Summary Report Calendar Year 2023

ºÉiªÉàÉä´É VɪÉiÉä Government of India MINISTRY OF FINANCE SUMMARY REPORT CALENDER YEAR 2023 PRINTED AT BUDGET PRESS, MINISTRY OF FINANCE, NEW DELHIINTRODUCTION Interim Budget 2024-25 is presented to Parliament on 1st February, 2024. For facilitating discussion on Vote-on-Account in Parliament, a summary detailing the activities of this Ministry including achievements and targets during the Calendar year 2023 has been prepared. The Ministry of Finance is responsible for administration of the finances of the Central Government. The Ministry comprises six Departments, namely: (i) Department of Economic Affairs; (ii) Department of Expenditure; (iii) Department of Revenue; (iv) Department of Investment and Public Asset Management; (v) Department of Financial Services; and (vi) Department of Public Enterprises. This report gives a synoptic view of the important activities of the Ministry during the Calendar year 2023.Contents Page No. INTRODUCTION CHAPTER I Department of Economic Affairs 1. Economic Division 1 2. Budget Division 2 3. Financial Markets Division 2 4. Financial Stability and Cyber Security Division 6 5. Infrastructure Policy and Planning Division 6 6. Investment Division 7 7. FB & ADB Division 7 8. International Economic Relations Division 8 9. Aid Accounts & Audit Division 10 10. Administration & Coordination Division 10 11. Bilateral Cooperation and Sustainable Finance Division 10 12. Integrated Finance Division 11 13. Coin & Currency Division 11 14. Other Multilateral Institutions (OMI) Division 12 15. Infrastructure Support and Development (ISD) Division 12 iCHAPTER II Department of Expenditure 1. Additional Borrowing-GSDP linked to performance in Power Sector 13 2. Additional Borrowing-Pension funding adjustment 13 3. Scheme for Special Assistance to States 13 4. Vivad se vishwas Schemes 13 5. Finance Commission Grants 13 6. Appraisal and Approval of Public Funded Schemes and Projects 14 7. Review of Autonomous Bodies 14 8. Data Gaps Initiative 14 9. Development of E-learning courses under Mission Karmayogi Phase-I 14 10. Mission Karmayogi Phase-II 14 11. Initiatives Central Pension Accounting Office 14 CHAPTER III Department of Revenue 1. Revenue Headquarters 15 2. State Taxes 15 3. Financial Intelligence Unit-India (FIU-IND) 15 4. Directorate of Enforcement 15 5. Central Board of Indirect Taxes and Customs (CBIC) 16 6. Central Board of Direct Taxes (CBDT) 17 CHAPTER IV Department of Investment and Public Asset Management 1. Mandate of the Department of Investment & Public Assets Management (DIPAM) 19 2. Performance Assessment 19 3. Value creation in CPSEs 19 4. Dividend 19 iiCHAPTER V Department of Financial Services 1. Developments in Banking Sector 21 2. Financial Inclusion/ Social Security Schemes 22 3. Other Schemes 23 4. The Deposit Insurance and Credit Guarantee Corporation (Amendment) Act, 2021 23 5. Progress in DRTs 23 6. Financial Institutions 23 7. Pension Sector 25 8. Development in Insurance Sector 25 9. Digital Payments 25 CHAPTER VI Department of Public Enterprises 1. Introduction 27 2. Functions 27 3. Public Enterprises Survey 27 4. Significat Initiatives 27 5 Annexure 1 28 Annexure 2 29 iiiChapter - I Department of Economic Affairs 1. Economic Division 1.7 Price Unit Price Unit in the Economic Division is involved in 1.1 Macro Unit monitoring of prices and policies relating to price  Analysing the trends of Macroeconomic control, which includes - parameters, specifically, GDP, Output, Savings,  Tracking and analysis of various Price and and Investment Inflation indices.  Drafting and finalizing chapter on Overview of  Issues related to Price Policy and inflation management. India's Economic Performance for the Annual Economic Survey. 1.8 Service Sector Unit  Monitoring the performance of services trade. 1.2 Public Finance Unit 1.9 External Sector Unit  Review of fiscal position of the government in  The External Sector Unit prepares analytical the Economic Survey. notes monitoring global economic developments  Data compilation and publishing of Economic and in relation to India's external sector. This includes analysing India's international trade, Balance of Functional Classification of the Central Payments (BoP) developments, exchange rate Government and Indian Public Finance Statistics. movements, foreign exchange reserves, foreign  Providing information for Government Finance direct investments, foreign portfolio investments. Statistics to the IMF, which includes data on public 1.10 External Debt Management Unit (EDMU) sector from member countries.  Preparing the Quarterly Report on External Debt for two quarters (end-September, released in 1.3 Industry Unit December and end-December, released in  The unit monitors and analyse the data pertaining March). to IIP and eight core industries. It prepares  Preparation of Annual "India's External Debt: A monthly analytical note on IIP and eight core Status Report" which documents the country's industries. external debt position, along with the analysis of its trends, composition, vulnerability indicators, 1.4 Climate Change Finance Unit debt service payment etc.  The primary responsibility of the Climate Change Finance Unit (CCFU) is to contribute in resource  Collection, compilation and supply of India's external debt data to the World Bank for their mobilization for India at affordable rates in order centralized database system called 'Quarterly to address the issue of climate change in the External Debt Statistics (QEDS)' to meet SDDS country. requirements 1.5 Agriculture & Food Management Unit 1.11 Money and Banking Unit  The Agriculture & Food Management Unit  Monitoring of money market trends and prepares analytical notes on issues related to developments in monetary policy, banking policy and aggregate trends in credit flows, yields on agriculture and food management. G-Sec/Treasury Bills and behaviour of Call 1.6 Social Infrastructure Unit Money Rates and LAF operations.  The Social Infrastructure Unit prepares analytical  Analysis of monetary policy and performance of Banking Sector. notes on poverty, employment, rural development and other topics on the issues like health, education, 1.12 Coordination Unit employment including labour market etc.  Organizing Finance Minister's Pre-Budget meetings with various stake holders i.e. banking  Preparation of an internal Labour Market Report and Financial Institutions, Economists, Trade and on a monthly basis analysing the latest trends in Industry Group, Agriculture Group, Social Sector the domestic and international labour market. related group and Trade Union group.Summary Report 2023 2. Budget Division Yearly Reviews including Mid-term Review and Disclosure Statements have been presented in 2.1 RESPONSIBILITIES Parliament in accordance with the requirements of the 2.1.1 Budget Division is responsible for the FRBM Act. preparation of and submission to the Parliament, the Annual Budget as well as Supplementary and Excess Demands for Grants of the Central Government and of 3. Financial Markets Division States under President's Rule. The Division also deals 1. Indian Market Performance with issues relating to Public Debt, Market Loans of the 1.1 After enduring highly turbulent global Central Government and guarantees given by the environment in FY23, global stock markets recovered Government of India and the administration of the and performed well during FY24. In FY 2024 (Apr-Nov Contingency Fund of India. The Division also handles 2023) , despite heightened geopolitical risks , monetary the issues pertaining to National Savings Institute (NSI), policy tightening , volatile commodity prices, the Indian Small Savings Schemes and National Defence Fund. capital markets have remained one of the best The work relating to Treasurer, Charitable Endowment performing markets, reflecting India's bright economic is also assigned to the Budget Division. stature in global economic landscape. India's 2.1.2 The Budget Division is responsible for benchmark indices, Nifty 50 and BSE Sensex surged administration of "Fiscal Responsibility and Budget by 16.0 per cent and 13.6 per cent, respectively as Management Act, 2003" which was brought into force against 7.4 per cent and 7.7 per cent, during w.e.f. 5th July, 2004. Statements of Fiscal Policy, Half corresponding period of FY23. Performance of Major Markets in the World Index Last Day of Last Day of Last Day of Performance in Performance in 2021-22 2022-23 2023 FY 2022-23 (% FY 2023-24 (% (31.03.2022) (31.03.2023) (30.11.2023)* change as on change as on 31.03.2023 over 30.11.2023 over last closing of last closing of FY 2021-22) 2022-23) Indian Markets SENSEX, India 58,569 58,992 66,988 0.7 13.6 NIFTY, India 17,465 17,360 20,133 -0.6 16.0 Emerging Markets SHANGHAI COMPOSITE, China 3,252 3,273 3,030 0.6 -7.4 BOVESPA, Brazil 1,19,999 1,01,882 1,27,331 -15.1 25.0 KOSPI, South Korea 2,758 2,477 2,535 -10.2 2.4 TAIWAN TAIEX, Taiwan 17,693 15,868 17,434 -10.3 9.9 Developed Markets S&P 500, US 4,530 4,109 4,568 -9.3 11.2 DOW JONES, US 34,678 33,274 35,951 -4.0 8.0 DAX, Germany 14,415 15,629 16,215 8.4 3.8 FTSE 100, UK 7,516 7,632 7,454 1.5 -2.3 CAC-40, France 6,660 7,322 7,311 9.9 -0.2 NIKKEI 225, Japan 27,821 28,041 33,487 0.8 19.4 HANG SENG, Hong Kong 21,997 20,400 17,043 -7.3 -16.5 Strait Times, Singapore 3,409 3,259 3,073 -4.4 -5.7 Source: Thomson Reuters *as per data available at the time of preparation of this table 2Department of Economic Affairs I 1.2 During FY24, foreign portfolio investment into India an appealing investment destination. In FY24, bar- India turned net positive as against the last two financial ring the months of September and October, FPI's were years. Strong macroeconomic fundamentals, moderation net buyers and have pumped INR 1,77,309 crore into in rupee volatility, robust corporate earnings, rising allo- the securities market. cation to India in emerging market indices etc., made FPI Net Investments - Financial Year Financial Year Equity Debt Debt-VRR Hybrid Total 2017-18 25,635 1,19,036 - 11 1,44,682 2018-19 -88 -42,357 - 3,515 -38,930 2019-20 6,153 -48,710 7,331 7,698 -27,528 2020-21 2,74,032 -50,443 33,265 10,247 2,67,101 2021-22 -1,40,010 1,628 12,642 3,498 -1,22,242 2022-23 -37,632 -8,937 5,814 -181 -40,936 2022-23$ -22,540 -10,727 8,934 -989 -25,324 2023-24$ 1,31,182 46,899 -1,456 682 1,77,309 $ indicates upto 30 November of the respective year 2. Primary Market equity and rights issues during FY24 (upto November 2023). The total amount raised through public issue and 2.1. Capital market, both debt and equity, has become private placement of corporate bonds during FY24 (upto increasingly important for India's growth story. A total of November 2023) is INR 4,99,898 crore. INR 49,989 crore has been raised through 211 public- 3. Data on Primary market for years 2022-23 & 2023-24 (upto November 2023) Table I: Capital Raised from the Primary Market through Public and Rights Issues Total Category-wise (Equity) Issues-Type Public Rights IPOs Financial No.of Amount No.of Amount No. of Amount No. of Amount Year issues (INRcrore) issues (INRcrore) issues (INRcrore) issues (INRcrore) 2022-23 238 65,824 165 59,073 73 6,751 164 54,773 2022-23$ 142 55,831 105 52,395 37 3,436 105 52,395 2023-24$ 211 49,989 165 43,489 46 6,500 165 43,489 $ indicates upto 30 November of the respective year Table II: Funds Mobilized through Issuance of Corporate Bonds in India (Listed Securities) Financial No. of Amount Raised No. of Amount Raised Total Amount Raised Year Public through Public Pvt. through Private through Public Issue Issues Issue (INR Crore) Placement Placement and Pvt. Placement (INR Crore) (INR Crore) 2022-23 34 9,221 1,524 7,54,467 7,63,688 2022-23$ 22 5,664 945 3,85,373 3,91,036 2023-24$ 27 13,742 795 4,86,156 4,99,898 $ indicates upto 30 November of the respective year Table III: Resource Mobilization through REITs and InvITs Financial Year REITs InvITs#@ Total Amount (INR crore) Amount (INR crore) Amount (INR crore) 2022-23 0 6,360 6,360 2023-24$ 5,905 16,515 22,420 $ indicates upto 30 November of the respective year # InvITs includes both listed and unlisted InvITs @ includes funds raised through public issue, private placement, preferential issue, institutional placement, rights issue 3Summary Report 2023 Table IV: Resource Mobilization by Mutual Funds (in INR Crore) Gross Mobilisation Redemption/Repurchase Net Inflow/ Outflow Financial Pvt. Public Pvt. Public Pvt. Public Assets at the Year Sector Sector Total Sector Sector Total Sector Sector Total End ofPeriod 2022-23 77,54,916 27,52,442 