The Chairman of the Central Board of Direct Taxes (CBDT) said asked tax officials from around the country to improve tax collections in order to close the widening fiscal deficit.

Finance Minister Pranab Mukherjee has expressed concern over the widening fiscal deficit, huge subsidy bills as well as lower-than-targeted direct tax collections. Mr. Das wrote to top IT officials on February 1 that the Rs. 5.32 lakh crore direct tax target must be achieved.

The government of India has been able to budge immense pressure from its western allies and has reached an agreement with Iran over how to make payments for the oil imports from the Islamic Republic.

India's Union Finance Minister Pranab Mukherjee has said that that country might have to settle for GDP growth of 7 per cent this year.

He said while speaking toa television channel that the country's GDP growth ahs been 7.3 per cent and the two quarters are unlikely to have substantial improvement and thus the GDP growth for the year is expected to be around 7 per cent.

India's Union Finance Minister Pranab Mukherjee has said that the upcoming national budged for the year will focus on higher growth and also aim to keep inflation, fiscal and revenue deficits at manageable levels.

Mr. Mukherjee has appealed to the corporate leaders in the country to help revive the growth in the country. The industry has urged the finance minister to take steps to boost investment in the country and put forward new reform measures.

C Rangarajan, the chairman of the Prime Minister's Economic Advisory Council (PMEAC) has said that the central government is not likely to achieve its 4.6% fiscal deficit target for the financial year.

While deceiving a lecture on 'The Indian Economy: Concerns and Prospects' on the ASSOCHAM Foundation Day, he said that it might be difficult to achieve. He added that the it is important that deficit remains close to this level to maintain credibility.

India’s union finance minister Pranab Mukherjee said on Sunday that India will not reduce oil imports from Iran, despite US and European sanctions against the Islamic republic.

The governments in Europe and the US are urging Asian countries to reduce oil imports from Iran so as to make their sanctions more effective in order to force Tehran to come clean on its nuclear programme. Iran is suspected of covertly developing nuclear weapons, a charge it denies and maintains that it has the right to harness civilian nuclear energy for generating power.

India’s union civil aviation ministry is proposing too a plan to allow up to 49 per cent investment by international carriers in local airlines.

If allowed, foreign airlines will be able to pick up to 49 per cent stake in publicly quoted carriers, according to analysts. The move is to bring some relief to the Indian aviation firms that are struggling with low liquidity. The aviations firms in the country are struggling with high jet fuel costs and mounting losses.

India’s union civil aviation ministry will soon prepare a note that proposes to allow up to 49 per cent investment by international carriers in local airlines.

The move is to bring some relief to the Indian aviation firms that are struggling with low liquidity. The aviations firms in the country are struggling with high jet fuel costs and mounting losses.

The central government will struggle to meet its deficit target of 4.6 percent for the financial year till March 2012.

Finance minister Pranab Mukherjee has said that it is a major challenge for the government to meet its deficit target for the year. He said that the government expects the inflation to fall to between 6 percent and 7 percent by the end of March.

India's headline inflation fell to 7.47 per cent, it's lowest in two years, in the month of December 2011, backed by the cheaper prices of food items in the country.

According to the latest official data, India’s headline inflation has fallen to the level of 7.47 per cent in December 2011.

Country’s inflation, which is based on Whole Sale Price Index (WPI), was recorded at the level of 9.11 per cent recorded in November. The all comes as a relief to the central bank, the Reserve Bank of India (RBI) and the central government which have taken the stance of higher interest rates in order to control the inflation.

According to India’s union finance minister Pranab Mukherjee, the Indian government might face a shortfall of $300 billion in funding requirements for the infrastructure sector during the 12th five year plan.

Mukherjee added that the financial institution in the country will have to make additional efforts to bridge the gap in funding for the sector.

India’s food inflation, which is calculated on the bases of the Wholesale Price Index (WIP), has declined to its lowest level in six years and prompted Finance Minister Pranab Mukherjee to express that the overall inflation might fall to the level of 6 per cent soon.

India's union finance minister Pranab Mukherjee has said that he expects the Indian economy to return to the path of high growth and that the current slow down is only temporary.

The Indian economy has been affected with the international gloom resulting from the sovereign debt crisis in the Eurozone and the slowdown in the US as well as from domestic factors like high inflation and increasing interest rates. The GDP growth rate in the current fiscal year is expected to be around 7.5%, which is lower than the 9 per cent expected earlier.

The Central Board of Trustees of the Employees’ Provident Fund Organisation (EPFO) has urged the union finance minister, Pranab Mukherjee to determine the interest rates for its subscribers for the current fiscal in.

Finance ministry Pranab Mukherjee has said that the government is trying to build consensus for implementing foreign direct investment (FDI) in multi-brand retail in India.

He said that the government has not scrapped its plans to implement the decision to allow FDI in the retail sector. Mukherjee has said that the government is still committed to implementing its foreign investment policy in retail sector in the country, despite its decision to suspend the decision due to overwhelming opposition by opposition parties and traders.

India's union finance minister, Mr Pranab Mukherjee has said that the government is still committed to implementing its foreign investment policy in retail sector in the country, despite its decision to suspend the decision due to overwhelming opposition by opposition parties and traders.

"We are working hard to build consensus. Consensus building takes time. Not implementing FDI policy in retail does not mean we have shelved it,'' he said. He was speaking at the 106th Annual Session of PHD Chamber of Commerce.

India's Union Finance Minister Pranab Mukherjee has said that he expects the inflation to fall to the level of 6 to 7 per cent by March 2012 if the trend of the fall continues.

"It is true that we are going through difficult times, not just in India, but all over the world," he said. He was speaking to media persons after a meeting with the Chief Ministers of southern States, Union Territories, and heads of public sector banks.

The Indian national rupee has crossed the Rs. 54 mark against the US dollar continuing its fall against the currency.

The Indian Rupee fell 46 paise to a record low of Rs 54.17 per US dollar against the dollar in early trade today. There was demand for the American currency from banks and importers and weak performance by domestic stocks. The US dollar rose against the euro and other currencies due to the continuing euro zone debt crisis, according to the forex dealers.

The Indian rupee has fallen 52 paise to Rs 53.75 per US dollar a day after a move above the Rs 53 per dollar-mark.

There was demand for the American currency from banks and importers and weak performance by domestic stocks. The US dollar rose against the euro and other currencies due to the continuing euro zone debt crisis, according to the forex dealers.

The international trends along with a weak performance of domestic share market amid a slowdown of the domestic economy. They added that the increased demand for the US currency increased pressure on the rupee.

India’s union Finance Minister Pranab Mukherjee asked the Opposition parties in the parliament, which have been obstructing the normal proceedings over different issues, to cooperate and help the government improve investment climate to increase growth in the country.

At a a time when most secessions were disrupted, members of the parliament listened carefully to his appeal for 45 minutes as he told the leaders that undermining Parliament would result in harm the reform process and thus harm the country.