Finance Ministry

According to Ministry of Finance, India and the US will remain in close contact to ensure that there is a common understanding of the respective commitments and endeavor to resolve any further differences of views on this matter through constructive dialogue. The final terms of the agreement shall be finalised by February 1, 2022.

He was speaking about the three decades of 1991 economic reforms at the 3rd Global Finance Conclave organised by the Jindal School of Banking & Finance (JSBF) on Friday. Elaborating on how the economy has grown since 1991, Subramanian pointed out how the country handled the demand and supply line impact during the Covid-19 crisis.

The Monthly Economic Review for October, 2021 released by the Department of Economic Affairs (DEA) on Wednesday said that with India's Covid-19 vaccination campaign crossing new milestones in rapid succession and teeming festivities lending renewed optimism to India's ongoing economic recovery, further demand stimulation, fuller restoration of supply chains, narrowing of demand-supply mismatches and greater employment generation, are in the offing.

In an order, it said: "The 'Appointments Committee of the Cabinet' has approved the reappointment of Shri Shaktikanta Das, lAS Retd. as Governor, Reserve Bank of India for a period of three years beyond December 10, 2021 or until further orders, whichever is earlier."

"After taking into account earlier release of Rs 115,000 crore, total amount released in the current financial year as back-to-back loan in-lieu of GST compensation is Rs 159,000 crore," the Ministry of Finanace said in a statement.

The FMCBGs on Wednesday discussed developments in global economy, global commons, support to vulnerable countries & International Taxation. The FM noted that for recovery, ensuring equitable vaccines for all is a significant challenge and keeping up the support, building resilience, enhancing productivity and structural reforms should be our policy goals.

The Monthly Economic Review for September 2021 released by the Department of Economic Affairs (DEA) on Monday said that sustained and robust growth in agriculture, sharp rebound in manufacturing and industry, resumption of services activity and buoyant revenues are suggesting that economy is progressing well.

"I have decided to return back to academia following the completion of my 3-year fulfilling tenure. Serving The Nation has been an absolute privilege and I have wonderful support and encouragement," Subramanian said in a tweet announcing his decision to move out from the North Block.

Accordingly, the amendment bill notified on October 1, 2021, will enable the scrapping of the contentious retrospective tax demand provisions. Significantly, the notification of the bill is expected to end the much stretched tax disputes with UK's Cairn Energy, and Vodafone Plc.

The American Express survey also showed small merchants are embracing new digital payment methods and innovative strategies to survive during the pandemic and as economy recovers. More than half the small merchants surveyed by American Express for its 2021 report feel that the government's new MSME guidelines will yield better financial opportunities and open doors to better schemes.