Below is the complete speech delivered by Finance Minister Piyush Goyal on February 1, 2019."Madam Speaker,I rise to present the Interim Budget for the year 2019-20. I am deeply conscious of the absence of Shri Arun Jaitley today. I am sure the House joins me in wishing Shri Jaitley speedy recovery, good health and a long life in the service of the nation.Close Madam Speaker, the people of India gave a strong mandate to our Government. Under the visionary leadership of Hon'ble Prime Minister Shri Narendra Modi, we have given the most decisive, stable and clean Government and have undertaken transformational structural reforms. We have reversed the policy paralysis engulfing the nation and have restored the image of the country. The major achievement of this Government was that we strived our utmost to change the mind-set and ignited the self-confidence of the nation. related news Need feel-good factor to revive consumption: Exide Life CIO Shyamsunder Bhat … [Read more...] about Full text of Finance Minister Piyush Goyal’s 2019 Budget speech
Finance new roof
Moneycontrol News The Reserve Bank of India (RBI) may not see any change in its power over public sector banks (PSBs) as there was no such "proposal" before the government, Centre informed the Parliament on January 8.In a written reply by minister of state for Finance, Shiv Pratap Shukla, to the Rajya Sabha, finance ministry informed that the apex bank enjoyed wide ranging powers over banking industry and there was "no proposal with regard to change in RBI’s powers in respect of PSBs under consideration/consultation".Close The stance of the government comes after former RBI Governor Urjit Patel claimed that the central bank didn't enjoy much power over public banks to stop or contain bank frauds. related news New ordinance likely by December-end to address power sector woes: Report Karvy scam | SEBI likely to seek RBI probe into role of banks, NBFCs Shaktikanta Das @1: An eventful year, but questions swirl The comments were made by him after India's second largest … [Read more...] about Not considering change in power of RBI over PSBs: Government informs Parliament
If there's one thing that is closest to the Modi government, then it has to be its intent to promote financial inclusion in the country.Soon after coming to power, PM Modi had announced a slew of schemes to make every citizen part of the financial system. Of these, Pradhan Mantri Mudra Yojana (PMMY), or simply Mudra scheme, stands tall and strong.Mudra, a financial institution named Micro Units Development and Refinance Agency, was set up by the government in 2015 to provide finance to non-corporate and non-farm small businesses. The limit to avail loan is up to Rs 10 lakh. Till date, it has disbursed loans to the tune of Rs 6.82 lakh crore.Close In FY19 so far, over Rs 1.54 lakh crore loans have been disbursed. In FY18, the amount stood at Rs 2.46 lakh crore. In its first year, the amount was Rs 1.32 lakh crore. related news Govt nets Rs 939cr from online ads on Google, Facebook in FY19 FinMin may go slow on overseas bonds plan SEBI may tighten buyback norms, cap issue … [Read more...] about Budget 2019 | NPAs under PM Modi’s Mudra scheme jumps 92% in FY18
The interim Union Budget is almost upon us and we are all on tenterhooks. Some of us have spent sleepless nights worrying about the big question: who will Piyush Goyal quote in his Budget speech?We have a time-honored tradition of finance ministers quoting famous persons during the Budget speech. In last year’s budget, for example, Arun Jaitley quoted Swami Vivekananda’s ‘Memoirs of European Travel’, ‘‘You merge yourselves in the void and disappear, and let new India arise in your place……’’ The exhortation to merge into the void and disappear was obviously directed to the Congress, but they seem to have refused to listen to his advice.Anyway, Jaitley’s quoting Vivekananda was a bit of a surprise, because in the 2017 budget he had stated, ‘it is said: “When my aim is right, when my goal is in sight, the winds favour me and I fly”’. And in 2016, he said, ‘it is said that “champions are … [Read more...] about Opinion | Loose Canon: Who will Piyush Goyal quote on Budget day?
Moneycontrol NewsIt would not be entirely incorrect to say the Reserve Bank of India (RBI) and issues that it deals with have become part of the mainstream conversation over the last four years.Time was when RBI board meetings were hardly considered headline- worthy to make it to the front pages.Not any longer.Close The festering tension between North Block and Mint Street have meant the phraseology of discussions on “Section 7”, the RBI’s autonomy, governor’s resignations, governor’s education, the RBI’s capital surplus and a new economic capital framework of RBI and jurisdictional issues have dominated interest among the media and the commentariat related news Govt nets Rs 939cr from online ads on Google, Facebook in FY19 FinMin may go slow on overseas bonds plan SEBI may tighten buyback norms, cap issue at 25% of paid-up capital & free reserves On December 10, 2018, Urjit Patel resigned as the RBI governor, ten months before … [Read more...] about Modinomics — Monetary policy reforms in light of strained RBI-FinMin relations