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Economic Times
2 days ago
- Business
- Economic Times
Parliament watch: From debt to GST to NPA, govt shares key data as Monsoon Session kicks off
Synopsis In FY24, the Centre forwent ₹99,000 crore in corporate tax revenue due to incentives. India's external debt reached $736.3 billion, remaining sustainable at 19.1% of GDP. The PM Internship scheme saw 22,500 offers accepted, while the government issued ₹72,275 crore in sovereign gold bonds. PLI schemes drove ₹1.76 lakh crore in investments, creating over 12 lakh jobs. PTI New Delhi: Security personnel atop the Parliament building, in New Delhi. Centre Gave up ₹99,000 cr Corporate Tax Revenue in FY24 on Account of Tax Incentives The Finance Ministry Tuesday informed Parliament that the Centre has foregone ₹99,000 crore of corporate tax revenue in FY24 on account of tax incentives. The corporate tax revenue foregone in 2023-24 stood at ₹98,999 crore, followed by ₹88,109 crore and ₹96,892 crore in 2022-23 and 2021-22, respectively, MoS for finance Pankaj Chaudhary said in a written reply to Rajya Sabha. In 2020-21 and 2019-20, the total corporate tax revenue foregone was ₹75,218 crore and ₹8,043 crore, respectively. At $736.3 b, External Debt Hits 19.1% of GDPIndia's external debt stood at $736.3 billion as of March 2025, which was only 19.1% of gross domestic product and 90.8% of forex reserves, MoS for finance Pankaj Chaudhary told RS Tuesday. 'These debt vulnerability indicators are benign and indicate India's external debt remains sustainable and prudently managed,' he said. He added that external debt of nations rises over time as it is associated with increasing investment and productivity, which has also been the case with India. "India has managed its external debt prudently with the overarching objective of keeping the current account deficit within sustainable limits." PM Internship Scheme: 22,500 Offers Accepted So Far About 71,000 offers were made by companies to the youth under the second round of the PM Internship scheme as of July 17 and about 22,500 were accepted by them, the Rajya Sabha was informed on Tuesday. In a written reply, minister of state for corporate affairs Harsh Malhotra said about 327 companies had posted over 118,000 internship opportunities against over 4,55,000 applications. No GST Compensation Pending, Except to Arunachal & Manipur The Centre Tuesday informed Parliament that no amount is pending for release of the final GST compensation to states and Union Territories except Arunachal Pradesh and Manipur. In the case of these two states the Centre has not received the certificate of Auditor General, required to release the payment, MoS for finance Pankaj Chaudhary told Rajya Sabha in a written reply. ₹72,275 cr Sovereign Gold Bonds IssuedThe government issued sovereign gold bonds worth ₹72,275 crore–equivalent of 146.96 tonnes of the precious metal—between the scheme's launch in late 2015 and March 2025, minister of state for finance Pankaj Chaudhary said Tuesday. In a written reply in the Rajya Sabha, the minister also said the mopup under the gold monetisation scheme (through medium-and-long-term deposits) was to the tune of 37.81 tonnes during this suggests the gold bond scheme was far more popular than the monetisation one. The government, however, would consider the cost of garnering funds via such gold bonds before issuing any fresh tranche, he added. The government hasn't budgeted any mopup through such bonds this fiscal due to high borrowing costs. 'The recent global geopolitical unrest has impacted gold prices significantly, increasing the cost of borrowing through sovereign gold bonds,' Chaudhary added. PLI Scheme Drives ₹1.76 L crore Investments Actual investment of ₹1.76 lakh crore have been realised till March 2025 across 14 sectors covered under Production Linked Incentive (PLI) schemes, leading to incremental production/sales of over ₹16.5 lakh crore and employment generation of over 12 lakh. The production of mobiles in value terms has increased almost 146% to ₹5.25 lakh crore in 2024-25 from ₹2.13 lakh crore and their exports rose 775% to ₹2 lakh crore in FY25 from ₹22,870 crore in 2020-21. The pharmaceuticals sector has witnessed cumulative sales of ₹2.66 lakh crore which includes exports of ₹1.7 lakh crore achieved in the first three years of the scheme. The scheme has contributed to India becoming a net exporter of bulk drugs ( ₹2,280 crore) from a net importer of ₹1,930 crore. 