Latest Expert Exchange Queries
sitemapHome | Registration | Job Portal for CA's | Expert Exchange | Currency Converter | Post Matrimonial Ads | Post Property Ads
 
 
News shortcuts: From the Courts | News Headlines | VAT (Value Added Tax) | Service Tax | Sales Tax | Placements & Empanelment | Various Acts & Rules | Latest Circulars | New Forms | Forex | Auditing | Direct Tax | Customs and Excise | ICAI | Corporate Law | Markets | Students | General | Indirect Tax | Mergers and Acquisitions | Continuing Prof. Edu. | Budget Extravaganza | Transfer Pricing
 
 
 
 
Popular Search: ACCOUNTING STANDARD :: list of goods taxed at 4% :: due date for vat payment :: VAT RATES :: TAX RATES - GOODS TAXABLE @ 4% :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: articles on VAT and GST in India :: Central Excise rule to resale the machines to a new company :: empanelment :: VAT Audit :: TDS :: cpt :: ARTICLES ON INPUT TAX CREDIT IN VAT :: ACCOUNTING STANDARDS :: form 3cd
 
 
« Budget Extravaganza »
 Budget 2017 does little to expand taxpayer base, salaried still bear brunt of taxes
 Six things Finance Minister did not tell you in Budget 2017
 Budget 2017 and its place in history
 Tax Dept need not reveal reason for raid even to Appellate Tribunal, proposes Budget 2017
 Budget 2017 proposes a fee for delayed filing of income tax return
 No Cash Transactions Over Rs 3 Lakhs, Reduction In Income Tax And Other Highlights From Budget 2017
 Union Budget 2017: Here are the expectations of real estate sector
 10 things to expect from Finance Minister Arun Jaitley
 High expectations from budget
 India unveils Budget for recovery after cash crunch
 Increase income tax exemption limit’

FDI, Budget, jobs key agenda for FM
May, 27th 2014

Enhancing the foreign direct investment cap in the defence sector may be one of the immediate steps taken by the new finance minister, who is set to join office later this week.

The department of industrial policy and promotion is, in fact, understood to be working on a Cabinet note to this end, hoping that the new government will approve the long-pending move.

to help us personalise your reading experience.

Former defence minister AK Antony had refused any move to increase the FDI cap in the sector to 49 per cent from the current limit of 26 per cent. “We will take up the proposal as it will not only help our defence production but also bring down imports and keep the current account deficit in check,” said a finance ministry official. A bigger problem facing the sector is a ban on foreign institutional investors (FIIs), which was an unexpected consequence of changes in the FDI policy announced last year. The plan could get a boost given that Cabinet minister Arun Jaitley may hold the finance ministry portfolio along with additional charge of the key defence ministry.

“It is likely to be a temporary charge but the minister will have to balance his dual role, given that a large proportion of the non-plan spend is allocated to the defence ministry,” agreed Dhirendra Swarup, former finance secretary pointing out that it is an unusual move as the finance minister is usually not burdened with another critical ministry. Though former finance minister Pranab Mukherjee had held dual charge of external affairs and finance in 2009, officials point out that a more likely synergy could be between the ministries of finance and corporate affairs that were clubbed together in the previous NDA government as well.

“Corporate affairs was at one point also part of the ministry of law but it is more related to the area of finance and combining these would be a wise decision,” said a former officer with the ministry.

Though an official announcement is awaited, such a merger would be in tandem with Prime Minister Narendra Modi’s decision to revamp government functioning by merging related ministries.

Also the lack of clarity on the structure of the Planning Commission could pose an additional challenge for the new finance minister who would be faced with the preparation of a Rs 17 lakh crore Budget in just about a month’s time. The Planning Commission acts as an adviser to the finance ministry in finalising plan schemes and expenditure.
“The finance minister’s main priority will be the passing of the Union Budget, which is likely to be done by July,” said KM Chandrasekhar, former Cabinet secretary at the Union who previously headed the revenue department.

But on the flip side, Budget preparations could be aided by the smaller size of the Cabinet, which could mean less deliberations and lobbying by ministries for allocations and schemes.

“No matter the size of the Cabinet, the finance minister has a special status and a standalone position,” said Chandrasekhar. Merger of ministries would also create synergies across sectors such as finance, industry, small and

 
 
Home | About Us | Terms and Conditions | Contact Us
Copyright 2017 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Binarysoft Technologies - Company Overview

Transfer Pricing | International Taxation | Business Consulting | Corporate Compliance and Consulting | Assurance and Risk Advisory | Indirect Taxes | Direct Taxes | Transaction Advisory | Regular Compliance and Reporting | Tax Assessments | International Taxation Advisory | Capital Structuring | Withholding tax advisory | Expatriate Tax Reporting | Litigation | Badges | Club Badges | Seals | Military Insignias | Emblems | Family Crest | Software Development India | Software Development Company | SEO Company | Web Application Development | MLM Software | MLM Solutions