1,05,07,357 77,38,933 26,92,199 1,04,31,132 15,983 60,242 76,225 39,42,031 2022-23$ 49,63,688 19,47,619 69,11,307 49,28,734 19,12,523 68,41,257 34,954 35,096 70,050 40,37,561 2023-24$ 56,50,158 17,06,339 73,56,497 53,78,129 16,65,151 70,43,280 2,72,030 41,188 3,13,217 46,71,688 $ indicates upto 30 November of the respective year 4. Secondary Market 5. Commodity Derivatives 4.1. Trading supported by Blocked Amount was 5.1. In order to promote institutional participation in introduced as a supplementary process for trading in Exchange Traded Commodity Derivatives (ETCDs), stock secondary market based on blocked funds in investor’s exchanges have been allowed to extend Direct Market bank account, instead of transferring them upfront to the Access (DMA) facility to FPIs for participation in ETCDs. trading member, thereby providing enhanced protection 6. External Market of cash collateral. MIIs and concerned intermediaries are 6.1. To mitigate the concerns associated with expected to make requisite changes and test the systems concentrated FPI investments in a single listed entity/ and processes for robustness, to make the facility live by corporate group, SEBI mandated additional disclosures January 01, 2024. of granular information of persons having any ownership, 4.2. With the objective of fostering transparency and economic interest, or control in some objectively identified accountability in governance and administration of FPIs. Further, all non-individual FPIs have been mandated financial benchmarks in the securities market, regulatory to provide Legal Entity Identifier (LEI) details for better framework for index providers was introduced. (Approved risk management. in SEBI Board meeting dated November 25, 2023). Background Note on Status of Business Development at GIFT IFSC: Oct 2023 Key Achievements of GIFT IFSC 1. The number of entities registered with IFSCA has grown from 129 entities in Oct. 2020 to 580 entities as of October 2023. 2. To provide world-class regulatory architecture to firms operating from GIFT IFSC, over 27 new IFSCA regulations and 10+ frameworks, which are aligned to international best practices have been notified since 2021. 3. As of Oct. 2023, 78 Fund Management Entities have been registered and 76 Funds (AIFs) have been launched with a total targeted corpus of USD ($) 20 Billion 4. To provide access to foreign securities, India INX Global Access has been launched and trading in US stocks in IFSC has been enabled through NSE IFSC receipts. 5. Full-scale operation of the NSE IFSC-SGX Connect with the transition of SGX Nifty derivatives to NSE IFSC has been operationalised from 3 July 2023. 6. The banking ecosystem comprises 26 Banks, including 9 foreign banks, 1 multi-lateral bank and 16 domestic banks offering a wide spectrum of financial services. 7. The Total Banking Asset size has grown from USD 14 Bn in Sept. 2020 to $ 47 Bn in Oct 2023. 8. The Cumulative Banking transactions have grown from USD 53 Bn in Sept 2020 to $ 598 Bn as on Oct. 2023. 9. Cumulative Non-Derivative Forward (NDF) turnover has increased to $ 368 Bn as on Oct. 2023. 10. The Bullion Exchange which has been set up by a consortium of NSE, BSE CDSL, NSDL and MCX was launched by the Hon’ble PM on 29th July 2022. 11. 3 Internationally recognized vault managers have established vaults with capacity of 420 tons for Gold and 2200 tons for Silver. Import of Gold under UAE-India CEPA through IIBX has commenced. 12. 26 Aircraft Leasing entities were registered with 136 assets under lease (Upto Sept. 2023) as the result of regulatory and taxation benefits given for onshoring this business activity. 13. 8 ship-lessors are registered which have leased 2 ships from GIFT IFSC after the Ship leasing framework was notified with suitable regulatory and taxation push. 14. Subsidiary of Indian Oil Corporation Ltd, i.e IOC Global Capital Management IFSC Ltd. set up 1st Global / Regional Corporate Treasury Centre in IFSC 15. 03 ITFS entities were granted permission to commence commercial operations in IFSC. 16. A total of $ 52.7 billion valued debt securities are listed on the IFSC exchanges including $ 10.18 Bn of green bonds social bonds, Sustainable bonds and sustainability-linked bonds. 17. Deakin University and Wollongong University from Australia became the first two foreign universities to be granted in-principle approval to establish their branch campus at GIFT IFSC to run courses relevant to financial services. 4Department of Economic Affairs I 1. Government of India implemented a major financial and act as a gateway for global capital inflows into and sector reform by establishing and operationalizing India’s out of the country. The vision of the Government is to maiden International Financial Services Centre (IFSC) develop GIFT IFSC as a leading internationally in GIFT City, Gujarat in 2015. The GIFT IFSC is a distinct recognized financial centre with trusted business international financial jurisdiction developed within India regulations, competitive tax structure and ease of doing to onshore the offshore international financial services business. Annexure GIFT IFSC: Business Development Highlights As on 31st Oct, 2023 S. N. Parameter Up to Sept. 2020 Up to Oct 2023 Growth in last three months (Aug-Oct 2023) 1. Number of IFSC Entities 129 5801 35 Banking Sector 2. Total Number of Banks 14 26 1 3. Total Banking Asset Size $ 14 Bn $ 47 Bn $ 6 Bn 4. Total Banking Transactions $ 53 Bn $ 598 Bn $ 90 Bn 5. Total OTC Derivative Transactions including NDF2 $ 65 Bn $ 699 Bn $ 66 Bn Capital Market Sector 6. Monthly turnover on IFSC Exchanges $ 21.7 Bn3 $ 63.7 Bn NA 7. Total Debt Listing on Exchanges $ 23 Bn $ 52.7 Bn — 8. Green/ESG/Sustainable Bond listing $ 2.1 Bn $ 10.1 Bn — Funds Industry 9. Fund Management Entities NA 78 5 10. Total Funds/Schemes NA 76 13 11. Targeted Corpus of Funds NA $ 20.05 Bn $ 2.7 Bn Insurance Sector4 12. Number of Insurance firms & Brokers 17 29 3 13. Re(insurance) Gross Premium booked by IIOs in IFSC $ 45 Mn $ 259 Mn $ 20 Mn 14. Re(insurance) Premium transacted by Insurance intermediaries $ 158 Mn $ 808 Mn $ 80 Mn Aircraft Leasing 15. Registered Aircraft Lessors NA 26 6 16. Registered Ship Lessors NA 8 6 17. Total Aircrafts/Engines leased/Ground Support Equipment NA 136 52 FinTech 18. Number of Fintech Registered NA 43 04 19. FinTechs approved under Incentive Scheme NA 10 5 20. Number of Hackathons Completed NA 08 1 Bullion Ecosystem 21. Qualified Suppliers NA 20 02 22. Qualified Jewellers NA 102 01 23. Quantity of Bullion Traded on IIBX NA 3.4 Tonnes 2.7 Tonnes 1 Includes entities registered, authorized, licensed & notified by IFSCA 2 NDF refers to Non-Deliverable Forwards 3 Exchange turnover for the month of September 2020 4 Insurance data upto Sept 2023 5Summary Report 2023 4. Financial Stability and Cyber Security 5. Infrastructure Policy & Planning Division Division a. National Infrastructure Pipeline (NIP): National 4.1 Financial Stability and Development Council Infrastructure Pipeline aims to improve project (FSDC) preparation and attract investment into infrastructure. 4.1.1 Background NIP was launched with 6,835 projects worth  The Financial Stability and Development Council around INR 111 Lakh Crore, which has expanded (FSDC) has been functioning since 2010 under to around 9,500 projects and schemes covering the Chairpersonship of Hon'ble Finance Minister 37 sub-sectors. The NIP projects are monitored with all financial sector regulators and officials through the IIG (NIP-PMG) integrated portal, from selected ministries/ departments of the where 4,497 projects are currently under Government of India as members, with a view implementation while 1,824 projects have been to strengthen and institutionalize the mechanism completed. The portal is being maintained and for maintaining financial stability, enhancing regularly updated by Invest India Grid (IIG) in inter-regulatory coordination and promoting consultation with the stakeholders. The same may be accessed at: https://indiainvestmentgrid.gov.in/ financial sector development. national-infrastructure-pipeline 4.1.2 Activities undertaken: b. Harmonized Master List (HML) of  The 27th meeting of the FSDC chaired by the Infrastructure Sub-sectors: As of now, HML list Hon'ble Finance Minister (FM) was held on May includes 37 Infrastructure sub sectors under 5 8, 2023. The FM advised that the regulators categories i.e., Transport and Logistics, Energy, should (i) maintain a constant vigil on financial Water and Sanitation, Communication and Social stability; (ii) adopt a focused approach to reduce and Commercial Infrastructure. The inclusion of the compliance burden; (iii) ensure cyber any sector in the HML enables it to avail security preparedness; (iv) conduct a special infrastructure lending with longer tenor, funds drive to facilitate the settlement of unclaimed from insurance companies and pension funds deposits and claims; etc. On the issue of and External Commercial Borrowings (ECB), etc. settlement of unclaimed deposits, Reserve Bank In accordance with para 49 of the Union of India (RBI) had launched an initiative '100 Budget for FY 23-24, an expert committee has Days 100 Pays' Campaign, - a special drive, been constituted under the chairmanship of advising the banks to trace and settle the top Shri Bibek Debroy, Chairman of the EAC to 100 unclaimed deposits of every bank in every PM with the objective to undertake a district of the country within 100 days. The comprehensive assessment of the characteristics/ parameters defining campaign had commenced from June 1, 2023 infrastructure and the financing framework for and ended on September 8, 2023 (100 days). Amrit Kaal. The Expert Committee had a series Further, the Reserve Bank has also set up a of stakeholder's consultations and the final Centralised Web portal UDGAM (Unclaimed report of the committee is expected shortly. Deposits - Gateway to Access information) for c. G20 Infrastructure Working Group: public to search unclaimed deposits across Infrastructure Working Group under the Indian multiple banks. SEBI has also taken specific G20 Presidency was able to bring consensus preventive and remedial measures to reduce amongst the members on four major deliverables and resolve the issue of unclaimed assets in namely i) the G20 Principles on Financing Cities securities markets, namely, (i) mandatory of Tomorrow, ii) the G20/OECD Report on submission of KYC, bank account and contact financing cities of tomorrow, iii) the G20/ADB details (postal address, email address and Framework on Capacity Building of Urban mobile number; and ii) mandatory nomination Administrations, and iv) G20/WB Report on or declaration to opt out. Enablers of Inclusive Cities. 