681" type="DEFINITION" weightage="20" keywordseo="Bailout">bailout</keyword> package because it felt the original amount was inadequate since most of it would have gone towards debt payments and very little towards improving Air India’s core operations. This is likely why previous bailouts for the carrier failed as most of the funds infused were used to pay down debt. In essence, Air India was “borrowing” taxpayer funds from the government to pay back other creditors. This time around, the finance ministry refused to invest any more capital in Air India until the civil aviation ministry provided a viable plan for its long-term functioning. Hence, the sell-off of assets to pay down the unsustainable debt is envisioned to be the first step in a turnaround plan as it well help clean the carrier’s balance sheet, which in turn will increase its valuation ahead of a renewed sale process. Concurrently, the Indian government is also planning to sell Air India’s engineering and transport services subsidiaries in the near term.

India’s finance ministry has rejected a bailout package for Air India

<keyword id="3658" type="General" weightage="100" keywordseo="india" source="Orion">India</keyword>'s external debt of $620.7 billion, as at end of March 2022, is sustainable and is being managed in a prudent manner, the <keyword id="144110" type="General" weightage="80" keywordseo="department-of-economic-affairs" source="Orion">Department of Economic Affairs</keyword>, under the Union Finance Ministry, said. In a recent report, the Department of Economic Affairs said the country's external debt continues to be sustainable and prudently managed. "As at end-March 2022, it stood at $620.7 billion, growing by 8.2 per cent over the level a year ago. External debt as a ratio to GDP (gross domestic product) was 19.9 per cent, while reserves to external debt ratio was 97.8 per cent," the report said. The sovereign debt at $130.7 billion rose higher by 17.1 per cent over its level a year ago, mainly because of additional allocation of special drawing rights (SDR) by the IMF during 2021-22. The non-sovereign debt, on the other hand, grew 6.1 per cent to $490 billion over the level as at end-March 2021. Experts had said that the external debt of $620.7 billion need not be a concern as $490 billion is non-government and the share of government is only $130.8 billion. Of the non-government debt, the share of non-financial corporations was about $250.2 billion. Further, the total debt of $620.7 billion as a percentage of gross domestic product (GDP) was 19.9 per cent and the debt service ratio was 5.2 per cent. Experts also said India cannot be compared with Sri Lanka that is in a severe economic crisis. The share of the central government in short term debt - maturing in a year's time- is only $7.7 billion out of the total $267 billion, experts had said. Commercial borrowings, <keyword id="11904949" type="General" weightage="80" keywordseo="nri" source="Orion">NRI</keyword> deposits, and short-term trade credit are the three biggest constituents of the non-sovereign debt, accounting for as much as 95.2 per cent. While NRI deposits declined by two per cent to $139 billion, commercial borrowings at $209.71 billion and short-term trade credit at $117.4 billion rose by 5.7 per cent and 20.5 per cent, respectively. According to the report, the debt vulnerability indicators continued to be benign. The debt service ratio fell significantly to 5.2 per cent during 2021-22 from 8.2 per cent during the previous year, reflecting buoyant current receipts and moderating external debt service payments. The debt service payment obligations arising out of the stock of external debt as at end of March 2022 are projected to trend downwards over the coming years. From a cross-country perspective, India's external debt is modest. In terms of various debt vulnerability indicators, India's sustainability was better than the Low-and Middle-Income Countries (LMICs) as a group and vis-a-vis many of them individually. According to the report, the US dollar continues to be the leading currency of denomination accounting for 53.2 per cent of the total as at end March 2022. Deposits in Non Resident (External) <keyword id="8182719" type="General" weightage="80" keywordseo="rupee-accounts" source="Orion">Rupee Accounts</keyword> (NR(E)RA), NRO accounts and <keyword id="725142" type="General" weightage="80" keywordseo="fpi" source="Orion">FPI</keyword> investments in Gsec and corporate bonds are among the components of India's external debt, denominated in Indian rupees. Indian rupee is the second leading currency of denomination with a lower share of 31.2 per cent of the total as at end-March 2022 than 33.3 per cent a year ago, reflecting erosion of outstanding FPI investments in G-Sec and corporate bonds ($50.1 billion from $51.4 billion as at end-March 2021) and balances under NRE accounts ($100.8 billion from $ 102.6 billion). Following the US dollar and the Indian rupee are the SDRs (6.6 per cent), the Japanese <keyword id="76265" type="General" weightage="80" keywordseo="yen" source="Orion">Yen</keyword> (5.4 per cent) and Euro (2.9 per cent). SEE ALSO : <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/india/news/delhi-liquor-shops-open-at-metro-station-premises/articleshow/93994229.cms">Delhi: Liquor shops open at Metro station premises</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/news/mistrys-body-to-undergo-autopsy-in-mumbai-pundoles-critical-but-stable/articleshow/93994156.cms">Mistry's body to undergo autopsy in Mumbai, Pundoles critical but stable</a>

