Finance Ministry

The Monthly Economic Review for June 2021 released by the Department of Economic Affairs (DEA) noted that inflationary pressures took an upturn in May 2021 with headline inflation (CPI-C) and WPI inflation touching a high of 6.3 per cent and 12.94 per cent, respectively. Supply-side disruptions in states and unfavourable base effects drove the broad-based momentum in retail inflation across food, fuel and core categories.

The department, which was under the Ministry of Heavy Industries and Public Enterprises so far, would look into the residual work relating to erstwhile Bureau of Public Enterprises including the Industrial Management Pool. It would also look into coordination of matters of general policy affecting all public sector enterprises (PSEs). Review of capital projects also would be taken care of by the department.

With interest rates falling all across financial instruments, the government was widely expected to cut rate on small savings too. In fact, the Centre withdrew a decision to cut rates for the previous April-June quarter too fearing a backlash from savers. The decision on rate cut was withdrawn in the middle of voting for Assembly polls in West Bengal and Assam.

Accordingly, Finance Minister Nirmala Sitharaman announced an additional outlay of Rs 23,220 crore for public health. Addressing the media, Sitharaman said that the new scheme would be focused on short-term emergency preparedness with special emphasis on children and paediatric care and paediatric beds.

Citing a picture of an "office memorandum" which has been doing the rounds on social media and confirmed the resumption of DA and DR from next month, the Finance Ministry tweeted: "A document is doing rounds on social media claiming resumption of DA to Central Government employees & Dearness Relief to Central Government pensioners from July 2021. This OM is #FAKE. No such OM has been issued by GOI."

Infosys is the agency that has put up the software backbone going into the new e-filing portal. The June 22 meeting will also be attended by other stakeholders including members from the ICAI, auditors, consultants and taxpayers. The new portal has been fraught with several technical glitches and issues leading to taxpayer inconvenience.

The Department of Economic Affairs (DEA) noted that provisional GDP estimates available for January-March quarter (Q4) of FY 2020-21 confirm a V-shaped recovery in India's economic prospects in the second half of the year, after an unprecedented Covid-19 induced contraction.

Citing complaints on her Twitter timeline the Finance Minister said that ease of compliance for the taxpayer should be or higher priority. "The much awaited e-filing portal 2.0 was launched last night 20:45hrs. I see in my TL grievances and glitches," she said in a tweet.

The new e-filing portal is aimed at providing taxpayer convenience and a modern, seamless experience to taxpayers, ministry of finance said in a statement.

The Rs 8,923.8 crore grants released by Finance Ministry are meant for all the three tiers of Panchayati Raj Institutions - village, block and district. The amount released on Saturday is the first instalment of the 'Untied Grants' for the year 2021-22. It is meant to be utilised by the RLBs, among other things, for various prevention and mitigation measures needed to combat the COVID-19 pandemic.