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Finance Minister Nirmala Sitharaman, RBI Governor Sanjay Malhotra, CBD board will meet today, address media at 12
Finance Minister Nirmala Sitharaman, RBI Governor Sanjay Malhotra, CBD board will meet today. They will address the media at 12 noon on February 8, 2025.
Finance Minister Nirmala Sitharaman, new Reserve Bank of India Governor Sanjay Malhotra, and the Central Board of Directors (CBD) of the RBI are scheduled for a customary post-Budget meeting, according to a report by CNBC-TV18.
After the meeting, Sitharaman, Malhotra and the CBD members will address the media together at 12 noon on February 8, 2025, it added.
Cabinet Clears New Income-Tax Bill
Meanwhile, the Union Cabinet on February 7 has approved the new Income-Tax (I-T) Bill proposed by FM Sitharaman in the Budget speech on February 1. It is likely to be presented in Parliament next week, and may be referred to a parliamentary committee for further discussions, according to two persons aware of the development.
The new I-T bill will replace the more than six-decade-old I-T Act,1961, with a new, simpler and easy-to-understand law, as part of the government's regulatory reforms.
The cabinet also decided to restructure the central government's Skill India programme and continue it till 2026 with an outlay of ₹8,800 crore, railway, IT, and Information & Broadcasting minister Ashwini Vaishnaw said, while briefing reporters about the cabinet decisions.
The new tax bill will be clear and direct in text, with close to half of the present law, in terms of both chapters and words, the minister said in the budget speech, assuring that it will be simple to understand for taxpayers and the tax administration, leading to tax certainty and reduced litigation.
RBI MPC: First Rate Cut in Five Years Announced
The RBI's Monetary Policy Committee (MPC), headed by Governor Malhotra, reduced the repo rate by 25 basis points to 6.25 per cent from 6.50 per cent on February 7. This was the first reduction since May 2020 and the first revision after two-and-a-half years — the last being consecutive hikes which ended in 2023.
For the fiscal year ending March 31, RBI quoted the government estimate to put the growth rate at 6.4 per cent, its worst in four years and lower than 6.6 per cent seen previously, while the inflation was pegged at 4.8 per cent.
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Business NewsEconomyFinance Minister Nirmala Sitharaman, RBI Governor Sanjay Malhotra, CBD board will meet today, address media at 12
First Published:8 Feb 2025, 10:36 AM IST
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