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Finance Minister
Finance Minister Nirmala Sitharaman on Tuesday said with the growing digitalisation of the economy and emergence of new financial products, countries globally will have to cooperate with timely exchange of information, while ensuring fairness and public trust in the tax system. Speaking at the 18th Global Forum Plenary meeting, Sitharaman said technological tools like artificial intelligence, along with judgement, should be used to ensure that tax information exchanged among jurisdictions leads to measurable outcomes. The Global Forum on Transparency and Exchange of Information for Tax Purposes is a multilateral framework comprising 170 jurisdictions. It monitors and peer reviews the implementation of international standards on transparency and information exchange. Stating that confidentiality and cybersecurity must be maintained with great care, the minister called for joint attention and cooperation to the new challenges arising from the digitalisation of the economy, emergence o
The government on Monday sought Parliament's nod for net additional spending of Rs 41,455 crore in the current fiscal, which includes over Rs 18,000 crore expenditure towards fertiliser subsidy. Finance Minister Nirmala Sitharaman tabled the first batch of Supplementary Demands for Grants for 2025-26 in the Lok Sabha. It seeks Parliament's approval for a gross additional expenditure of Rs 1.32 lakh crore. This includes proposals with a net cash outgo of Rs 41,455.39 crore and gross additional expenditure, matched by savings of the Ministries/Departments of Rs 90,812 crore. As per the Supplementary, approval of Parliament is being sought for spending Rs 18,525 crore on fertiliser and related subsidies, and about Rs 9,500 crore by the Petroleum Ministry to compensate oil marketing companies for under-recoveries.
Finance Minister Nirmala Sitharaman on Friday said the September quarter GDP print of 8.2 per cent shows that reforms and fiscal consolidation drove the Indian economy's robust growth and momentum. "Various high-frequency indicators also point to continued economic momentum and broad-based consumption growth," she said in a social media post. The economy grew by a higher-than-expected 8.2 per cent, a six-quarter high, as increased factory production in anticipation of a consumption boost from the GST rate cut helped offset deceleration in farm output, according to official data. "The GDP estimates released today shows the robust economic growth and momentum of the Indian economy. With a Real GDP growth rate of 8.2 per cent for Q2 - FY 2025-26 (July-Sept), India is the world's fastest growing major economy," Sitharaman wrote on 'X'. In the current financial year, real GDP has registered an 8 per cent growth rate in the first half of fiscal 2025-26. "The growth has been driven by ..
The finance ministry has called a meeting of heads of public sector banks (PSBs) on Wednesday to review the second-quarter and half yearly financial performance. The meeting is scheduled to be chaired by Financial Services Secretary M Nagaraju. This is the first meeting after Finance Minister Nirmala Sitharaman last week said the country needs big and world-class banks, and discussions are on with the Reserve Bank and lenders in this regard. "Government is looking at this and work has already commenced. We are discussing with the RBI. We are discussing with banks," she had said. The review meeting on November 12 with public sector banks will also deliberate on progress made on flagship schemes of the government besides their financial numbers, sources said. Public sector banks posted a record cumulative profit of Rs 49,456 crore in the second quarter of the current fiscal, reflecting a 9 per cent year-on-year growth despite two lenders reporting a decline. All 12 public sector ba
Ahead of the Union Budget 2026-27, Finance Minister Nirmala Sitharaman on Monday met leading economists to elicit their views on the forthcoming Budget. Those present at the meeting include Sajjid Chinoy, Neelkanth Misra, Dharmakirti Joshi, Ridham Desai, Sonal Varma and Indira Rajaraman. "Union Minister for Finance & Corporate Affairs Smt @nsitharaman chairs the first Pre-Budget Consultation with leading economists in connection with the upcoming Union Budget 2026-27, in New Delhi, today," the Ministry of Finance said in a social media post on X. "The meeting was also attended by Secretary, Department of Economic Affairs (DEA) @FinMinIndia; and Chief Economic Adviser, Government of India, besides senior officers from the DEA," it added. Sitharaman is likely to present the Budget on February 1. She will present the Budget in the backdrop of geopolitical uncertainties and the steep US tariff of 50 per cent imposed on shipments from India. The Budget for the next fiscal year will .
