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Setting Track for more than just “Achche Din” for the Indian Economy: Ministry of Finance

Introducing inflation targeting to control volatile price rises, easing up FDI norms, creating more predictable tax rules, improving bilateral trade agreements – FinMin has taken a slew of measures to put India back on map as a growing economy and as an attractive destination for investments. India Inc. is now projected to post a growth rate of over 8% in FY16. With a go-getter attitude, the Ministry succeeded in detecting a black money of Rs.3250 crores till date and more is expected to be disclosed by March 31. Making a landmark decision to increase state share of central taxes to 42%, putting aside Rs.1000 crores for IT start ups – the Ministry of Finance has taken some innovative steps to revive Indian Economy.

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  • Finance minister Arun Jaitley has said income assessment of a large number of people named in a HSBC list of Indian account holders in its Swiss subsidiary will be completed by March 31 and tax authorities have so far detected evaded income of Rs 3,250 crore.
  • Indo-US trade could reach $ 500 billion: Ed Royce.
  • Adani Ambani Tata to invest more than 1.10 Lakh Crore in Rajasthan. Dry port also to be set up in Rajasthan. The port will be linked by canel connecting to Gujarat coast.
  • Nepal’s Chaudhary Group keen on Indian fin services sector.
  • Forex reserves hit new high at over $338 billion.
  • Foreign Inflows into Indian Markets: Over Rs 1000 Crore a Day.
  • The government has mopped up Rs 77,000 crore from the sale of telecom spectrum, surpassing the amount grossed in last year’s sale, as top carriers Bharti AirtelBSE -0.93 %, Vodafone India, and Idea Cellular shed caution and made competitive bids on day three of the auctions to secure airwaves in circles where their licences are due to expire. These operators are competing with Reliance Jio Infocomm, the telecom arm of Reliance Industries, and other players such as Anil Ambani’s Reliance Communications and Tata Teleservices.
  • More De-Dollarization: India And Russia On The Verge Of Currency Agreement.
  • Government bans 69 NGOs from receiving foreign funds
  • Loksabha passed the insurance bill in which FDI has been increased from 26% to 49%
  • India to save Rs 1,200 crore by producing currency paper locally
  • Seeking to curb the use of cash for high-value transactions and check the flow of black money in the economy, the government may make it mandatory to undertake certain transactions — such as payment of hotel bills beyond a specified limit.
  • Thanks to recovering economy! India Inc may raise over Rs 70,000 cr via QIPs, IPOs, FPOs & rights issues
  • The Reserve Bank of India (RBI) and the Ministry of Finance have agreed, in the biggest change to the monetary policy since opening up the domestic economy more than two decades ago, to introduce inflation targetting to rein in a long history of volatile price rises.
  • The central bank will first aim to have consumer inflation fall below 6 per cent by January 2016.
  • REIT Taxes in India to Be Modified as Modi Seeks to Give Boost. The development of REITs has been hindered by tax rules that make it unattractive to sell positions in the trusts in less than three years and by concerns with levies to be paid by builders setting them up. The new incentives may help debt-laden Indian developers to raise funds to construct malls and office buildings, bolstering Prime Minister Narendra Modi’s efforts to revive Asia’s No.3 economy.
  • Experts hail GST roadmap, Gaar deferment, tax predictability.
  • Rs 1000 crore announced to enable IT start-ups
  • Government approves a Rs. 200 crore Central Sector Scheme for implementing e-platform for agri-marketing
  • The union cabinet on Wednesday approved the setting up of 15,000 MW of grid connected solar power projects through the state-run generator National Thermal Power Corporation (NTPC) under the National Solar Mission.
  • States to get 42% share in central taxes, Modi govt accepts Finance Commission recommendations .
  • Budget 2015: Cigarette prices to go up by 10-15%.
  • Economic Survey 2015: India to grow at over 8% in FY16
  • The Securities and Exchange Board of India has banned 33 entities for allegedly misusing the stock exchange system to generate fictitious long-term capital gains of over Rs 1,800 crore and for converting their unaccounted income into legal money.
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