The grants are released as per recommendations of the 15th Finance Commission in monthly installments to meet the gap in revenue accounts of the states post devolution.
In July, 130 countries had agreed to an overhaul of global tax norms to ensure that multinationals pay taxes wherever they operate and at a minimum 15% rate.
Reserves to external debt ratio increased to 101.2% from 85.6% during the same period, consolidating India's position as a net creditor to the world, the finance ministry said.
The 7-member panel set up by finance ministry would be headed by Karnataka CM Basavaraj Bommai, & include Bengal FM Amit Mitra, Kerala FM Balagopal, Bihar Deputy CM Tarkishore Prasad.
The proposed bad bank or NARCL will pay up to 15% of the agreed value for the loans in cash and the remaining 85% would be government-guaranteed security receipts.
In its latest Monthly Economic Review, the Finance Ministry said growth of Indian economy by 20.1% in the first quarter was a testimony to India's strong macroeconomic fundamentals.
Finance Minister Sitharaman further said there should be a simple approach between public sector banks so that exporters are not be made to run between banks to scout for better offer.
Without bureaucratic capability, India's plan could become a transfer of taxpayer-funded assets to a handful of businesses. Finding balance between public & private interests is key.
The reach and impact of influencers are so significant that even politicians such as Prime Minister Narendra Modi have recognised their value—the National Creators Award is proof.
Economists say there are weaknesses in India’s GDP data. But statisticians claim the accusations are based on flawed understanding, saying while GDP has problems, the economists are looking in the wrong places.
Both the governments expressed their commitment to strengthening their maritime cooperation to strengthen the maritime safety and security framework in the region.
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