'A number of foreign companies have established or expanded their operations in India under the PLI scheme. For example, Apple, a global smartphone company, has shifted its suppliers to India viz. Foxconn, Wistron and Pegatron,' the commerce and industry ministry told Lok Sabha. Over ₹35,105cr Tax Demands Raised Under Black Money Law The finance ministry told Parliament Tuesday that the government has raised tax and penalty demands of over ₹35,105 crore from 1,021 assessments and filed 163 prosecution complaints till March 31 under the foreign black money law. The government has recovered ₹338 crore under the Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015, towards tax, penalty, interest between July 1, 2015 and March 31, 2025, MoS for finance Pankaj Chaudhary told Rajya Sabha in a written reply. Renewables Sector Creates Over 600,000 Jobs in 5 Years An estimated 6.61 lakh jobs were created in the last five years from FY21 to FY25 in the renewable energy sector, minister of state for renewable energy Shripad Yesso Naik said in a written reply to the Rajya Sabha on Tuesday. VGF Scheme Extended The power ministry has recently extended the Viability Gap Funding (VGF) scheme for battery energy storage systems for additional 30,000 MWh capacity through the Power System Development Fund, MoS for renewable energy Shripad Yesso Naik informed the Rajya Sabha on Tuesday. Action Taken Against 886 Entities Enforcement action has been taken against 886 entities between April 2024 and June 2025 for fraudulent or unfair trade practices relating to the stock market, minister of state for finance Pankaj Chaudhary told the Rajya Sabha Tuesday.
Time of India
2 days ago
- Business
- Time of India
Parliament watch: From debt to GST to NPA, govt shares key data as Monsoon Session kicks off
Centre Gave up ₹99,000 cr Corporate Tax Revenue in FY24 on Account of Tax Incentives The Finance Ministry Tuesday informed Parliament that the Centre has foregone ₹99,000 crore of corporate tax revenue in FY24 on account of tax incentives. The corporate tax revenue foregone in 2023-24 stood at ₹98,999 crore, followed by ₹88,109 crore and ₹96,892 crore in 2022-23 and 2021-22, respectively, MoS for finance Pankaj Chaudhary said in a written reply to Rajya Sabha . In 2020-21 and 2019-20, the total corporate tax revenue foregone was ₹75,218 crore and ₹8,043 crore, respectively. Explore courses from Top Institutes in Please select course: Select a Course Category Data Science MCA Data Science Design Thinking Management healthcare PGDM Data Analytics Degree Public Policy Leadership Technology others Artificial Intelligence Finance Cybersecurity MBA Project Management Operations Management Others Healthcare CXO Digital Marketing Product Management Skills you'll gain: Duration: 10 Months IIM Kozhikode CERT-IIMK DABS India Starts on undefined Get Details Skills you'll gain: Duration: 10 Months E&ICT Academy, Indian Institute of Technology Guwahati CERT-IITG Prof Cert in DS & BA with GenAI India Starts on undefined Get Details Skills you'll gain: Duration: 30 Weeks IIM Kozhikode SEPO - IIMK-AI for Senior Executives India Starts on undefined Get Details Skills you'll gain: Duration: 11 Months E&ICT Academy, Indian Institute of Technology Guwahati CERT-IITG Postgraduate Cert in AI and ML India Starts on undefined Get Details Skills you'll gain: Duration: 11 Months IIT Madras CERT-IITM Advanced Cert Prog in AI and ML India Starts on undefined Get Details At $736.3 b, External Debt Hits 19.1% of GDP India's external debt stood at $736.3 billion as of March 2025, which was only 19.1% of gross domestic product and 90.8% of forex reserves, MoS for finance Pankaj Chaudhary told RS Tuesday. 'These debt vulnerability indicators are benign and indicate India's external debt remains sustainable and prudently managed,' he said. He added that external debt of nations rises over time as it is associated with increasing investment and productivity, which has also been the case with India. "India has managed its external debt prudently with the overarching objective of keeping the current account deficit within sustainable limits." PM Internship Scheme: 22,500 Offers Accepted So Far About 71,000 offers were made by companies to the youth under the second round of the PM Internship scheme as of July 17 and about 22,500 were accepted by them, the Rajya Sabha was informed on Tuesday. In a written reply, minister of state for corporate affairs Harsh Malhotra said about 327 companies had posted over 118,000 internship opportunities against over 4,55,000 applications. Live Events No GST Compensation Pending, Except to Arunachal & Manipur The Centre Tuesday informed Parliament that no amount is pending for release of the final GST compensation to states and Union Territories except Arunachal Pradesh and Manipur. In the case of these two states the Centre has not received the certificate of Auditor General, required to release the payment, MoS for finance Pankaj Chaudhary told Rajya Sabha in a written reply. ₹72,275 cr Sovereign Gold Bonds Issued The government issued sovereign gold bonds worth ₹72,275 crore–equivalent of 146.96 tonnes of the precious metal—between the scheme's launch in late 2015 and March 2025, minister of state for finance Pankaj Chaudhary said Tuesday. In a written reply in the Rajya Sabha, the minister also said the mopup under the gold monetisation scheme (through medium-and-long-term deposits) was to the tune of 37.81 tonnes during this period. This suggests the gold bond scheme was far more popular than the monetisation one. The government, however, would consider the cost of garnering funds via such gold bonds before issuing any fresh tranche, he added. The government hasn't budgeted any mopup through such bonds this fiscal due to high borrowing costs. 