6Department of Economic Affairs I 6. Investment Division  India Japan Fund ('IJF') Domestic investment o NIIF launched India-Japan Fund (IJF) of INR 49 billion (~USD 600 million) backed by GOI NIIF Funds and the Japan Bank of International National Investment and Infrastructure Fund Cooperation (JBIC) in August 2023. Limited ('NIIF Ltd.') manages 4 funds registered as Category II AIFs under the Securities and Exchange o The Fund will focus on investments in India's Board of India ('SEBI') environmental preservation sector, including  National Investment and Infrastructure Fund ('NIIF renewable energy, e-mobility businesses, and Master Fund') circular economy sectors such as waste management and water. o As of November 15, 2023 : Particulars Amount (INR Crores) 7. FB & ADB Division Total capital commitment 15,998 7.1 International Finance Corporation (IFC) Capital drawn down 7,502 Capital drawn down as % of total 1. `65,74,08,000 released from Government of capital commitment 47% India in July 2023 as payment towards 1st Portfolio investments committed 14,027 installment in the multi-year contribution agreement with Global Fund to fight AIDS, Portfolio investments committed as % of investable corpus 97% Tuberculosis and Malaria as part of its 7th replenishment cycle of three years i.e. 2023-25. Portfolio investments made 6,557 Portfolio investments made 2. `3,66,23,33,651 released from Government of as % of investable corpus 46% India in March 2023 as payment towards India's 3rd Instalment to International Finance  NIIF Fund of Funds-I ("NIIF FOF") (renamed to Corporation (IFC)'s General Capital Increase 'Private Markets Business') o As of November 15, 2023 : (GCI) Particulars Amount (INR Crores) 3. `24,85,35,150 released from Government of India in January 2023 as payment towards India's Total capital commitment 4,281 Third payment to the GAVI for the replenishment Capital drawn down 2,862 cycle year 2021-25. Capital drawn down as % of 7.2 International Monetary Fund (IMF) total capital commitment 67% Portfolio investments committed 3,862 1. The Spring Meetings of the IMF/ World Bank, Portfolio investments committed meetings of G-20, Bilateral and Investors were as % of investable corpus 100% held in USA from April 10 to April 15, 2023. Portfolio investments made 2,704 2. On December 15, 2023, the IMF's Board of Portfolio investments made Governors adopted Resolution No. 79-1 on the as % of investable corpus 70% 16th General Review of Quotas which proposes a 50 percent increase in proportion to their current  National Investment and Infrastructure Fund-II quota shares (equi-proportional increase) in the ('Strategic Opportunities Fund', 'SOF') quotas of all 190 IMF members. o As of November 15, 2023: 3. India conveyed the letter of consent to the one- Particulars Amount (INR Crores) year extension, through end-2024, of the term of Total capital commitment 8,062 the note purchase agreement between the Capital drawn down 5,137 Reserve Bank of India and the Fund concluded Capital drawn down as % of under the 2020 Bilateral Borrowing framework. total capital commitment 64% 4. India has committed to contribute USD 50 million Portfolio investments committed 4,774 for Phase II of SARTTAC Operations (January Portfolio investments committed 2024 - April 2029) in two instalments. as % of investable corpus 64%s Portfolio investments made 4,774 7.3 World Bank (WB) Portfolio investments made 1. The World Bank's India portfolio as of November, as % of investable corpus 64% 2023 comprises of 95 projects with a net 7Summary Report 2023 commitment of USD 20.7 billion. The World Bank 8. International Economic Relations projects are spread across sectors like Health, Division Transport, Education, Energy, Disaster & Risk 1. G20 Finance Track under India's G20 Management, Agriculture, Water, Urban, Environment, Governance, Social Protection, Presidency, 2023 Financial inclusiveness, Poverty etc. Background 2. Major activities pertaining to the World Bank  India assumed the Presidency of the G20 from in 2023:- Indonesia on December 1, 2022. Through the theme of "Vasudhaiva Kutumbakam" or "One 2.1 Loan Signed & Disbursement: Fourteen World Bank assisted projects were signed during Earth. One Family. One Future", the Indian G20 January-December 2023, amounting to USD Presidency aimed at ensuring that the G20 4.665 billion of assistance. deliberations in 2023 were people-centric and action-oriented. 2.2 Monitoring of the World Bank Portfolio: Portfolio performance has improved over the  Under the Finance Track, a total of 35 meetings, years as a result of review meetings such as Tri- including 4 meetings of G20 Finance Ministers partite Review Meetings for ongoing projects and and Central Bank Governors (FMCBG) and 5 Pipeline Review Meetings for pipeline projects. meetings of Deputies, were held during the 2.3 India as donor to IDA: India became a donor- Presidency year. The FMCBG meetings were only nation during IDA18. As a commitment to held on February 24-25, 2023, in Bengaluru, India's shared objective of eliminating extreme India; April 12-13, 2023, in Washington DC, US; poverty, reducing vulnerability and increasing July 17-18 in Gandhinagar, India; and October resilience across countries, India decided to 12-13, in Marrakesh, Morocco. contribute USD 200 million to IDA 17 replenishment. In furtherance of its commitment Key Achievements towards the IDA countries, India announced a  Report of the G20 Independent Expert Group pledge of INR 12.25 billion as its contribution on Strengthening Multilateral Development towards IDA 18 replenishment. During the IDA Banks (MDBs): The Indian Presidency set up 19 replenishment, India committed INR 15.00 the G20 Independent Expert Group (IEG) on billion. For IDA 20 replenishment, India Strengthening MDBs, co-convened by Mr N K announced a pledge of INR 17.48 billion. Singh and Prof. Lawrence Summers, to provide 7.4 Asian Development Bank guidance on how MDBs can be strengthened to 7.4.1 Till date, ADB has committed 292 sovereign loans meet the development needs and address global amounting to $54.67 billion. The ongoing sovereign challenges. lending portfolio of ADB projects in India consists of 76 loans worth $16.13 billion. ADB's annual sovereign  Global challenges have necessitated an lending in India increased to an all-time high of $4.6 billion enhanced need for finance for countries like in 2021, including a $1.5 billion loan under Asia Pacific India, specifically focused on climate, pandemics, Vaccine Access Facility (APVAX) to support government's etc. However, this should come in addition to the rapid vaccination rollout to contain the ongoing pandemic current flow of development finance and not by and help reduce severity of a possible third wave and substituting it. Therefore, strengthening MDBs loss to life. In 2022, the annual lending level declined to through a comprehensive set of reforms, $1.8 billion due to the impact of COVID-19 on project readiness. In 2023, ADB committed sovereign lending of including improving MDBs' operational $2.59 billion,covering projects in transport, urban, energy, approaches as well as their financing capacity, agriculture, and public sector management sectors. can contribute to increased multilateral Portfolio performance has improved over the years as a assistance for addressing various global result of regular tripartite portfolio review meetings challenges while ensuring the current flow of (TPRM) for ongoing and pipeline projects. India achieved development finance from MDBs is not a record sovereign loan disbursement of $3.7 billion in compromised. 2022, followed by $2.67 billion in 2023. ADB's country partnership strategy (CPS), 2023-2027 for India was  IMF-FSB Synthesis Paper on crypto-assets: approved in May 2023. The inherent borderless nature of crypto assets 8Department of Economic Affairs I makes tracking and monitoring them a challenging achieved in debt treatment of both Common task. Currently, G20 member countries vary in their Framework (Zambia, Ethiopia, Ghana) and levels of crypto asset regulation and there is no beyond Common Framework countries (Sri globally coordinated and comprehensive policy Lanka). Additionally, to accelerate debt- and regulatory framework. restructuring efforts, the Global Sovereign Debt Roundtable (GSDR), a joint initiative of the IMF,  G20 Principles for Financing Cities of World Bank and the G20 Presidency, was Tomorrow: These principles were endorsed by launched in February 2023 to strengthen the Leaders in the New Delhi Declaration. It communication among key stakeholders and encompasses 23 principles spread over five facilitate effective debt treatment. broad areas, namely planning, maximising investment efficiency, creating a conducive  Leveraging Digital Public Infrastructure (DPI) environment for attracting private investment, for advancing financial inclusion and strengthening institutional preparedness, and productivity gains: In 2023, using the lessons augmenting technical and institutional capacities. learnt from India's success with India Stack and building on evidence from global examples, the  Mechanisms for timely and adequate G20 Policy Recommendations for Advancing mobilisation of climate finance: Under the Financial Inclusion and Productivity Gains through Indian Presidency, the G20 prepared Digital Public Infrastructures were prepared. recommendations on the mechanisms to support These were endorsed by the G20 Leaders at the the timely and adequate mobilisation of resources G20 New Delhi Summit 2023. for climate finance, which was welcomed in the G20 New Delhi Leaders Declaration. The two- 2. Shanghai Cooperation Organisation (SCO) volume Report of the Independent Expert Group  India assumed the chair-ship of the Shanghai on Strengthening MDBs is an important step in Cooperation Organisation (SCO) on 16 the process of mobilising finance for climate September 2022 under the theme 'Towards a change. Developed countries had committed SECURE-SCO'. The SECURE acronym $100 billion per year up to 2025, but they have encapsulates the themes of Security, Economy not delivered on it. and Trade, Connectivity, Unity, Respect for  G20 Sustainable Finance Technical Sovereignty and Territorial Integrity, and Assistance Action Plan (TAAP): TAAP has Environment, which were emphasized been endorsed by the Leaders in the New Delhi throughout the Indian Presidency. Declaration. It provides for scaling up capacity 3. Voice of the Global South Summit building and technical assistance in the area of  India hosted two meetings of the Voice of Global sustainable finance, especially for emerging South Summit (VOGSS) in 2023 in virtual format. markets and developing economies.  The first Summit was held from 12 to 13 January  Managing global debt vulnerabilities: High 2023 eliciting and deliberating on the key levels of debt in several low-income economies concerns and priorities of the Global South. poses significant economic risks, potentially hindering their progress towards sustainable  The 2nd Voice of the Global South Summit was development. Under India's G20 Presidency, the held on November 17, 2023, under the G20 has reaffirmed its commitment to uphold all overarching theme of "Together, for Everyone's the provisions outlined in the G20 Common Growth, with Everyone's Trust". Framework for Debt Treatments1 and step up 4. 35th Meeting of the SAARC Development Fund its implementation in a predictable, timely, orderly, (SDF) Board and coordinated manner. Progress has been  The 35th Meeting of the SAARC Development Fund (SDF) Board of Directors was held on 4th 1The G20 Common Framework for Debt Treatments, launched in April, 2023 in Colombo, Sri Lanka. Adviser (IER), 2020, is an agreement between the G20 and Paris Club countries Director to the SDF Board from India, attended to coordinate and cooperate on debt treatments on request for 73 the meeting virtually. low-income countries that are eligible for it. 9Summary Report 2023 5. Support to Sri Lanka during economic crisis 9. Aid Accounts & Audit Division  Following the unparalleled economic crisis faced 9.1 This Division is responsible to implement the by Sri Lanka, India was the first country to have conveyed the Financing Assurance to support the financial covenants of external Loans/Grants agreements International Monetary Fund's approval of the entered between Government of India and various extended fund facility for Sri Lanka on 16 January Multilateral and Bilateral funding agencies. 2023. Further, to express its support to Sri Lanka and to reiterate the financing assurance, India 9.2 During the current calendar year i.e. 2023 upto joined with Paris Club in issuing a Joint Statement 31st December 2023 an amount of `103,957 crore has on 7 February 2023 along with Hungary, Kuwait been received/ draw-down as loan and `763 crore as and Saudi Arabia to provide financing assurances grant from different external funding agencies on for Sri Lanka. government account. Debt servicing (payment of Interest  Consequent upon successful launch of the debt and repayment of availed loans) made during the current restructuring negotiation process on Sri Lanka calendar year upto 31st December 2023 stood at dues during a high-level side event held in the `72,270 crore. margins of IMF/WB Spring meetings in Washington D.C on 13 April, 2023, 17 countries 9.3 During the calendar year the committed amount (Japan, France, Korea, Germany, USA, Spain, of the new loan agreement signed is of `81,825 crore. At Netherlands, Russia, Sweden, Australia, present 375 loans and 41 grants are in disbursement Canada, UK, Denmark, Belgium, Austria (Paris Club members along with India and Hungary) mode. Loans fully disbursed and operative from debt have formally formed an official creditor servicing point of view are 1051. committee, co- chaired by India, Japan and 9.4 In the nutshell, the statement is summarized in France, to discuss the Sri Lankan authorities' the following table: request for a debt treatment. S/No Year Disbursement/ Payment Receipt Principal Interest Total 1. 