India's external debt of $620bn is sustainable: Finance Ministry report

<ul><li>With general elections just a couple of months away, the government is set to introduce the <keyword id="547606" type="ORGANIZATION" weightage="20" keywordseo="interim-budget">interim budget</keyword> in February 2019. </li><li>On Tuesday, India's finance ministry started an array of tweets — under '<keyword id="7225220" type="UNKNOWN" weightage="20" keywordseo="Know-Your-Budget">know your budget</keyword>' to enhance country's 'budget vocabulary’, educating general public on basics of budgetary process. </li><li>The tweets explained various terms including direct and indirect taxes, union budget, vote-on-account, capital budget and Revenue budget.</li><li>However, it is yet to be seen if the sixth budget will be presented as a full budget or vote-on-account.</li></ul>It appears that India’s finance ministry wants its youth and people well versed in financial and economic terms before it launches its interim budget. It has started a <a href="https://economictimes.indiatimes.com/news/economy/policy/know-your-budget-better-with-finance-ministrys-twitter-series/articleshow/67543165.cms?utm_source=ETMyNews&amp;utm_medium=HPMN&amp;utm_campaign=AL1&amp;utm_content=18">string of tweets</a> to educate the general public on the budgetary process. The ‘know your budget’ <keyword id="6354616" type="UNKNOWN" weightage="20" keywordseo="Twitter">twitter</keyword> series appears to be aimed at explaining the basic <a href="https://www.hindustantimes.com/budget/know-your-budget-better-with-finance-ministry-s-twitter-series/story-ZsqiFFfQfukk5XVx1kgCZN.html" data-type="tilCustomLink">definitions</a> of budgetary terms. 
 
 
 
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 But on surface, the meanings of some of the terms leave a lot to be explained. For example, in seeking to eliminate the confusion around what the interim budget is, it goes on to explain ‘vote-on-account’ as “a grant made in advance by the Parliament, in respect of the estimated expenditure for a part of new financial year.” 
 
 
 
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 Some of the other tweets have attempted to explain ‘capital budget’ and ‘revenue budget’ 
 
 
 
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 With the government presenting budget just ahead of general elections, it is yet to be seen if the finance minister, <keyword id="42575" type="PERSON" weightage="20" keywordseo="Arun-Jaitley">Arun Jaitley</keyword>, will present a full budget or just a vote-on-account for the next fiscal. See also: <a href="https://www.businessinsider.in/interest-free-loans-and-income-support-the-upcoming-budget-may-be-a-song-for-indias-farmers/articleshow/67538156.cms">Interest-free loans and income support— the upcoming Budget may be a song for India’s farmers</a> <a href="https://www.businessinsider.in/heres-why-the-rupee-will-remain-weak-at-least-until-arun-jaitleys-budget-speech/articleshow/67524143.cms">Here’s why the rupee will remain weak at least until Arun Jaitley’s budget speech</a> <a href="https://www.businessinsider.in/markets/economy/indian-corporates-demand-lower-tax-rates-ahead-of-budget-2019/articleshow/67520197.cms">Indian corporates demand lower tax rates ahead of Budget 2019</a>