'The recent global geopolitical unrest has impacted gold prices significantly, increasing the cost of borrowing through sovereign gold bonds,' Chaudhary added. PLI Scheme Drives ₹1.76 L crore Investments Actual investment of ₹1.76 lakh crore have been realised till March 2025 across 14 sectors covered under Production Linked Incentive (PLI) schemes, leading to incremental production/sales of over ₹16.5 lakh crore and employment generation of over 12 lakh. The production of mobiles in value terms has increased almost 146% to ₹5.25 lakh crore in 2024-25 from ₹2.13 lakh crore and their exports rose 775% to ₹2 lakh crore in FY25 from ₹22,870 crore in 2020-21. The pharmaceuticals sector has witnessed cumulative sales of ₹2.66 lakh crore which includes exports of ₹1.7 lakh crore achieved in the first three years of the scheme. The scheme has contributed to India becoming a net exporter of bulk drugs ( ₹2,280 crore) from a net importer of ₹1,930 crore. 'A number of foreign companies have established or expanded their operations in India under the PLI scheme. For example, Apple, a global smartphone company, has shifted its suppliers to India viz. Foxconn, Wistron and Pegatron,' the commerce and industry ministry told Lok Sabha. Over ₹35,105cr Tax Demands Raised Under Black Money Law The finance ministry told Parliament Tuesday that the government has raised tax and penalty demands of over ₹35,105 crore from 1,021 assessments and filed 163 prosecution complaints till March 31 under the foreign black money law. The government has recovered ₹338 crore under the Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015, towards tax, penalty, interest between July 1, 2015 and March 31, 2025, MoS for finance Pankaj Chaudhary told Rajya Sabha in a written reply. Renewables Sector Creates Over 600,000 Jobs in 5 Years An estimated 6.61 lakh jobs were created in the last five years from FY21 to FY25 in the renewable energy sector, minister of state for renewable energy Shripad Yesso Naik said in a written reply to the Rajya Sabha on Tuesday. VGF Scheme Extended The power ministry has recently extended the Viability Gap Funding (VGF) scheme for battery energy storage systems for additional 30,000 MWh capacity through the Power System Development Fund, MoS for renewable energy Shripad Yesso Naik informed the Rajya Sabha on Tuesday. Action Taken Against 886 Entities Enforcement action has been taken against 886 entities between April 2024 and June 2025 for fraudulent or unfair trade practices relating to the stock market, minister of state for finance Pankaj Chaudhary told the Rajya Sabha Tuesday.
The Hindu
2 days ago
- The Hindu
Multi-purpose centre equipped with AI-learning tools established at Limbuguda in Kumram Bheem Asifabad district
Equipped with state-of-the-art facilities such as a mini-library, computer systems and AI-based learning tools, the Multi-Purpose Centre (MPC) at the remote Limbuguda village in Wankidi mandal of Telangana's tribal heartland of Kumram Bheem Asifabad district is poised to be a boon for local tribals, especially women and children. The centre has been developed as a pilot model under the PM JANMAN scheme with the support of the Integrated Tribal Development Agency, Utnoor, and the district administration. Billed as first-of-its-kind in tribal areas of the country, it has Non-Communicable Disease (NCD), Antenatal Check-Up (ANC) and telemedicine centres, official sources said. The Education Room has been equipped with computer systems and AI-based learning tools for the benefit of students of Mandal Parishad Primary schools and Tribal Welfare Primary schools. The MPC will also serve as a platform for tribal communities to market their products. The conference room is equipped with a projector for multi-purpose use to host meetings and interactive sessions for the benefit of local tribal communities. The MNC's walls have been aesthetically painted highlighting the rich cultural heritage of Adivasi communities and inspiring stories of legendary Adivasi leaders like Gond martyr Kumram Bheem. The model MPC drew praise from Minister of State for Road, Transport & Highways and Corporate Affairs Harsh Malhotra during his recent visit to the centre. During his interaction with students and local tribals, he appreciated the efforts of the ITDA and the district administration in developing the MPC.