2023 `10,3957 crore `46,252 crore `26,018 crore `72,270 crore 2. A. Amount recovered during Calendar Year 2023 based upon Audit `11.47 B. Amount adjudicated during 2023 based on audit observation `8760 crores 10. Administration & Coordination 11. Bilateral Cooperation & Sustainable Division Finance Division 10.1 Functions 11.1 Bilateral Cooperation & Sustainable Finance Administration & Coordination Division is Division deals with the following functions: responsible for all administrative/establishment matters a. Bilateral Official Development Assistance relating to officers and employees, including Consultants, Policy: Bilateral Development Assistance posted in the Department of Economic Affairs. The from all G-8 countries, namely, USA, UK, Division is also responsible for purchasing, servicing, Japan, Germany, France, Italy, Canada and repairing and maintaining of office equipments, furniture, Russian Federation as well as the European staff cars and stationery as well as implementation of e- Union and Republic of South Korea and the office in the Department. The works relating to protocol, policy relating to it. internal coordination, RTI Cell, Departmental Record b. Concessional Credit extended by Room, Cash and Accounts Section, Departmental Library, Government of India to partner countries coordination of public grievances and training of officials under Indian Development and Economic are also allocated to the Administration and Coordination Assistance Scheme (IDEAS) through Division. The Hindi Unit under this Division is tasked Lines of Credit and Concessional Finance with translation work and implementation of Official for strategic overseas infrastructure Language policy of the Government in the Department. projects. 10Department of Economic Affairs I c. Economic Policy Dialogues and Forums: 12. Integrated Finance Division BC Division deals with following dialogues/ The Division is responsible for the following meetings- functions:  India-UK Economic and Financial i. Tendering financial advice & concurrence to Dialogue proposals involving expenditure in respect of DEA  India-US Economic and Financial and DFS as well as their attached and Partnership subordinate offices e.g. Security Appellate  Indo-French Bilateral Dialogue on Tribunal (SAT) / National Savings Institute/G-20 Economic and Financial Issues Secretariat /Sixteenth Finance Commission / Office of Special Court, Mumbai/ Office of  India-Korean Finance Minister's Meeting Custodian/ Debt Recovery Tribunals, Pension  India-Japan Strategic Dialogue on Fund Regulatory and Development Authority and Economic Issues Office of Court Liquidator, Kolkata  India-Japan Finance Dialogue ii. Exercising expenditure control and management,  India- Switzerland Financial Dialogue ensuring rationalization of expenditure and  India-EU Macro-economic Dialogue compliance of economy measures in accordance  India-China Financial Dialogue with the instructions of the Department of Expenditure including regular monitoring of  India-Australia Economic Policy expenditure through monthly/quarterly reviews Dialogue and submission of reports to the concerned  India-New Zealand Economic Policy Secretaries. Dialogue  India-German Finance Ministry Senior Officers Meeting 13. Coin and Currency Division 13.1 Coin and Currency Division is responsible for  International Platform on Sustainable Finance policy related to all aspects of the currency and coinage of India. The works of the Division is carried out in close  India-Korea Working Group Meeting coordination with Reserve Bank of India (RBI), Security d. UNDP and Sustainable Finance Printing and Minting Corporation of India Limited 11.2 Bilateral Official Development Assistance (SPMCIL), Bhartiya Reserve Bank Note Mudran Private Policy: Limited (BRBNMPL) and Bank Note Paper Mill India 11.2.1 India has been accepting external financing from Private Limited (BNPMIPL). bilateral partners in the form of loans, grants and technical 13.2 Major achievements of the Division are given assistance for development of infrastructure, social sector below: and for enhancement of knowledge/skills of Indian nationals at both Centre and States level. As per the 13.2.1 The production of banknotes by BRBNMPL and guidelines issued by this Department in 2005, bilateral SPMCIL is monitored by this Division. development assistance can be accepted from the then Indent of notes by BRBNMPL and SPMCIL G-8 countries, namely USA, UK, Japan, Germany, during 2023-24 France, Italy, Canada and the Russian Federation as well as from the European Commission. European Union Press Total Indent allocated In face value countries outside the G-8 can also provide bilateral (in mpcs) (`Crore) development assistance to India, provided they commit BRBNMPL 13,560 3,68,760 a minimum annual development assistance of USD 25 million. SPMCIL 9,040 2,45,840 11Summary Report 2023 14. Other Multilateral Institutions (OMI) Cost (TPC) of `7,055 Cr and GoI VGF share of `1,450 Division Cr. Further, during 2023, `410 Cr. have been disbursed under the VGF Scheme. Asian Infrastructure Investment Bank (AIIB) India is the largest client of the Asian Infrastructure b. Revamping of India Infrastructure Project Investment Bank (AIIB) in terms of approved financing. Development Fund (IIPDF) Since 2016 (AIIB's operational period), 29 Sovereign The existing IIPDF was structured as a revolving Projects have been approved by AIIB for the financing of fund with disbursement in the form of a refundable loan USD 8.8 billion across various sectors viz. energy, repayable with high success fee going up to 40% of TA transport, water, urban, public health, and education. costs. During 2023, 21 projects from 14 States/UTs/ Central Ministries with Transaction Adviser (TA) cost of New Development Bank (NDB) `46.60 Cr. have been approved for funding under IIPDF India is the second largest recipient of New Scheme and many more in the pipeline stage. Development Bank (NDB) financing across power, water, c. Empanelment of Transaction Advisers (TAs) transport, public health, sustainable development and A longstanding demand from the Central and State social sector. Since 2016 (NDB's operational period), 22 Project Sponsoring Authorities (PSAs) had been for Sovereign Projects have been approved by NDB for providing a list of pre-qualified Transaction Advisers and financing of USD 8.4 billion across various sectors viz. streamlining the process of onboarding of Transaction transport, water, urban, public health, tourism etc. This Advisers for undertaking quality PPP project structuring. includes USD 2 billion in recovery assistance to India towards COVID-19 Crisis Recovery support and d. Policy measures and Documents for supporting economic resilience. In FY 2023-24 (as of Dec 2023), and mainstreaming PPP ecosystem such as - the NDB Board approved 3 projects worth USD 1.32 i. Reference Guide for Setting up State PPP units - Providing a guiding document for State billion for India. Further, during the year till date India Governments for establishing and strengthening has singed legal agreements of 3 projects worth USD effective and efficient PPP units. 651.05 million. In addition, since inception, NDB has ii. Reference Guide for PPP project Appraisal - approved 2 non-sovereign/private sector projects worth Providing guidance on how to undertake effective USD 400 million. holistic appraisal of PPP projects. International Fund for Agricultural Development (IFAD) e. IT Innovations The IFAD assisted 32 projects in India with a During the period, complete overhaul of the online commitment of USD 1,224 million (approx.) since 1979. presence of the division was undertaken. The following Out of these, 26 projects have already been closed, while major milestone was achieved: 6 projects with a total assistance of USD 375.1 million i. Revamping of the PPPININDIA website as the one are under implementation by end of 2023. Currently, 02 stop solution to provide key information related to projects of India worth USD 186.33 million has been PPP initiatives in India and to share PPP best built as pipeline for the approval of IFAD Board in FY practices for PPP practitioners whether in the 2024-25. Government or the Private Sector. f. PPP Appraisal 15. Infrastructure Support and As the Central Nodal authority for appraisal of Development Division (ISD Division) PPPs, PPP Appraisal Committee (PPPAC) appraised Infrastructure Support and Development Division, VOC Port PPP Projects with TPC of `7,056.00 Cr and a part of Infrastructure Finance Secretariat in DEA, deals Monetization of Telecom Tower Assets of BSNL under with initiatives for promotion of investment in infrastructure on Operate Maintain Transfer (OMT) Concession with development in the country, creation of an enabling TPC of `4,200 Cr. environment for private sector investment in infrastructure 2. National Infrastructure Pipeline (NIP) (States/UTs): through Public Private Partnerships (PPPs), etc. NIP which had started with 6835 projects has 1. Initiatives for Promoting PPPs: expanded to around 9500 projects of which around 2,838 a. Viability Gap Funding (VGF) Scheme projects are funded/owned by the State/UT During 2023, Empowered Committee (EC) has Governments. NIP projects showcase the infrastructure accorded 'In-principle' approval for V.O. Chidambaranar investment opportunities in the states/UTs to domestic (VOC) Port Project in Tuticorin, GoTN with Total Project and global investors. 12Chapter - II Department of Expenditure II Department of Expenditure Activities/ Achievements of Department of schemes to implement the announcements made by the Expenditure for the Summary Report of Finance Minister in the Budget speech of 2023-24:- Ministry of Finance for 2023 a) It was announced that 95 per cent of the forfeited amount relating to bid or performance security will 1. Additional Borrowing of 0.5% of GSDP linked be returned to MSMEs by Government and to performance in Power Sector for FY 2021- Government undertakings in cases of failure by 22 to 2024-25:- MSMEs to execute contracts during the COVID period. Accordingly, to provide relief to MSMEs, Vivad Based on the recommendation of 15th Finance Se Vishwas I – Relief for MSMEs Scheme was Commission (XV-FC) performance based additional launched vide O.M. No. F.1/1/2023-PPD dated borrowing space of 0.50 percent of Gross State 11.04.2023. The last date for submission of claims Domestic Product (GSDP) has been allowed to States under the scheme is 31.03.2024. in the power sector. This additional borrowing of 0.50 percent of GSDP is over and above the normal net b) It was also announced in the Budget speech of 2023- 24 that a voluntary settlement scheme with borrowing ceiling. standardized terms will be introduced to settle 2. Additional borrowing allowed to the States contractual disputes of government and government as ‘Pension funding adjustment’ for FY 2022- undertakings, wherein arbitral award is under 23 and 2023-24:- challenge in a court. Therefore, to implement the said announcement, Vivad Se Vishwas-II (Contractual States were allowed additional borrowing of Rs. Disputes) Scheme was launched vide O.M. No. F.1/ 47,210 crore during the year 2022-23 for NPS 7/2022-PPD dated 29.05.2023. The last date for contribution. Similar, extra borrowing ceiling is also submission of claims under the scheme is 31.03.2024. available to States in current financial year 2023-24 for 5. Finance Commission grants under the contribution to NPS. Demand-42 “Transfer to States”:- 3. Scheme for Special Assistance to States for Based on the accepted recommendations of the Capital Expenditure:- Fifteenth Finance Commission (XV-FC) for the award period 2021-22 to 2025-26, this Department has It aimed to assist the States in boosting capital released Commission recommended grants namely expenditure. Capital expenditure has a higher multiplier Post Devolution Revenue Deficit Grant, Grants to Local effect and enhances the productive capacity of the Bodies grants (Rural and Urban) including Health Sector economy. Under the Scheme, the Central Government Grant to be channelized through Local Bodies and provided 50-year interest free loan to States. The Scheme Disaster Management Grants, Grants for Incubation of was extended in the financial years 2021-22 and 2022- New Cities and Grants for Shared Municipal Services. 23. An amount of Rs. 11,830.29 crore, Rs. 14,185.78 crore So far, during the financial year 2023-24 (upto and Rs. 81,195.35 crore has been released under the 14.11.2023), a total amount of Rs.75494.19 crore Scheme in 2020-21, 2021-22, and 2022-23 respectively. (42.14%) has been released to the State Governments out of the total budgeted provision of Rs. 179140 crore. 