Union Finance Minister, Shri Pranab Mukherjee’s speech at Chennai Trade Centre “The global financial crisis and the current international economic environment has brought into focus significant challenges for governments across the world. India has also been impacted and continues to face challenges on several fronts. Yet, I would say that we have done well in maintaining the growth momentum in what have been uncertain and difficult times. More importantly, we have taken important steps in creating a policy framework for pursuing ‘inclusive growth’ as the core of our development agenda.

The Union Finance Minister Shri Pranab Mukherjee said that Indian economy will soon revert back to the path of higher growth trajectory. He said that the present downturn is only temporary. The Finance Minister was addressing the fourth meeting of the Consultative Committee attached to the Ministry of Finance during the current fiscal, here yesterday. The subject matter of the meeting was Present State of the Indian Economy and the Roadmap for Future

Amid economic slowdown, finance minister Pranab Mukherjee will hold brainstorming sessions with various stakeholders during his annual pre-budget meetings beginning January 11. The first meeting would be held with agriculturalists, followed by a series of interactions with sectoral experts, representatives, industry captains and economists over the next ten days to get their feedback and inputs for incorporating them in Budget 2012-13.

Income Tax department seized Rs 300 crore (Rs 3 billion) in black money, including cash and jewellery, during April-October, 2011-12, Parliament was informed on Tuesday. The I-T department has issued 2,190 warrants and seized assets worth Rs 299.63 crore (Rs 2.996 billion), Finance Minister Pranab Mukherjee said in the Rajya Sabha.

The strength of the Indian economy and the capabilities of the Indian Income-tax Department are globally accepted today. The training sector of the Department has matched steps in this journey through constant re-skilling, value additions and capability build ups. A sprawling global training centre to advance the cause of research and academic exercises in direct taxation is now proposed at Bangalore adjacent to the DTRTI campus in Jalahalli. The existing campus of DTRTI to be inaugurated by the FM on 18th Dec spells the first step in this futuristic venture.

Finance Minister Pranab Mukherjee says lack of external demand is the major reason behind the depleting condition of the Indian rupee in the international market and the government is taking effective measures to improve the condition. He said that India will be soon on the growth trajectory as the present downturn in the economy is a temporary phase.

The Union Finance Minister Shri Pranab Mukherjee has said that we need to further our understanding of issues where greater and coordinated policy actions are needed to sustain growth and create inclusive outcomes for the people. He was delivering the inaugural address at the International Conference on “Economic Policies for Emerging Economies” here today. The [...]

It gives me great pleasure to deliver the inaugural address at the International Conference on “Economic Policies for Emerging Economies” organized jointly by the Ministry of Finance, Government of India and the National Institute of Public Finance and Policy. The initiative by Prof Kausik Basu last year of bringing together economists, policy makers, industry captains and other stakeholders to deliberate on topical economic issues has now grown into a week-long “Delhi Economics Conclave”. I understand that this is the plenary day of the Conclave, which is a collaborative effort with seminars being hosted by the Delhi School of Economics, Confederation of Indian Industry and Indian Statistical Institute.

The Finance Minister Shri Mukherjee was referring to the benchmark indices which lost 2.5 per cent as of 2 PM today as overseas markets declined on concerns over US’ third quarter growth and high yields on Spanish bonds. He said that in India, a day ahead of the expiry of the November futures contract, trading remains choppy. Regarding the rupee, the Finance Minister Shri Mukherjee said that the volatility in the Rupee is also keeping investors nervous, though today the rupee recovered from a low of 52.73 to trade at 52.12 per dollar.

Finance Minister Pranab Mukherjee on Wednesday attributed the stock market crash to withdrawal of funds by foreign investors and depreciation of the rupee. Mr. Mukherjee told reporters in Delhi that, Markets have crashed because of continuous withdrawal of funds by Foreign Institutional Investors.