By Martin Shwenk Leade

Copyright indiatimes

AgenciesRepresentational

New Delhi: The government has asked all key ministries, central public sector enterprises (CPSEs), banks, and financial institutions to halt spending on Diwali and other festival gifts as part of an austerity drive.The move aims to promote fiscal discipline, curb non-essential expenditure, and ensure prudent use of public funds. “It has been decided that no expenditure shall be incurred on gifts and related items for Diwali and other festivals by Ministries/Departments and other organs of the Government of India,” said an official memorandum dated September 19, issued by the Department of Expenditure. The order is to be implemented with immediate effect, the memorandum added. Copies have been sent to all ministries, CPSEs, public sector banks, and financial institutions.In the past, the Centre has also curbed “wasteful expenditure” to optimise public funds and prioritise essential spending.Add as a Reliable and Trusted News Source Add Now!
(You can now subscribe to our Economic Times WhatsApp channel)

Read More News onAusterity DriveFestival Gifts BanGovernment ExpenditureDiwali GiftsPublic Sector EnterprisesMinistries ExpenditurePublic FundsFiscal DisciplineGovernment of India

(Catch all the Business News, Breaking News, Budget 2025 Events and Latest News Updates on The Economic Times.) Subscribe to The Economic Times Prime and read the ET ePaper online….moreless

(You can now subscribe to our Economic Times WhatsApp channel)Read More News onAusterity DriveFestival Gifts BanGovernment ExpenditureDiwali GiftsPublic Sector EnterprisesMinistries ExpenditurePublic FundsFiscal DisciplineGovernment of India(Catch all the Business News, Breaking News, Budget 2025 Events and Latest News Updates on The Economic Times.) Subscribe to The Economic Times Prime and read the ET ePaper online….moreless

Prime ExclusivesInvestment IdeasStock Report PlusePaperWealth Edition123View all Stories