4. Vivad Se Vishwas Schemes:- The Department Item-wise details of grants-in-aid released during the of Expenditure (DoE) has launched following two year 2023-24 are as under:- (Rs. in Crore) S/ No. Components Allocation for 2023-24 Grants released during 2023-24 (upto 14.11.2023) 1. Post Devolution Revenue Deficit Grant 51673.00 34448.67 2. State Disaster Response Fund 19572.80 10234.00 3. State Disaster Mitigation Fund 4893.20 1970.70 4. Rural Local Bodies Grants 47018.00 15465.51 5. Urban Local Bodies Grants 24222.00 10894.73 6. Health Sector Grants 13851.00 1732.89 7. National Disaster Response Fund 10928.00 747.69 8. National Disaster Mitigation Fund 2732.00 0.00 9. Grant for incubation of New Cities 4000.00 0.00 10. Grant for shared Municipal Services 250.00 0.00 Grand Total 179140.00 75494.19 13Summary Report 2023 For the financial year 2024-25, the XV-FC has recommended following grants-in-aid:- (Rs. in Crore) S/No. Components 15th F. C. Allocation for 2024-25 1. Post Devolution Revenue Deficit Grant 24483.00 2. State Disaster Response Fund 20550.40 3. State Disaster Mitigation Fund 5137.60 4. Rural Local Bodies Grants 49800.00 5. Urban Local Bodies Grants 25653.00 6. Health Sector Grants 14544.17 7. National Disaster Response Fund 11474.40 8. National Disaster Mitigation Fund 2868.60 9. Grant for Incubation of New Cities 2000.00 10. Grant for shared Municipal Services 250.00 Grand Total 156761.17 6. Achievements regarding appraisal and comprehensive, and comparable fiscal data. Since approval of public funded schemes and projects of January 2023, the Ministry of Finance (MoF) and the the Central Ministries/Departments:- Controller General of Accounts (CGA) have been collaborating closely with IMF’s South Asia Regional a) Government has approved the scheme for Training and Technical Assistance Centre providing Viability Gap Funding (VGF) for development (SARTTAC), in New Delhi, to both broaden the of Battery Energy Storage Systems with an outlay of coverage of the Indian fiscal reporting and to bring it Rs.9,400 crore including a budgetary support of Rs 3,760 in line with the latest international statistical crore for the period of 3 years. standards as envisaged in Government Finance b) State Support Mission (SSM) has been Statistics Manual, 2014, DGI-2 Recommendation.II.15. conceived by NITI Aayog with the primary objective of supporting the interested States to establish State 9. Development of E-learning courses under Institution for Transformation (SIT) on the lines of NITI Mission Karmayogi Phase-I:-Institute of Government Aayog that can act as a multi-disciplinary resource to steer Accounts and Finance (INGAF) was mandated by D/o the development strategies in the States. The mission Expenditure, M/o Finance to develop online courses has been approved with a total outlay of Rs. 237.5 crore under National Programme for Civil Services for the period 2022-23 to 2024-25.The mission is being Capacity Building (NPCSCB) - Mission Karmayogi. implemented in three phases covering all States/UTs. [In- In line with this INGAF has meticulously developed principle approval accorded 14thOctober, 2022 and five e-learning courses on FRSR-I, II, III, IV and V in scheme approved by the competent authority]. coordination with Capacity Building Commission (CBC) for Civil Servants as per the capacity building c) The Government has approved initial financial plan (CBP) of Indian Civil Accounts Organization support of Rs. 150 crores for duration of five years i.e., 2023- (ICAO) and Department of Expenditure to boost the 24 to 2027-28 for establishment of International Big Cat capacity building initiative of Government under Alliance (IBCA) in India to strengthen global cooperation in Mission Karmayogi. protecting these magnificent species i.e., Tiger, Lion, Leopard, Snow Leopard, Cheetah, Puma and Jaguar. 10. Mission Karmayogi Phase-II:- INGAF is in process of development of courses for Phase II of 7. Review of Autonomous Bodies:-Department the Mission Karma Yogi programme and has of Expenditure (DoE) carried out detailed review of intimated to DoE/CBC with the approval of CGA. Autonomous Bodies (ABs) under 23 Ministries/ Departments. The purpose of the DoE’s review was to 11. The initiatives taken by Central Pension make specific and actionable recommendations for Accounting Office (CPAO), a subordinate office under rationalization of ABs in the Ministries/ Departments with Controller General of Accounts (CGA), Department of a view to furthering the aim of “minimum government Expenditure, are as follows:- maximum governance” and ensuring economical, efficient use of public fund. a) Electronic Pension Payment System (e-PPO/ e-SSA System) 8. Data Gaps Initiative (DGI):-India has made good progress in achieving the IMF-recommended b) Payment of Gallantry Awards through CPAO DGI framework compliant Government Finance Statistics (GFS). This work has been driven by the It enabled the achievement of the Government’s recognition of the importance of timely, stated objective of bringing Ease of Living for Pensioner. 14Chapter - III Department of Revenue III Department of Revenue  Revenue Headquarter The following activities for strengthening the IT & Information Management System have been The Department of Revenue exercises control in respect undertaken in 2023 :- of revenue matters relating to Direct and Indirect Union (a) Upgradation of Financial Intelligence Network Taxes. The Department is also entrusted with the from FINnet 1.0 to FINnet 2.0 employing administration and enforcement of regulatory measures advanced features such as Artificial Intelligence, provided in the enactments concerning Goods and Machine learning and Natural Language Services Tax(GST), Central Sales Tax, Stamp Duties and processing. FINnet 2.0 is also enabled to other relevant fiscal statutes. generate risk scores for entities (Individuals, Organizations), creating network diagrams based The underlying theme of the tax proposal for the Budget on linkages and flag high risk cases. 2023-24 was stimulating growth, relief to the middle class, affordable housing, curbing black money, promoting digital (b) External database integration using API with economy, transparency in political funding and other Government databases with agencies such simplification of tax administration. as CBDT, CERSAI, CDSL, MCA, GST, etc.  State Taxes  Directorate of Enforcement Introduction GST collection has shown an upward growth year on year basis since its implementation. It rose to a record high of The Directorate of Enforcement (ED) is the Rs. 1.87 lakh crore in April, 2023. The average gross premier law enforcement agency of the Government of monthly GST collection in the FY 2023-24 till November, India which has been entrusted with the administration 2023 stands at Rs. 1.66 lakh crore and is around 12% and enforcement of the Prevention of Money Laundering per cent more than that in the same period in the previous Act, 2002 (PMLA), Foreign Exchange Management Act, 1999 (FEMA) and the Fugitive Economic Offenders Act, financial year. 2018 (FEOA). ED is the nodal agency for collection of As per section 18 of the Constitution (One Hundred and intelligence, carrying out research and analysis and First Amendment) Act, 2016, compensation to the States conducting financial investigation for cases involving for loss of revenue arising on account of implementation money laundering, bank frauds, financial scams, foreign of the goods and services tax is payable for a period of exchange violations etc. five years. During transition period, the States’ revenue Performance of Directorate of Enforcement is protected at 14% per annum over the base year in the area of PMLA revenue of 2015-16. During the Calendar Year 2023 (up to Government of India has already released the entire 30.11.2023), the Directorate has taken up investigations under the provisions of PMLA in 876 cases. amount of provisionally admissible GST compensation to all States/UTs for loss of revenue arising on account During the Calendar Year 2023 (up to of implementation of Goods and Services Tax for five 30.11.2023), the Directorate has attached proceeds of years i.e., from 1st July, 2017 to 30th June, 2022. Final crime with the aggregate value of Rs. 12,811.32 crore by Compensation arising out of reconciliation of provisional issuance of 243 Provisional Attachment Orders taking total attachment of the Proceeds of Crime to Rs. figures with audited figures is released immediately on 1,23,257.17 crore by issuance of 2117 Provisional receipt of AG’s certificate and no amount other than Attachment Orders as on date. The Adjudicating Authority finalization of compensation is pending for release to the has confirmed attachment of properties worth Rs. 8456.57 States/UTs. crore during this Calendar Year up to 30.11.2023. Thus, total amount of confirmed attached properties as on date  Financial intelligence Unit-India (FIU-IND) is Rs. 81477.67 crore. Financial intelligence Unit-India (FIU-IND) is the central During the Calendar Year 2023 (up to national agency for receiving processing, analyzing and 30.11.2023), 292 Prosecution Complaints including 87 disseminating information relating to suspect financial Supplementary PCs have been filed under the provisions transaction. of the PMLA. Total numbers of Prosecution Complaints 15Summary Report 2023 filed under PMLA is 1552 including 276 Supplementary After the introduction of GST in 2017, the Directorate of Prosecution Complaints as on date. Analytics and Risk Management (DGARM) was created. The DGARM is engaged in data analytics and data During the Calendar Year 2023 (up to mining. The results of the data analytics has helped in 30.11.2023), the Special Court, PMLA has ordered for detecting large number of fake invoice cases and has confiscation of properties amounting to Rs. 7.08 crore helped in augmenting GST collection. (approx.) and imposed a cumulative fine of Rs. 10.20 lakh (approx.) on the accused. Further, the total The motto of CBIC is “Desh Sevarth Kar Sanchay”. confiscation amount under PMLA, as on date is Rs. The activities and the performance of the different 15,637.21 crore (approx.). Sections/wings and the Directorates working under the During the Calendar Year 2023 (up to CBIC has been summarized. 30.11.2023), the Directorate has secured 09 conviction GST Policy wing: orders in which 22 accused have been convicted by the Special Court PMLA. It is appropriate to mention here Brief activities/measure undertaken by GST Policy wing that as on date the Directorate has secured 31 conviction during the calendar year 2023 to enhance taxpayer orders wherein 58 accused have been convicted. facilitation and simplify/rationalize tax laws are as follows: Restitution of properties to Public Sector • Measure for improving cash flow. Banks • GST Council in its 47th meeting recommended ED is not only actively pursuing the economic offenders for allowing unregistered suppliers and to unravel the money laundering but at the same time is composition taxpayers to make intra-state supply also making efforts for the restitution of assets to the of goods through E-Commerce Operators banks and others who have been defrauded by the (ECOs), subject to certain conditions. offenders. Vijay Mallya, Nirav Modi and Mehul Choksi • Late fees for delayed filing of FORM GSTR-9/ have defrauded Public Sector banks by siphoning off the GSTR-9C by registered persons having turnover funds through their companies which resulted in total loss upto Rs. 20 crores have been rationalized by of Rs. 22,585.83 crore to the public sector banks. Till linking it to the taxpayers’ aggregate turnover in date, assets worth Rs. 19312.20 crore have been the relevant Financial Year. attached under the provisions of Prevention of Money Laundering Act, 2002. Out of this, assets worth Rs. • E- Invoicing system was introduced in India with effect from 01.10.2020 for B2B transactions as 15183.77 Crore have been restituted to the Public Sector well as exports, for taxpayers with annual Banks. In addition, assets worth Rs. 692.90 Crore have aggregate turnover of Rs. 500 crore and above. been confiscated to Government of India. As on date, This threshold has been reduced progressively 85.50% of the total defrauded funds have been attached/ over a period of time and was reduced to Rs 10 seized and 67.22% of total loss to the banks has been crores from 01.10.2022. This threshold limit has handed over to Banks/Confiscated to GOI. Further, in been further reduced to Rs 5 Crores with NSEL fraud case, refund of full amount of investment to effect from 01.08.2023 vide notification no. 10/ 8433 investors out of 13000 investors has been made by 2023-Central Tax dated I0.05.2023. restitution of Rs. 1,220 crore. In this case, total proceeds of crime is Rs. 5600 crore out of which PoC of Rs. 3254.60 • Vide Notification No. 06/2023-CT dated crore stands attached. Therefore, a total assets of 31.03.2023, a conditional amnesty scheme was Rs.16403.77 crore have been restituted to their legitimate provided for deemed withdrawal of Best owners. Judgement Assessment orders issued under Section 62, in the cases where a valid return was  Central Board of Indirect Taxes and Customs not furnished within 30 days from the date of (CBIC) service of such assessment order issued on or The Central Board of Indirect Taxes and Customs or CBIC before 28.02.2023, if the pending return is filed (erstwhile Central Board of Excise & Customs) is a part on or before 30.06.2023. Further, such date for of the Department of Revenue under the Ministry of filing of pending return was extended till Finance, Government of India. It is the apex body for 31.08.2023 vide Notification No. 24/2023-CT indirect tax administration. dated 17.07.2023. 