India's Finance ministry wants people to brush up on their 'budget vocabulary', launches Twitter series

<ul><li>The government said that public-sector <keyword id="6368751" type="UNKNOWN" weightage="20" keywordseo="banks">banks</keyword> would resolve around ₹1.8 trillion worth of <keyword id="142154" type="PERSON" weightage="20" keywordseo="bad-loans">bad loans</keyword> in the current financial year. </li><li>While a number of large accounts are expected to be resolved under the bankruptcy code, the Indian government will also set up an online auction portal to facilitate the speedy sale of seized assets. </li><li>The representatives of the public-sector banks also asked the government to ease the restrictions that had been placed on their operations under the <keyword id="30067" type="ORGANIZATION" weightage="20" keywordseo="RBI">RBI</keyword>’s Prompt Corrective Action framework. </li></ul> India’s public-sector banks had their annual performance review with the Ministry of Finance yesterday. From the point of view of the Indian government, the outcome was clear. To reassure the public and instill confidence in markets, which <a href="https://www.businessinsider.in/indias-main-financial-regulators-and-its-largest-bank-are-trying-to-calm-investors-amid-fears-of-a-liquidity-crisis/articleshow/65929921.cms">have taken a beating in the last week</a> amid fears that IL&amp;FS, the country’s largest infrastructure lender, is on the brink of defaulting on its debts. Hence, a number of positive announcements were made. The government said that public-sector banks would resolve around ₹1.8 trillion worth of bad loans in the current financial year, which equates to <a href="https://www.livemint.com/Opinion/nioD0s2ZNJSsXxh2Nges4N/How-bad-are-our-public-sector-banks-Here-are-some-vital-sta.html">20%</a> of their total bad loans of ₹9 trillion. This is more than twice the amount of recoveries that took place in 2017-18. How do they plan to do this? While a number of large accounts are expected to be resolved under the Insolvency and Bankruptcy Code (IBC) as a result of a deadline from the Reserve Bank of India (RBI), the Indian government will also set up an online auction portal to facilitate the speedy sale of assets seized from bankrupt debtors. The finance ministry has also asked banks to make preparations to sell their non-core assets. Around ₹180 billion worth of non-core assets are expected to be monetised next year as public-sector banks look to regain capital strength. Public-sector banks have made considerable progress in the year so far. In the April-June quarter, recoveries amounted to ₹365.5 billion, nearly a 50% jump from the first quarter of the previous year, according to data from the finance ministry. In a press conference with reporters after the performance review, Finance Minister <keyword id="42575" type="PERSON" weightage="20" keywordseo="Arun-Jaitley">Arun Jaitley</keyword> affirmed that bad loans were declining and the recovery process under the IBC was gaining momentum. He added that the government was committed to its plans to recapitalise state-owned banks. Infact, state-owned bank asked the government to speed up the recapitalisation process. A relaxation of restrictions The representatives of the public-sector banks also asked the government to ease the restrictions that had been placed on their operations owing to their poor performance. Eleven banks that have been on the RBI’s Prompt Corrective Action (<keyword id="6383105" type="UNKNOWN" weightage="20" keywordseo="pca">PCA</keyword>) watchlist owing to their poor performance and high level of bad loans have been asked for the watchlist’s norms to be tweaked. The PCA framework imposes lending, provisioning and expansion restrictions on the banks. The banks have asked the government to lower the provision coverage ratio, which measures the ratio of provisions for non-performing assets, from the current level of 60% in order to free up capital.

India’s finance ministry claims that state-owned banks will recover 20% of their bad loans this year

<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.

