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Sep 27, 2019 06: 06 PM IST | Source:Moneycontrol.com
Track this space for all updates on Finance Minister Nirmala Sitharaman’s address to the media following her meeting with ministry officials with a major infrastructure spend.
After meeting infrastructure ministries, Expenditure GC Murmu, who was also present at the press conference, said that out the total outstanding dues of about Rs 60, 000 crore, RS 40, 000 crore has been cleared. And the remaining amount, which is not involved in litigation, will be cleared by the first week of October, he said. (PTI)
We are looking to cap expenditure at this stage to ensure that the spending continues: FM Sitharaman.
Close to 90 percent of the outstanding GST dues, as of August 23 when I first mentioned the GST refunds, have been cleared .
I have called for ministries to provide their capex plans for the next four quarters. The details are expected to come within a week: FM Sitharaman.
The ministries and PSUs will clear all the non-litigation related dues: FM Sitharaman.
FM Sitharaman: The idea is to ensure that there are no outstanding dues to various ministries for services provided.
Total capex spend is at 42 percent till August-end, said Expenditure secretary.
Finance Minister Nirmala Sitharaman may have met with officials of various ministries related to infrastructure to understand what else can be done to boost the economy, which is at a six-year low. She is also expected to have met with officials of public sector undertakings towards the same end, according to an Economic Times report. It noted that measures to boost spending and the timely release of payments for stuck projects is the key priority.
Financial sector regulators to discuss framework for stressed companies
Financial sector regulators are likely to discuss a new framework for stressed financial conglomerates at RBI headquarters on September 27. The Financial Stability Development Council (FSDC), which includes top officials of the Reserve Bank of India, the Securities and Exchange Board of India (SEBI), and Insurance Regulatory and Development Authority of India (IRDAI) will meet on September 27 to discuss the bailout process for these companies .Read more.
Key highlights from September 20 Conference
Finance Minister Niramala Sitharaman announced several fiscal measures on September 20 to boost the economy. The move follows GDP growth touching a six-year low of five percent in the April-June period of FY 20. Addressing her fourth press conference to revive the economy, the FM announced a cut in the corporate tax rate for domestic companies and new domestic manufacturing companies. The impact sent the benchmark Sensex up more than 1, 200 points and the Nifty above the psychological 11, 000 mark. Among sectors, the Bank Nifty and Auto index surged three percent each.Read more.
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