Union Finance Minister Nirmala Sitharaman on Saturday laid the foundation stone for Assam's first university focussed on technical and vocational education and training. The 'Swahid Kanaklata Barua State University' is being built at a cost of Rs 415 crore at Bholaguri in Gohpur in Biswanath district. The university will come up in a total area of 241 acres, with a built-up area of 7 lakh sq ft. It will feature academic blocks for 2,000 students, hostels for 1,620 students, residential quarters, guest house and a student facility centre. The university will offer courses in various technology domains, including artificial intelligence and machine learning, cybersecurity, blockchain, drone and navigation technology, quantum computing, brain computer interface, internet of things, and smart cities and smart environments. The Union minister has been on a two-day visit to the state since Friday.
Finance Minister Nirmala Sitharaman on Tuesday allayed apprehension that privatisation of state-owned banks would hurt financial inclusion and national interest. She said the bank nationalisation done in 1969 has not yielded the desired result as far as financial inclusion was concerned. Addressing the student at the Diamond Jubilee Valedictory Lecture at Delhi School of Economics (DSE), University of Delhi here, she said that nationalisation did help in pushing priority sector lending and government programmes but government control made public sector banks unprofessional. Despite 50 years of nationalisation, the objectives that were not entirely achieved, she said, adding, "after... we professionalised the banks, those objectives are still being beautifully achieved. "So, this perception that when you try to make them professional, and if you want to privatise them, which is a Cabinet decision, that objective of reaching to all people, taking banking to everybody will be lost...
Union Finance Minister Nirmala Sitharaman has urged rural banks to increase agricultural credit disbursement to meet the growing demand of new rural India, while reviewing the business performance of Karnataka Grameena Bank (KaGB) here. According to an official statement, Sitharaman chaired the meeting, attended by Department of Financial Services (DFS) Secretary M Nagaraju, NABARD Chairman Shaji K V, and other senior officials from the finance ministry on Thursday. During the review, Sitharaman assessed key indicators, including credit growth, NPAs (Non-Performing Assets), financial inclusion, and the implementation of government-sponsored schemes by KaGB. She advised the bank to increase its share in ground-level agriculture credit disbursement, with special focus on emerging areas of the economy. Sitharaman also directed all stakeholders to take steps to realise the potential of allied agricultural activities in the region. KaGB and Canara Bank should work closely with state ..
Union Finance Minister Nirmala Sitharaman on Wednesday urged farmers to make full use of the Pradhan Mantri Formalisation of Micro Food Processing Enterprises (PMFME) and Pradhan Mantri Dhan Dhanya Krishi Yojana (PMDDKY) to turn agriculture into a profitable venture. Speaking after inaugurating the Farmers' Training and Common Facility Centre in Koppal district, Sitharaman, a Rajya Sabha member from Karnataka, said the new generation GST reforms will also benefit agrarian communities. The facility was set up using her MP Local Area Development (MPLAD) fund. PMFME was launched to support value addition in agricultural products. The Centre provides financial and technical assistance and helps businesses upgrade under the scheme, she said. Sitharaman added that the government aims to promote rural entrepreneurship to generate jobs in villages. "More than Rs 3,700 crore funds have been given by the Centre to states till now since 2020. Loans have been provided to farmers. Rs 11,000 cr
Union Finance Minister Nirmala Sitharaman arrived in Ayodhya on Wednesday for a two-day visit. Sitharaman was received at the Maharishi Valmiki International Airport by Uttar Pradesh Finance Minister Suresh Khanna and Agriculture Minister Surya Pratap Shahi, according to an official statement. Traditional melodies filled the air as her convoy, under tight security, proceeded to Hotel Radisson, before she began her scheduled engagements. Sitharaman's visit marks a special cultural event at Brihaspati Kund in Tedhi Bazaar, where she, along with Chief Minister Yogi Adityanath, will unveil the statues of three legendary South Indian musicians -- Tyagaraja Swamigal, Purandara Dasa and Arunachala Kavi -- the statement said. The statues installed in the Brihaspati Kund complex stand as timeless symbols of India's musical, devotional and artistic heritage, it added. These saint-musicians infused divine devotion into Indian classical music, making it the spiritual essence of the country's