Nirmala Sitharaman becomes India’s second female Finance minister

<div class="image-container float_right" style="width:480px"><div class="image"><a href="http://pictures.reuters.com/C.aspx?VP3=SearchResult_VPage&amp;VBID=2C0BXZ6ZFTPI3&amp;SMLS=1&amp;RW=1331&amp;RH=817">REUTERS/Adnan Abidi</a></div></div><keyword id="3658" type="COUNTRY" weightage="60" keywordseo="India">India</keyword> on Tuesday named a former International Monetary Fund chief economist as its new central bank governor as it grapples with a plunging currency and the slowest growth in a decade.
Raghuram Rajan will head the Reserve Bank of India for a three-year term, replacing incumbent D. Subbarao, who retires next month, the finance ministry said.
"Mr Rajan will be the new central bank governor," a senior finance ministry official told AFP.
Rajan did his doctorate at the Massachusetts Institute of Technology and is acclaimed for having predicted the 2008 global financial crisis -- two years before it struck.
He takes the central bank reins as India faces testing economic times -- hit by a capital flight with investors worried about slow growth, a massive deficit, stalled economic reforms and a slew of graft scandals that have paralyzed the political process.
Rajan's appointment came on a day of high financial drama in which the Indian currency touched a fresh record low against the dollar of 61.80 rupees.
The 50-year-old economist is currently the most senior advisor in the finance ministry and has a reputation for strong pro-market views.
A statement issued later by the finance ministry said Prime Minister Manmohan Singh had approved the appointment of Rajan to head the nominally independent central bank.
Rajan, as chief economic adviser to the government, has worked closely with Finance Minister P. Chidamabaram, known as another strong proponent of economic reform.
Rajan was also a professor at the University of Chicago's Booth School of Business before taking over as India's chief economic advisor and is author of Fault Lines, an acclaimed account of the subprime financial crisis.
He has enjoyed a high profile since returning from the United States last year to take up the finance ministry post and has worked closely with Chidambaram to try to restore India's sagging reputation with investors.
Rajan, who favors financial deregulation, is expected to bring new ideas to the RBI which the finance ministry believes to be too conservative, according to the Indian media.
Last month, Rajan said "all options were on the table" to stabilize India's currency at the same time as saying defence of the rupee should not suffocate economic growth.
The rupee has come under pressure from India's record current account deficit -- the broadest measure of trade, an economy growing at a 10-year low of five percent and fears of a reduction in US stimulus that have spurred investor flows to emerging markets.
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India's New Top Central Banker Predicted The Financial Crisis And He's A Fan Of Deregulation

New Delhi, Jan 27 () The government has nominated additional secretary at the Ministry of Finance, Sanjeev Kaushik, as director on the board of Indian Bank.
 He will replace Amit Agrawal, joint secretary in the Department of Financial Services, Ministry of Finance.
 The union government, through its notification dated January 24, nominated Sanjeev Kaushik, Additional Secretary, Department of Financial Services as nominee director on the board of the bank with immediate effect, Indian Bank said in a regulatory filing.
 Kaushik, a 1992 IAS officer, in his previous stint in the government of India served as Director capital market division of the Finance Ministry. He also served as CEO of Industrial Finance Company (IFCI) and as Deputy Managing Director of India Infrastructure Finance Company (IIFCL). DP DP ANS
ANS

Govt nominates Sanjeev Kaushik on board of Indian Bank

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. SEE ALSO- <a href="https://www.businessinsider.in/stock-market/news/clean-science-and-technology-ipo-maximum-broking-house-recommending-this-ipo/articleshow/84193873.cms" data-type="tilCustomLink">Clean Science and Technology, an Indian supplier to Bayer, has opened its IPO ⁠— and ‘subscribe’ is the unanimous call from analysts</a> <a href="https://www.businessinsider.in/stock-market/news/gr-infraprojects-ipo-good-ipo-bet-for-long-term-as-per-analysts/articleshow/84193656.cms" data-type="tilCustomLink">GR Infraprojects IPO is for long term investors, say analysts</a>