16Department of Revenue III • Mera Bill Mera Adhikaar Scheme has been 3. Jacket with Camera for use by the Vessel launched as a pilot project in select States/ UTs Boarding Officer: The Boarding officers act as providing for rewards, through draw of lots, to the face of Indian Customs because they are the the persons uploading B2C invoices on the Mera first Government Official to deal with foreign Bill Mera Adhikaar Application to encourage vessel on its first arrival to Indian ports. Therefore, it was decided to use a jacket worn Camera for consumers to demand GST invoices for their the Boarding officers at the port w.e.f 15.04.2023. purchases, fostering transparency and Detailed procedure in this regard was issued vide accountability in commercial transactions. Circular 07/2023- Customs dated 07.03.2023. Performance and Achievement: - 4. Direct Port Delivery (DPD): Direct Port Delivery Government from time to time has taken several (DPD) is another innovative trade facilitation measure introduced by Indian Customs to measures to prevent GST related offences, which expedite clearance of goods directly from the port include using robust data analytics and artificial thereby reducing transaction time and cost. A total intelligence to identify and track risky taxpayers of 11769 importers have been registered under and detect tax evasion and sharing of data with the scheme as on 31.08.2023. partner law enforcement agencies for more targeted interventions.  Central board of Direct Taxes (CBDT) A total no. of 15562 and 10505 cases involving 1.1 ORGANIZATION AND FUNCTIONS amount of Rs. 131613 Cr. and Rs.151084 Cr. The Central Board of Direct Taxes (CBDT), created by have been booked for GST evasion on various the Central Boards of Revenue Act 1963, is the apex counts during 2022-23 and 2023-24 (upto body entrusted with the responsibility of administering October, 2023) respectively. Amount realized / direct tax laws in India. recovered during the corresponding period was Rs. 33226 Cr. and Rs. 18541 Cr., respectively. 1.2 Direct Tax Collection Further, 190 and 154 no. of persons have also The Direct Tax Collection as on 31st December, 2023 been arrested during this period respectively. continue to register a steady growth. Direct Tax Collections upto 31.12.2023 show that net collections are Customs Policy Wing at Rs. 13,94,672 crore* which is 20.34% higher than the The Central Board of Indirect Taxes and Customs (CBIC) net collections for the corresponding period of last year. has taken the following initiatives to improve tax This collection is 76.49% of the Budget Estimates (BE) for Direct Taxes for the F/Y 2023-24. compliance, enhance taxpayer facilitation and simplify/ rationalise tax laws:- (*Source: Pr.CCA, CBDT) 1. Electronic Cash Ledger: Circular 09/2023 dated A. Income Tax Return Filing and Processing: 30.03.2023 was issued regarding phased • During the year, upto 31st December 2023, total Implementation of Electronic Cash Ledger (ECL) 8.18 crore ITRs for AY 2023-24 have been successfully in Customs w.e.f 01.04.2023. filed, which is approximately 9% higher than ITRs filed 2. Re-organisation of National Assessment during the corresponding period for AY 2022-23. Further, Centres and Faceless Assessment Groups: total number of ITRs filed for all the assessment year After reviewing the performance of Faceless taken together during the year till 31st December 2023 stands at 8.48 crore. In addition to the same, 1.61 crore Assessment and deliberating upon certain aspects statutory forms have also been successfully e-filed on relating to the functioning and structure of the the e-filing portal till 31st Dec 2023. Some of the key NACs and FAGs, Board issued Circular No.13/ details highlighting the performance of the e-filing 2.0 and 2023-Customs dated 31.05.2023 regarding re- CPC 2.0 till 31st Dec 2023 are given as under: organization of National Assessment Centres and Faceless Assessment Groups. • ITR-wise filing break up is as under: AY 2023-24 (Till 31st December 2023) ITR-1 3,55,14,368 ITR-2 89,17,526 ITR-3 1,28,41,572 ITR-4 2,14,15,343 ITR-5 18,32,030 ITR-6 11,01,082 ITR-7 2,66,505 17Department of Investment and Public Asset Management IV Chapter - IV Department of Investment and Public Asset Management BRIEF STATEMENT HIGHLIGHTING THE ACTIVITIES, Government has received Rs. 10,049.64 crore (as on TARGETS AND ACHIEVEMENTS FOR THE 14.12.2023) from various transactions. CALENDAR YEAR 2023 IN RESPECT OF DIPAM 3. VALUE CREATION IN CPSES Sl. No Topic 3.1 Government has endeavoured to create value in CPSEs through balanced capital management policy 1. Mandate of DIPAM (based on consistent dividend payout policy, buyback of 2. Performance Assessment shares, bonus shares and splitting of shares) etc. only without value erosion. Prudent policies and initiatives have 3. Value creation in CPSEs seen market cap of CPSE stocks rise significantly over 4. Dividend the last 2-3 years, which has increased the wealth of 1. MANDATE OF THE DEPARTMENT OF investors holding the stocks. INVESTMENT & PUBLIC ASSETS MANAGEMENT (DIPAM) In the past one year while the SENSEX and Nifty 50 gave returns of 19.17% and 20.64% respectively, the As per the present Allocation of Business Rules, BSE CPSE index and NSE CPSE index rose by 77.78% the mandate of the Department, inter alia, includes: and 80.64% respectively. Similarly, in the past 2 years, the BSE CPSE and NSE indices rose by 96.40% and (a) All matters relating to management of Central 112.74% respectively in comparison to SENSEX and Nifty Government investments in equity including 50 which rose by 19.77% and 21.41% respectively. During disinvestment of equity in Central Public Sector the past 3 years, the SENSEX and Nifty 50 witnessed Undertakings. rise of 48.43% and 52.40% respectively while BSE CPSE (b) Decisions on the recommendations of Administrative and NSE CPSE indices increased by 161.07% and Ministries, NITI Aayog, etc. towards management of 195.98% (as on 10.01.2024) respectively. pubic assets. 4. DIVIDEND (c) Matters relating to Central Public Sector Undertakings for purposes of Government investment in equity like 4.1 Dividends from CPSEs form an important capital restructuring, bonus, dividends, etc. component of non-tax receipts. During the Financial Year 2020-21, the work related to Dividend from CPSEs was 2. PERFORMANCE ASSESSMENT transferred to DIPAM. 2.1 During the last 9+ years period (2014-15 to 2023- 24, as on 14th December, 2023), an amount of about Rs. 4.2 There has been considerable improvement in 4.21 lakh crore has been realized as proceeds from public dividend pay-outs by CPSEs over the last 3 years. Total asset management through various modes/instruments. dividend receipts from CPSEs in FY 2020-21, FY 2021-22 and FY 2022-23 stood at Rs 39,750 crore, Rs 59,294 crore, Achievements in FY 2023-24 and Rs 59,533 crore respectively which exceeds the Revised Estimates (RE) of Rs 34,717 crore, Rs 46,000 A. Receipts crore, and Rs.43,000 crore respectively. During the current 2.2 Budget Estimate for receipts in the current Fiscal FY, as on 25.01.2024, Government has realized Year 2023-24 has been kept at Rs.51,000 crore. So far, Rs. 44,035 crore as dividend receipts from CPSEs. 19Chapter - V Department of Financial Services V Department of Financial Services 1. Developments in Banking Sector v. PSBs declared dividend of Rs.20,964 crore to shareholders (Government of India (GoI) share- 1.1 Overall condition of Banking Sector Rs.13,804 crore) in FY23 against total dividend of As a result of Government’s overarching policy Rs.13,170 crore to shareholders (GoI share- Rs.8,718 response to recognition of stress, resolution of stressed crore) in FY22. accounts, recapitalisation and reforms in banks, the vi. Enabled by implementation of comprehensive financial health and robustness of banking sector has reforms, the financial health of PSBs has improved since improved significantly: significantly, enhancing their ability to raise capital (in i. Asset quality has improved significantly the form of both equity and bonds) from the market. PSBs with— have mobilised capital of Rs.3.96 lakh crore from the market from FY15 to FY24 (up to 30.9.2023).  Gross NPA ratio of SCBs declining to 3.87% (Rs.5.71 lakh crore) in Mar-23 from 4.28% Viability Plan for RRBs: (Rs.3.23 lakh crore) in Mar-15 and from a peak In order to improve the financial position of RRBs of 11.18% (Rs. 10.36 lakh crore) in Mar-18. and to make them viable entities on a sustainable basis,  Gross NPA ratio of PSBs declining to 4.17% each RRB has prepared a viability plan encompassing (Rs.3.77 lakh crore) in Sep-23 from 4.97% operational and governance reforms. (Rs.2.79 lakh crore) in Mar-15 and from a peak of 14.58% (Rs.8.96 lakh crore) Mar-18. The RRBs as a whole have shown a significant improvement in the major financial parameters in FY 2023  Net NPAs of SCBs declining to Rs. 1.36 lakh as compared to FY 2022 as per Table given below: crore (0.95%) in Mar-23 from 2.31 lakh crore (3.13%) in Mar-15 and from a peak of 5.2 lakh Key Financial FY 2022 FY 2023 crore (5.94%) in Mar-18. Indicator (Rs. in Cr.) (Rs. in Cr.)  Net NPAs of PSBs declining to Rs.0.85 lakh crore Advances 3,62,838 4,10,438 (0.96%) in Sep-23 from Rs.2.15 lakh crore Deposits 5,62,538 6,08,509 (3.92%) in Mar-15 and from a peak of Rs.4.54 16,024 12,364 NNPAs lakh crore (7.97%) in Mar-18. 4.7% 3.2% 33,190 29,894 ii. Resilience has increased with— GNPAs 9.2% 7.3%  Provision coverage ratio (PCR) of SCBs CD Ratio (%) 64.5 67.5 increasing from 49.3% in Mar-15 to a healthy CRAR (%) 12.7 13.4 90.9% in Mar-23. NIM (%) 3.49 3.76 Net Profit 3,219 4,974  PCR of PSBs increasing from 46% in Mar-15 to Digitally active 15.36 16.99 a healthy 92.2% in Sep-23. customers on MB, iii. Capital adequacy has improved IB and UPI (%) significantly with— 1.3. Agriculture credit  CRAR of SCBs improving by 424 bps to reach Kisan Credit Card (KCC) Scheme- Special 17.18% in Mar-23 from 12.94% in Mar-15. Saturation drive.  CRAR of PSBs improving by 373 bps to reach Sustained and concerted efforts by the banks and 15.18% in Sep-23 from 11.45% in Mar-15. other stakeholders in the direction of providing access to concessional credit to the farmers a major milestone has iv. During previous financial year (FY23), SCBs been achieved by covering over 463.12 lakh farmers have recorded highest ever aggregate net profit of (including Animal Husbandry & Dairy and fisheries Rs.2.63 lakh crore against net profit of Rs.1.82 lakh crore farmers) under the KCC scheme with sanctioned credit in FY22. PSBs have also recorded highest ever aggregate limit of Rs.5,66,903 crore as on 29th December 2023. net profit of Rs. 1.05 lakh crore. Further, PSBs have recorded aggregate net profit of Rs. 0.68 lakh crore in the Agriculture credit target for year 2023—24 has first half of FY24. been set at Rs. 20.00 lakh crore. The achievement for 21Summary Report 2023 FY 2023—24 vis-a-vis Total Targets is Rs 16. 15 lakh As on 27.12.2023, cumulative enrolments under crore up to 30th November 2023, which is 81% of the PMSBY are 41.95 crores with claims paid to 1.27 lakh target. people amounting Rs. 2532 crore. 1.4. Account Aggregator 2.3 Pradhan Mantri MUDRA Yojana (PMMY): Introduction of Account Aggregator (AA) is the Pradhan Mantri MUDRA Yojana (PMMY) was launched first step towards bringing open banking in India and on 08.04.2015 with an objective of providing access to empowering millions of customers to digitally access and institutional collateral free credit to micro enterprises up share their financial data across institutions in a secure to Rs.10 lakh. and efficient manner. Progress under MUDRA (as on 17.11.2023 As on 31.12.2023, 89 Financial Institutions since launch of scheme) have gone live both as FIP and FIU, including all 12 PSBs, 13 Private Sector Banks, 2 Small Finance Bank,  Total accounts sanctioned: 44.41 Crore 25 Insurance Companies, 34 Regional Rural Bank, 1  Women accounts: 30.61 Crore (69%) NBFC-D and 2 Asset Management Company. 