New Indian Express
3 days ago
- Business
- New Indian Express
6,688 companies left West Bengal during TMC's rule: Centre
KOLKATA: In the last 14 years, 6,688 companies have left West Bengal, the Parliament was informed on Tuesday. Minister of State for Corporate Affairs, Road Transport and Highways Harsh Malhotra said in the Rajya Sabha that between April 1, 2011 and March 31, 2025, 6,688 companies have relocated their registered offices from West Bengal to other states. He was replying to a question from BJP MP and party's West Bengal state president, Samik Bhattacharya. It may be noted that Mamata Banerjee's Government came to power in West Bengal in May 2011. Armed with the Union Minister's reply, BJP's National IT Cell head Amit Malviya took to X to launch an attack on the Trinamool Congress. He said, 'Under the Trinamool Congress government led by Mamata Banerjee, 6688 companies have relocated their registered offices from West Bengal to other Indian states between April 1, 2011, and March 31, 2025. Out of the 6688 companies that left West Bengal, 110 were listed on the stock exchange at the time of their relocation.'
Time of India
3 days ago
- Business
- Time of India
Govt may commission market studies before bringing in ex-ante regulations for Big Tech: MoS for corporate affairs
The government could undertake market studies to build "an evidence-based foundation" for introducing an ex-ante framework under the proposed Digital Competition Bill to regulate the Big Tech, minister of state for corporate affairs Harsh Malhotra indicated in the Lok Sabha on Monday. In a written reply, Malhotra said: "Based on the suggestions/comments/inputs received, it is felt that an evidence-based foundation through market studies is required to consider all relevant aspects for ex-ante regulation considering it is in nascent implementational stages globally." Explore courses from Top Institutes in Select a Course Category Artificial Intelligence others Technology Others Project Management Management PGDM MBA Data Science Public Policy CXO Product Management Design Thinking MCA healthcare Finance Operations Management Healthcare Cybersecurity Leadership Data Analytics Data Science Degree Digital Marketing Skills you'll gain: Duration: 7 Months S P Jain Institute of Management and Research CERT-SPJIMR Exec Cert Prog in AI for Biz India Starts on undefined Get Details In March 2024, a high-level official panel led by then corporate affairs secretary Manoj Govil had suggested a new antitrust law with an ex-ante framework to regulate only 'systemically significant digital enterprises' that have a 'significant presence' in India. It had submitted with the Ministry of Corporate Affairs (MCA) a draft digital competition bill, along with its report, for consideration. Malhotra said over 100 stakeholders from various fields had submitted their responses with the MCA on the draft Bill between March and May last year. Additionally, the ministry of electronics and information technology had organised stakeholder discussions on the draft bill in June last year and those comments are awaited, he added. Live Events The corporate affairs ministry is unlikely to bring in the proposed digital competition legislation this fiscal, as it aims to first introduce amendments to the Insolvency and Bankruptcy Code (IBC) and the Companies Act, ET has reported. On top of that, the ministry is also tied up with plans to expand the PM Internship Scheme for youth soon. Since digital competition is a rapidly-evolving and complex area, the government reckons undue haste in regulations could be counter-productive, people aware of the development had told ET earlier. Malhotra, too, had said in March that the government was in no hurry and that it would follow all the due processes before bringing in the new law. Ex-ante framework Ex-ante regulations usually stipulate a set of dos and don'ts with an aim to disallow certain practices from being pursued. The Govil panel had suggested that the penalty for violations of rules and regulations be as high as 10% of the digital entity's global turnover. Under the existing ex-post framework, violations of the competition law are investigated after they take place. While some experts said the ex-ante framework is modelled around EU law, government officials have said the legislation would factor in domestic sensitivities. A number of big technology firms, including Apple, Meta, Google, Amazon and Flipkart, had opposed ex-ante regulations before the Govil panel. The obligations for large players would be spelt out through subordinate legislation after deliberations with stakeholders, the panel had suggested.