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

Airline passengers should brace themselves for a fare increase, as the government is likely to raise the passenger services fee (PSF) by at least 38% to meet the cost of security at Indian <keyword id="43661" type="ORGANIZATION" weightage="20" keywordseo="airports">airports</keyword>. The government, which earlier had plans to not raise PSF and transfer the cost to consolidated fund of India (<keyword id="257398" type="ORGANIZATION" weightage="20" keywordseo="CFI">CFI</keyword>), will now have to raise it, after the <keyword id="47209" type="ORGANIZATION" weightage="20" keywordseo="Finance-Ministry">finance ministry</keyword> declined to fund the deficit. According to reports, the finance ministry has agreed to transfer the cost to CFI but only if it is revenue-neutral for them, which would mean we will have to raise PSF. We estimate that the raise could be in the range of Rs 50 per ticket, which would not just help bridge the annual fund gap but also the deficit accumulated over the years. A PSF of Rs 130 is charged on every ticket booked and the fund accumulated from the levy is used to fund security cost at airports, primarily to pay salaries of the <keyword id="6370623" type="ORGANIZATION" weightage="20" keywordseo="CISF">CISF</keyword> personnel manning the airports, primarily to pay salaries of the CISF personnel manning the airports. The aviation ministry was of the view that any increase in rates would burden passengers and wanted the finance ministry to shift the cost of security at airports to the consolidated fund of India. Once the cost head is moved to the consolidated fund, the government would finance the deficit directly. However, the finance ministry has refused to fund any deficit.

Airfares likely to go up as the Indian government plans to raise passenger services fee

The <keyword id="47209" type="ORGANIZATION" weightage="100" keywordseo="Finance-Ministry">Finance Ministry</keyword> of India has rejected the waiver of mandatory local sourcing for Apple Inc to set up single-brand stores in India, while the <keyword id="6365809" type="ORGANIZATION" weightage="100" keywordseo="Commerce-ministry">Commerce Ministry</keyword> has said that it will again push the case of the iPhone maker so that both ministries can soon reach a consensus decision. 
 However, Commerce and Industry Minister <keyword id="129243" type="PERSON" weightage="100" keywordseo="Nirmala-Sitharaman">Nirmala Sitharaman</keyword> has said that she is not in favour of Apple's proposal of importing refurbished phones and selling them in India. 
 
"We would not be in favour of whatever you may call them -- used but refashioned, remodelled, updated... used goods. We are not in favour of bringing them here," she said. 
 
She added that her ministry has taken a line that the requirement of 30% local sourcing can be waived off for products that offer high-end technology. 
 
"Now the Finance Ministry has already taken a different position, we will certainly talk to them... I want more clarity on that... We will talk and make sure that sooner we will come out with some decision," she told reporters here. 
 
Talking to the reporters, she added that, "We are not talking about changing the rule for manufacturing. We are just saying let's be clear on single-brand retailing. 
 
"... Why do we want to have something which is not going to change in any way the parameter in the market and therefore we want to explain it out to the Finance Ministry." 
 
She added: "This is the issue on which we have genuine concerns and therefore, within the government, I want a consensus to evolve." 
 
The Finance Ministry has said that it is against relaxing the 30% domestic sourcing norms that Apple seeks as a pre-condition before it sets up single-brand retail stores in the country, saying that it makes state-of-the-art and cutting-edge technology products. 
 
<a href="http://www.newsroompost.com/wp-content/uploads/2014/09/Nirmala-Sitharaman-addresses-a-press-conference-in-New-Delhi.jpg">Image source</a>

Don’t want used Apple goods to be imported and sold in India, says India's industry minister