57 Financial Institutions have gone live as FIP only,  SC/ST accounts: 10.06 Crore (23%) including 38 Asset Management Company, 2  Total Sanctioned Amount: Rs 26.08 lakh Crore Depository, 3 Central Record-keeping Agency, 1 GSTN, 4 Insurance Companies and 9 Regional Rural Bank. 2.4 Stand Up India Scheme (SUPI): 275 Financial Institutions have gone live as FIU only, Progress under Stand-Up India (as on 194 RBI Regulated, 65 SEBI Regulated, 15 IRDAI 20.11.2023 since launch of scheme) regulated entities, 1 PFRDA regulated entities. More than 1.94 billion financial accounts (including 1.53  Accounts sanctioned: 2.08 lakh billion bank accounts) are enabled to share data on  Amount Sanctioned: Rs 46,892 Crore AA, 38.95 million users have linked their accounts on the AA framework and 40.08 million transactions have 2.5 Atal Pension Yojana (APY): taken place for successfully sharing of data via AA. Atal Pension Yojana (APY) was launched by the 2. Financial Inclusion/ Social Security Schemes Hon’ble Prime Minister on 9th May, 2015, and is being implemented with effect from 1st June, 2015. APY is 2.1. Pradhan Mantri Jan Dhan Yojana (PMJDY): being administered by PFRDA under the overall Progress under PMJDY (as on 15.11.2023): administrative and institutional architecture of the NPS.  PMJDY Accounts: 50.93 crore Category wise number of enrolments under APY as on 30th November, 2023:  Deposit in accounts: Rs. 2,12,540 crore  Women accounts: Rs.28.26 crore (55.5%) Category of Banks Number of Enrolments Public Sector Banks 4,20,61,035  Accounts in Rural/Semi urban: Rs.34.00 crore Regional Rural Banks 1,17,23,534 (66.8%) Private Banks 37,04,962 Payments Banks 15,34,246  RuPay cards issued: Rs.34.59 crore Department of Posts 3,92,785 2.2 Pradhan Mantri Jeevan Jyoti Bima Yojana Small Finance Banks 1,98,823 (PMJJBY) and Pradhan Mantri Suraksha Bima Yojana District Co-op Banks 78,962 (PMSBY): As on 27.12.2023, cumulative enrolments Urban Co-op Banks 29,657 under PMJJBY are 18.94 crore with claims paid to 7.26 State Co-op Banks 7,669 lakh people amounting Rs.14,539 crore. Total 5,97,31,673 22Department of Financial Services V As on 30th November, 2023, the number of Performance under LGSCAS scheme as on enrolments under APY is more than 5.97 crore and AUM 31.12.2023 of Rs. 32,548 crores. No of Loan amount Project type Districts Guarantees guaranteed 3. Other Schemes Issued (in Rs. Crore) Brownfield Aspirational 138 163.40 3.1 Emergency Credit Line Guarantee Scheme Project Districts Non- 999 3506.80 (ECLGS): Aspirational Districts Under ECLGS, 100% guarantee was provided Greenfield Aspirational 300 920.65 to Member lending Institutions (MLIs) in respect to the Project Districts credit facility extended by them to eligible borrowers. The Non- 2392 11373.46 Aspirational scheme was valid till 31.3.2023. Districts Total 3829 15964.31 ACHIEVEMENTS UNDER ECLGS AS ON 31.12.2023 4. The Deposit Insurance and Credit Guarantee 1. Amount of Guarantees issued to Rs.3.68 lakh crore borrowers Corporation (Amendment) Act, 2021 2. No. of Borrower issued 1.19 crore From 01.09.2021 (the date from when the DICGC Guarantee (Amendment) Act, 2021 came into effect) to 31.12.2023, S hare of MSMEs under ECLGS as on date of closing of DICGC has settled deposit insurance claims of 3,68,217 the scheme eligible depositors of 56 banks under ‘All Inclusive Directions (AID)’, amounting to 5185.26. crore Particulars Share of MSME Number of loans guaranteed 1,13,75,919 (95.17%) 5. Progress in DRTs  The details of applications filed and disposed Amount guaranteed (in Rs crore) 2,42,768 (65.95%) in DRTs during the period from 01.04.2023 *figure in brackets indicate MSME as percentage of Total to 11.12.2023 are as under- Achievements / Current Status: Filed during the Disposed of period from Applications 01.04.2023 to Impact: As per a research report dated 23.1.2023 of the 01.04.2023 to 11.12.2023 11.12.2023 State Bank of India on ECLGS, almost 14.6 lakh MSME OA 29129 24015 accounts, of which about 98.3% of the accounts were in SA 15217 11183 the micro and small enterprises categories, were saved. Total 44346 35198 In absolute terms, MSME loan accounts worth Rs. 2.2  Recovery effected by Debts Recovery lakh crore improved since inception of ECLGS for entire Tribunals (DRTs) in the Financial Year 2023- banking industry. This means that around 12% of the 24 (up to 30.11.2023)-As per the provisional outstanding MSME credit has been saved from slipping data made available by all DRTs, a recovery into non-performing asset (NPA) classification due to of Rs. 7419.47 crore has been made by ECLGS. DRTs in the Financial Year 2023-24 (up to 3.2 Loan Guarantee Scheme for Covid affected 30.11.2023). Sectors (LGSCAS): The Loan Guarantee Scheme for 6. Financial institutions Covid affected Sectors (LGSCAS) was formulated as a 6.1 Export-Import Bank of India (Exim Bank) specific response to an exceptional situation the country witnessed due to lack of adequate health infrastructure Exim Bank distinguishes Itself in the areas of in the light of second wave of Covid-19. Project Exports, Lines of Credit (LOCs) and Overseas 23Summary Report 2023 Investment Finance (OIF) and Ubharte Sitaare 6.2 Small Industries Development Bank of India Programme (USP), which benefit a gamut of externally (SIDBI) oriented Indian companies, including MSMEs. SIDBI extends assistance to MSMEs directly and As on November 30, 2023, the Bank has indirectly. Under indirect route, SIDBI extends Refinance sanctioned an aggregate amount of USD 2.99 billion for 34 projects under Buyer’s Credit under National Export assistance to banks, NBFCs, MFIs, etc., (Institutional insurance Account (BC-NEIA). As on November 30, 2023, Finance) against their lending to MSEs. . Brief of Financial under BC-NEIA, Bank has already disbursed USD 32.85 assistance extended by SIDBI is given below: million during current FY. Business FY2022 FY 2023 Groups Sanc Disb Outstanding Sanc Disb Outstanding Direct Credit 6,760 5,673 14,187 8,780 6,500 18,409 Refinance to 1,22,781 1,22,335 1,66,832 2,42,054 2,42,054 2,98,173 Banks Refinance to 13,178 12,677 17,935 22,037 22,980 33,415 NBFCs Refinance to MFIs 4,178 2,893 3,118 4,120 3,812 4,900 Cluster 1,038 180 180 4,458 1,409 1,542 Development Total 1,47,935 1,43,758 2,02,252 2,81,449 2,76,755 3,56,439 6.3 National Housing Bank Refinancing Till 30.11.2023, National Housing Bank has disbursed cumulative refinance of Rs. 3.61 lakh crore NHB operates as the principal agency to promote (approx.), out of which Rs. 45000 crore (approx.) has housing finance institutions and to provide financial and been disbursed under Affordable Housing Fund. The details of refinance activities undertaken by NHB during other support to such institutions FY 2022-23 and FY2023-24 (till 30.11.2023) are as below: FY2022-23 (01.07.2022 – 30.06.2023) FY2023-24 (01.07.2023 – till 30.11.2023) Business Sanction Disbursem Outstanding Sanction Disbursem Outstanding Groups ent as on ent as on 30-06-2023 30-11-2023 Institutional Finance 14,500.00 6,412.00 14,260.99 1,710.00 - 24,423.30 (Refinance) -Banks Institutional Finance (Refinance) 28,405.00 29,289.20 77,766.95 22,015.00 4,940.80 62,202.02 -NBFC (HFCs) Total 42,905.00 35,701.20 92,027.94 23,725.00 4,940.80 86,625.32 6.4 India Infrastructure Finance Company 6.5 National Bank for Financing Infrastructure and Development Limited (IIFCL) NaBFID was set up with an authorised share On a standalone basis, till 30th November, 2023, capital of 1 lakh crore as per Budget Announcement of IIFCL has made Cumulative Gross Sanctions of Rs FY 2021-22. Capital support of 20,000 crore has been 2,23,693 crore and Cumulative Disbursements of Rs. released to the Institution to enable it to start its business 1,17,897 crore. The company has posted its highest ever operations. A grant of 5,000 crore has also been released. Profit After Tax of Rs. 1,076 crore during the financial NaBFID is operationalized and has cumulatively year 2022-23. sanctioned 47,468 crore till November 30, 2023. The 24Department of Financial Services V Institution has received the highest AAA (stable) domestic B. Amendment in Insurance Ombudsman Rules, rating from ICRA and CRISIL in March 2023. The 2017: The Insurance Ombudsman Rules 2017 have been Institution has also successfully completed its maiden amended by the Central Government on 9.11.2023. Key Bond Issuance of 10,000 crore and listed on both stock amendments include enhancement in limit of award exchanges-BSE and NSE on June 20, 2023. compensation by an Insurance Ombudsman from existing 7. Pension Sector Rs 30 lakhs to Rs 50 lakhs. The status of NPS as on 30th November, 2023, is as C. Family pension at the Uniform rate of 30% in under: LIC: The proposal of the Life Insurance Corporation of Assets under No. of subscribers India (LIC) has been approved for fixing a uniform rate Sector Management (Rs. (in lakhs) of family pension @30% of last pay in place of the In Cr.) existing slab system whereby, family pension is paid at Central Government 25.12 2,96,195 varying rates of 30%, 20% and 15%, depending upon State Government 63.45 5,25,242 pay slabs. Corporate 18.71 1,45,459 All Citizen Model 31.63 50,458 9. Digital Payments NPS lite* 33.23 5,246 In July 2023 Promotion of Digital Payments has Total 172.14 10,22,600 been transferred from MeitY to Department of Financial *(No fresh registration permitted w.e.f 01.04.2015) Services vide Cabinet Notification No.1/21/6/2023-Cab. dated 17th July 2023. 8. Developments in Insurance Sector Progress in digital payment transactions A. Insurance Surety Bonds: Hon’ble Finance Minister in her budget speech of 2022-23 announced that The total digital payment transactions volume increased Insurance Surety Bonds will be accepted as one of the from 2,071 crore in FY 2017-18 to 13,462 crore in FY alternatives for Bank Guarantee (BG) in Government 2022-23 at CAGR of 45% and crossed 13,296 crore procurement and accordingly General Financial Rules were also amended. during current Financial year till 31st Dec, 2023. Source: RBI, NPCI and Banks 25Summary Report 2023 BHIM-UPI (Bharat Interface for Money- grown from 92 crore in FY 2017-18 to 8,375 crore in Unified Payment Interface) is an indigenous digital FY 2022-23 at CAGR of 147% and crossed 9,342 payment system. BHIM UPI transactions have crore during current Financial year till 31st Dec, 2023. Source: NPCI Source: NPCI  BHIM-UPI has been the major driving force in  In December 2023, BHIM-UPI reached another the overall growth of digital payment milestone recording over 1,202 crore transactions transactions in the country accounting for 62% in a single month for the first time. of digital payment transactions in FY 2022-23. 26Department of Public Enterprises VI Chapter - VI Department of Public Enterprises (DPE) 1. Introduction: - A comparison of performances of CPSEs during 2022-23 vis-a-vis the previous year i.e. 2021-22, is at The Department of Public Enterprises (DPE) under the Ministry of Finance plays a pivotal role in formulating Annexure-I. policies and guidelines concerning the functioning and (The PE Survey 2022-23 is in the process of being performance of public sector enterprises in India. laid in both the Houses of Parliament.) 2. Functions: 4. Significant Initiatives The following subjects, among others, are being dealt by DPE: 4.1 Mission Recruitment- The Government has 2.1 Coordination of matters of general policy decided to fill up vacancies in various Ministries/ affecting all Public Sector Enterprises. Departments and CPSEs in a Mission Mode, i.e. ‘Mission 2.2 Categorization of Central Public Sector Recruitment’. As per information available, 38336 Enterprises including conferring ‘Ratna’ candidates from CPSEs have been included in 11 tranches status. of Rozgar Mela held till November, 2023. 2.3 Matters relating to Administrative Mechanism for Resolution of CPSEs 4.2 Mission Karamyogi- All employees of DPE have Disputes (AMRCD). been onboarded on Karamyogi portal. Annual Capacity 2.4 Evaluation and monitoring the Building Plan of DPE was also approved during the year performance of Public Sector Enterprises, 2023-24 and has been circulated to all employees of DPE including the Memorandum of for implementation. Understanding mechanism. 