<keyword id="3658" type="General" weightage="100" keywordseo="india" source="Orion">India</keyword> is well placed to grow at a "moderately brisk rate" in the coming years on the back of macroeconomic stability, despite the global monetary tightening, a finance ministry report said on Thursday. It further said inflationary pressures will ease in the coming months with the arrival of <keyword id="50318" type="General" weightage="50" keywordseo="kharif" source="Orion">Kharif</keyword> crops and at the same time, job opportunities will increase with improvement in business prospects. The 'Monthly Economic Review for October 2022' also cautioned that the US monetary tightening is a "future risk" which could lead to a dip in stock prices, weaker currencies and higher bond yields, resulting in higher borrowing costs for many governments around the world. It said a rapid deterioration in global growth prospects, high inflation, and worsening financial conditions have increased fears of an impending global recession. The spillovers of the global slowdown may dampen India's exports businesses outlook. However, resilient domestic demand, a re-invigorated investment cycle with a strengthened financial system and structural reforms will provide impetus to economic growth going forward. "In a world where monetary tightening has weakened growth prospects, India appears well placed to grow at a moderately brisk rate in the coming years on account of the priority it accorded (to) macroeconomic stability," the report said. The ministry said, so far in the current year, India's food security concerns have been addressed and will continue to receive the utmost priority from the government. "Easing international commodity prices and new Kharif arrival are also set to dampen inflationary pressures in the coming months," it said. India's wholesale and retail price inflation fell in October after remaining high for the most part of the year mainly due to supply chain disruptions following the outbreak of the Russia-Ukraine war in February. Retail or CPI inflation fell to a 3-month low of 6.7 per cent, while wholesale or WPI inflation was at a 19-month low of 8.39 per cent. Russia and Ukraine are among the most important producers of essential agricultural commodities, including wheat, maize, sunflower seeds and inputs like fertilisers. Together with other countries bordering the <keyword id="391209" type="General" weightage="50" keywordseo="black-sea" source="Orion">Black Sea</keyword>, they constitute the world's breadbasket. Along with an uncertain macroeconomic outlook, the year 2022 also brought to the fore the vulnerability and interconnectedness of the global food system to shocks, the ministry said. India's grain availability was impacted by the untimely heatwaves and deficiency of the southwest monsoon in the current year. However, export restrictions have ensured that the country's needs are fully met, it added. With regard to the job situation, the ministry said in India the recovery in economic activities across sectors has improved the overall employment situation in the country. Net payroll additions in <keyword id="6372438" type="General" weightage="50" keywordseo="epfo" source="Orion">EPFO</keyword> have witnessed double-digit growth in September 2022, reflecting improved formalisation of the economy. "Hiring by firms is likely to witness an improvement in upcoming quarters driven by a rebound in new business hiring as firms continue to benefit from the lifting of the COVID-19 restrictions and optimism engendered by the vigorous sales volumes experienced during the festive season," the ministry said. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/news/853-tech-firms-lay-off-over-137492-workers-globally-more-job-cuts-coming/articleshow/95741115.cms">853 tech firms lay off over 137,492 workers globally, more job cuts coming</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/startups/news/indian-startup-using-vegan-leather-raises-4-5-million-funding-led-by-sig-venture-capital/articleshow/95741255.cms">Indian startup using vegan leather raises $4.5 million funding led by SIG Venture Capital</a>

India well placed to grow at a 'moderately brisk rate', inflation to ease says a Finance Ministry report

New Delhi, Feb 22 () Finance Minister Nirmala Sitharaman on Saturday emphasised the need to enhance global risk monitoring and explore the scope for policy co-ordination to deal with such risks.Speaking at G-20 Finance Ministers and central bank governors meeting in Riyadh, she called upon all the member countries to enhance their efforts aimed at empowering women, youth and small and medium enterprises (SMEs)."Finance Minister Smt @nsitharaman called upon the G20 to enhance global risk monitoring and explore the scope for policy co-ordination to deal with such global risks," a tweet by the Finance Ministry said.Sitharaman was the lead speaker during the session on "Enhancing Access to Opportunities for All" in the G20 Finance Ministers and Central Bank Governors Meeting on Saturday."Finance Minister Smt @nsitharaman emphasised that growing inequality has slowed down the pace of inter-generational mobility globally. She pointed out that identifying the causes and developing solutions require co-ordinated policy solutions," the ministry tweeted.The minister also highlighted the initiatives undertaken by the Indian government for empowering women such as 'Stand Up India' and STEP scheme.She emphasised the risk and collateral free MUDRA scheme for SME segment in the meeting, the ministry said.Sitharaman held bilateral talks with her counterparts from other countries and Organisation for Economic Co-operation and Development officials on the sidelines of the G20 event. She expressed empathy with the people of China, suffering from the coronavirus epidemic and extended India's support in this hour of need, the ministry said in a tweet. DP SR BAL

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