2.5 Survey of Public Enterprises. 4.3 Participation in Free Trade Negotiations 3. Public Enterprises Survey (FTAs)- India is pursuing FTA negotiations with a number of countries and representatives of DPE participated in The Department of Public Enterprises brings out ongoing India-UK FTA, India-EU FTA and India-Australia the Public Enterprises Survey on the performance of Comprehensive Economic Cooperation Agreement Central Public Sector Enterprises (CPSEs), which is laid in the Parliament every year. negotiations held during the year 2023-24. 27Summary Report 2023 Annexure-1 Table 1: Performance of CPSEs during Financial Year 2022-23 Sl. 2021-22 2022-23 Item/Indicator % Change No. (₹ Crore) (₹ crore) Gross Revenue of 31,36,317 37,89,652 20.83 1. (operation) CPSEs Total paid up capital of all 3,58,531 5,04,988 40.85 2. CPSEs Investment (equity plus 22,88,724 25,34,696 10.75 3. long-term loans) of all CPSEs Capital employed (Paid up 34,78,112 38,15,967 9.71 capital + long term loans 4. and reserves & surplus) of all CPSEs Profit of (profit making) 2,64,479 2,41,004 8.88 5. CPSEs Loss of (loss making) -14,610 -28,827 97.31 6. CPSEs 7. Overall Net Profit 2,49,869 2,12,177 15.08 Reserves and Surplus of 11,89,389 12,81,271 7.73 8. all CPSEs 9. Net Worth of all CPSEs 14,96,920 17,32,663 15.75 Contribution of all CPSEs 4,88,500 4,58,205 6.20 10. to Central Exchequer 28Department of Public Enterprises VI Annexure-2 List of Maharatna, Navratna & Miniratna CPSEs Miniratna I CPSEs Maharatna CPSEs 1. Airports Authority of India 1. Bharat Heavy Electricals Limited 2. Antrix Corporation Limited 2. Bharat Petroleum Corporation Limited 3. Balmer Lawrie & Co. Limited 3. Coal India Limited 4. Bharat Coking Coal Limited 4. GAIL India Limited 5. Bharat Dynamics Limited 5. Hindustan Petroleum Corporation Limited 6. BEML Limited 6. Indian Oil Corporation Limited 7. Bharat Sanchar Nigam Limited 7. NTPC Limited 8. Braithwaite & Company Limited 8. Oil & Natural Gas Corporation Limited, 9. Bridge & Roof Company (India) Limited 9. Power Finance Corporation 10. Central Warehousing Corporation 10. Power Grid Corporation of India Limited 11. Central Coalfields Limited 11. Steel Authority of India Limited 12. Central Mine Planning & Design Institute Limited 12. Rural Electrification Corporation Limited 13. Chennai Petroleum Corporation Limited 13. Oil India Ltd 14. Cochin Shipyard Limited (schedule A in July, 23) Navratna CPSEs 15. Cotton Corporation of India Ltd. 1. Bharat Electronics Limited 16. EdCIL (India) Limited 2. Container Corporation of India Limited 17. Garden Reach Shipbuilders & Engineers Limited 3. Engineers India Limited 18. Goa Shipyard Limited 4. Hindustan Aeronautics Limited 19. Hindustan Copper Limited 5. Mahanagar Telephone Nigam Limited 20. Hindustan Steelworks Construction Limited 6. National Aluminium Company Limited 21. HLL Lifecare Limited 7. National Buildings Construction 22. Hindustan Paper Corporation Limited Corporation Limited 23. Housing & Urban Development Corporation 8. Neyveli Lignite Corporation Limited Limited 9. NMDC Limited 24. HSCC (India) Limited 10. Rashtriya Ispat Nigam Limited 25. India Tourism Development Corporation Limited 11. Shipping Corporation of India Limited 26. Indian Rare Earths Limited 12. Rail Vikas Nigam Limited 27. Indian Railway Catering & Tourism Corporation 13. ONGC Videsh Ltd Limited 14. Rashtriya Chemicals & Fertilizers Limited 28. Indian Railway Finance Corporation Limited 15. IRCON 29. Indian Renewable Energy Development Agency Limited 16. RITES 29Summary Report 2023 30. India Trade Promotion Organization 4. Engineering Projects (India) Limited 31. KIOCL Limited 5. FCI Aravali Gypsum & Minerals India Limited 32. Mazagaon Dock Shipbuilders Limited 6. Ferro Scrap Nigam Limited 33. Mahanadi Coalfields Limited 7. HMT (International) Limited 34. MOIL Limited 8. Indian Medicines & Pharmaceuticals Corporation Limited 35. Mangalore Refinery & Petrochemical Limited 9. MECON Limited 36. Mineral Exploration Corporation Limited 10. National Film Development Corporation Limited 37. Mishra Dhatu Nigam Limited 11. Rajasthan Electronics & Instruments Limited 38. MMTC Limited Schedule-wise List of Central Public Sector 39. MSTC Limited Enterprises 40. National Fertilizers Limited Schedule- A 41. National Projects Construction Corporation 1. Airports Authority of India Limited 2. Advanced Weapons and Equipment India Limited 42. National Small Industries Corporation Limited 3. Armoured Vehicles Nigam Limited 43. National Seeds Corporation 4. BEML Limited 44. NHPC Limited 5. Bharat Electronics Limited 45. Northern Coalfields Limited 6. Bharat Heavy Electricals Limited 46. North Eastern Electric Power Corporation Limited 7. Bharat Petroleum Corporation Limited 47. Numaligarh Refinery Limited 8. Bharat Sanchar Nigam Limited 48. Pawan Hans Helicopters Limited 9. Central Warehousing Corporation 49. Projects & Development India Limited 10. Coal India Limited 50. Railtel Corporation of India Limited 11. Container Corporation of India Limited 51. SJVN Limited 12. Dedicated Freight Corridor Corporation of India 52. Security Printing and Minting Corporation of India Limited Limited 13. Electronics Corporation of India Limited 53. South Eastern Coalfields Limited 14. Engineers India Limited 54. Telecommunications Consultants India Limited 15. Fertilizers & Chemicals (Travancore) Limited 55. THDC India Limited 16. Food Corporation of India 56. Western Coalfields Limited 17. GAIL (India) Limited 57. WAPCOS Limited 18. Heavy Engineering Corporation Limited Miniratna II CPSEs 19. Hindustan Aeronautics Limited 1. Artificial Limbs Manufacturing Corporation of India 20. Hindustan Copper Limited 2. Bharat Pumps & Compressors Limited 21. Hindustan Paper Corporation Limited 3. Broadcast Engineering Consultants India Limited 22. Hindustan Petroleum Corporation Limited 30Department of Public Enterprises VI 23. HMT Limited 56. RITES Limited 24. Housing & Urban Development Corporation 57. RailTel Corporation of India Limited Limited 58. Rail Vikas Nigam Limited 25. I T I Limited 59. Rashtriya Chemicals and Fertilizers Limited 26. Indian Oil Corporation Limited 60. Rashtriya Ispat Nigam Limited 27. IRCON International Limited 61. Rural Electrification Corporation Limited 28. Indian Railway Finance Corporation Limited 62. SJVN Limited 29. Karmyogi Bharat 63. Security Printing & Minting Corporation of India Limited 30. Konkan Railway Corporation Limited 64. Shipping Corporation of India Limited 31. KIOCL Limited 65. Solar Energy Corporation of India Limited 32. Mahanagar Telephone Nigam Limited 66. State Trading Corporation of India Limited 33. Mangalore Refinery & Petrochemicals Limited 67. Steel Authority of India Limited 34. Mazagon Dock Shipbuilders Limited 68. Telecommunications Consultants (India) Limited 35. MECON Limited 69. THDC India Limited 36. MMTC Limited 70. Yantra India Limited 37. MOIL Limited 71. Cochin Ship Yard Ltd 72. Numaligarh Refinery Limited. 38. Mumbai Railway Vikas Corporation Limited 73. Indian Renewable Energy Development 39. Munitions India Limited Corporation. 40. National Aluminium Company Limited 74. National Films Development Corporation 41. NBCC (India) Limited Schedule- B 42. National Fertilizers Limited 1. Andrew Yule & Company Limited 43. NewSpace India Limited 2. Air India Assets Holding Company Limited 44. NHPC Limited 3. Balmer Lawrie & Company Limited 45. NMDC Limited 4. Bharat Coking Coal Limited 46. National Textiles Corporation Limited 5. Bharat Dynamics Limited 47. NTPC Limited 7. Bharat Petro Resources Limited 48. NLC India Limited 8. Bharat Pumps & Compressors Limited 49. North Eastern Electric Power Corporation Limited 9. Brahmaputa Crackers & Polymers Limited 50. Oil & Natural Gas Corporation Limited 10. Brahmaputra Valley Fertilizer Corporation Limited 51. Oil India Limited 11. Biotechnology Industry Research Assistance Council 52. ONGC Videsh Limited 12. Braithwaite & Company Limited 53. Power Finance Corporation Limited 13. Bridge & Roof Company (India) Limited 54. Power Grid Corporation of India Limited 14. British India Corporation Limited 55. Power System Operation Corporation Limited 15. Burn Standard Company Limited 31Summary Report 2023 16. Cement Corporation of India Limited 52. National Jute Manufacturers Corporation Limited 17. Central Coalfields Limited 53. National Projects Construction Corporation Limited 18. Central Electronics Limited 54. National Seeds Corporation Limited 19. Central Mine Planning & Design Institute Limited 55. National Small Industries Corporation Limited 20. Chennai Petroleum Corporation Limited 56. Northern Coalfields Limited 21. Cotton Corporation of India Limited 57. Orissa Mineral Development Company Limited 22. Eastern Coalfields Limited 58. PEC Limited 23. Engineering Projects (India) Limited 59. Pawan Hans Limited 24. Fertilizer Corporation of India Limited 60. Projects & Development India Limited 25. Garden Reach Shipbuilders & Engineers Limited 61. Scooters India Limited 26. Gliders India Limited 62. South Eastern Coalfields Limited 27. Goa Shipyard Limited 28. Handicrafts & Handlooms Export Corporation 63. Troop Comforts Limited Limited 64. Uranium Corporation of India Limited 29. Hindustan Cables Limited 65. W A P C O S Limited 30. Hindustan Fertilizer Corporation Limited 66. Western Coalfields Limited 31. HLL Lifecare Limited 32. Hindustan Newsprints Limited Schedule- C 33. Hindustan Organic Chemicals Limited 1. Andaman & Nicobar Islands Forest & Plantation 34. Hindustan Shipyard Limited Development Corporation Limited 35. Hindustan Steelworks Construction Company 2. Artificial Limbs Mfg. Corporation of India Limited 3. Brithwaite Burn & Jessop Construction Company 36. HMT (International) Limited Limited 37. HMT Machine Tools Limited 4. Bengal Chemicals & Pharmaceuticals Limited 38. HMT Watches Limited 5. BHEL Electric Machines Limited 39. India Optel Limited 6. Bharat Wagon & Engineering Company Limited 40. India Tourism Development Corporation Limited 41. India Trade Promotion Organization 7. The Bisra Stone Lime Company Limited 42. Indian Drugs & Pharmaceuticals Limited 8. Broadcast Engineering Consultants India Limited 43. Indian Railway Catering & Tourism Corporation 9. Central Cottage Industries Corporation of India Limited Limited 44. Indian Rare Earths Limited 10. Central Inland Water Transport Corporation Limited 45. Instrumentation Limited 11. Central Railside Warehouse Company Limited 46. M S T C Limited. 12. Certification Engineers International Limited 47. Madras Fertilizers Limited 13. Delhi Police Housing Corporation 48. Mahanadi Coalfields Limited 14. EdCIL (India) Limited 49. Mineral Exploration Corporation Limited 15. FCI Aravali Gypsum & Minerals (India) Limited 50. Mishra Dhatu Nigam Limited 16. Ferro Scrap Nigam Limited 51. National Handloom Development Corporation Limited 17. Hindustan Antibiotics Limited 32Department of Public Enterprises VI 18. HIL (India) Limited 35. National Scheduled Castes Finance & Development Corporation 19. Hindustan Photo Films Manufacturing Company Limited 36. National Scheduled Tribes Finance & Development 20. Hindustan Prefab Limited Corporation 21. Hindustan Salts Limited 37. NEPA Limited 22. HMT Bearings Limited 38. North Eastern Handicrafts & Handloom Development Corporation Limited 23. HMT Chinar Watches Limited 39. North Eastern Regional Agricultural Marketing 24. Hooghly Dock and Port Engineers Limited Corporation Limited 25. HSCC (India) Limited 40. Rajasthan Electronics & Instruments Limited 26. Hotel Corporation of India Limited 41. Richardson & Cruddas (1972) Limited 27. The Jute Corporation of India Limited 43. Tungabhadra Steel Products Limited 28. Karnataka Antibiotics & Pharmaceuticals Ltd 44. Shipping Corporation of India Land And Asset Ltd. 29. Nagaland Pulp & Paper Company Limited 30. National Backward Classes Finance & Schedule- D Development Corporation. 1. Birds Jute & Exports Limited 31. National Handicapped Finance & Development Corporation. 2. Hindustan Fluorocarbons Limited 32. National Minorities Development & Finance 3. Indian Medicines Pharmaceutical Corporation Corporation Limited 33. National Research Development Corporation of 4. Orissa Drugs & Chemicals Limited India. 5. Rajasthan Drugs & Pharmaceuticals Limited 34. National Safai Karamcharis Finance & Development Corporation. 6. Bel Optronics Ltd 33ºÉiªÉàÉä´É VɪÉiÉä Government of India MINISTRY OF FINANCE SUMMARY REPORT CALENDER YEAR 2023 PRINTED AT BUDGET PRESS, MINISTRY OF FINANCE, NEW DELHI