Explore Business Standard
Nirmala Sitharaman
Domestic consumption is sustaining the growth momentum in the economy, and predictable policy support is essential to ensure that the pace of GDP expansion continues, Union Finance Minister Nirmala Sitharaman said on Friday. Speaking at an event organised by SBI here, Sitharaman also said that a committee of bankers is looking into the issue of whether to allow exclusive distribution tie-ups for selling third-party products by banks or adopt an open architecture approach. She also urged banks to focus on the physical contact with customers as they go global and digital. The minister further said that the disinvestment process of IDBI Bank will continue going ahead. "...consumption emerging out of its domestic market itself is able to sustain our growth, which is the fastest even now in the world," she said. The finance minister said that while it is necessary for the consumption for the growth process to continue, it is also pertinent to have predictable policies. "...unless our
Finance Minister Nirmala Sitharaman on Thursday met heads of banks on risks related to Artificial Intelligence (AI) following global concerns over Anthropic's Mythos model threatening data security of the financial systems. The meeting assumes significance in view of development of the Claude Mythos AI model by Anthropic claiming that it has found vulnerabilities in many major operating systems. According to sources, risks and measures needed to deal with AI were discussed at the meeting. The meeting chaired by the Finance Minister deliberated on various risks that AI posed on the financial sector, sources said, adding that banks have been urged to take preemptive measures to secure their systems, data and money of customers. The meeting was attended by top officials of banks, officials from Reserve Bank of India, and Ministry of Electronics and Information Technology. According to a senior finance ministry official, the ministry and the RBI are studying the extent of risks that t
Tamil Nadu Chief Minister M K Stalin on Monday said that the Centre had asked the state to review its existing bonus policy and consider discontinuing it on paddy and asked Union Finance Minister Nirmala Sitharaman whether she was willing to place the letter in this regard in public domain. Sitharaman, however, said the chief minister's allegation that the union government directed Tamil Nadu not to provide incentives for paddy cultivation "is factually baseless, politically motivated, and a deliberate distortion designed to mislead the farmers of Tamil Nadu." What was communicated to all state Chief Secretaries - not just Tamil Nadu - was a suggestion to align state bonus policies with national priorities, she said in a post on 'X' citing the letter dated January 9, 2026, asking the states to align their bonus policy to promote pulses, oilseeds and millets, in line with the national priorities for nutritional security, Aatmanirbharta (self-reliance) and sustainable agriculture. "Th
Union Finance Minister Nirmala Sitharaman on Saturday raised the Sabarimala gold loss issue during an NDA poll campaign event at Perumbavoor and said even 'God is not safe' in Kerala. While addressing party workers during a roadshow, she said the southern state may be known as 'God's Own Country'. "But God is not safe in Kerala. Even Lord Ayyappa's gold was taken away. So, my humble request is that...we don't want UDF and LDF anymore in the state," Sitharaman said. Launching a scathing attack on the CPI(M)-led ruling LDF and the Congress-led UDF, she accused the traditional fronts of mismanaging Kerala's economy through alternate stints in power. "The UDF and the LDF cannot go on like this. Because Kerala's economy is in a very bad state," the finance minister said. She claimed that the state's financial condition had worsened significantly, alleging that industries were in decline and entrepreneurs were finding it difficult to sustain operations in Kerala. Citing prominent ...
Finance and Corporate Affairs Minister Nirmala Sitharaman on Monday said in the Lok Sabha that the Insolvency and Bankruptcy Code (IBC) has been a main and very crucial factor in improving the health of the country's banking sector, including recovery of non-performing assets. Piloting a bill for further amending the IBC in the Lok Sabha, the minister stressed that companies have been doing well and their corporate governance practices have also improved after coming out of the insolvency resolution process. She made the remarks while replying to the Insolvency and Bankruptcy Code (Amendment) Bill, 2025, as reported by the Select Committee. The Bill has proposed 12 amendments to the IBC, which came into force in 2016. The IBC has been a main and very crucial factor in improving the health of the country's banking sector, Sitharaman said, adding that more than half of the NPAs (Non-Performing Assets) have been recovered by the banks through the resolution process. On August 12, 202
Finance Minister Nirmala Sitharaman on Wednesday said India is riding on the reform express and reforms are happening with conviction and clarity. Replying to the debate on Finance Bill 2026 in the Lok Sabha, Sitharaman said, "Reform is not happening out of compulsion, but out of conviction, with clarity, confidence and commitment. India is riding on the reform express under the leadership of Prime Minister Narendra Modi." She further said there is a trust-based tax administration that is being improved by reducing unnecessary hardship for honest taxpayers. The government has taken various steps to empower MSMEs, farmers, and cooperatives because they are at the heart of creation of employment for production and for the overall development of India, she said. This Finance bill aims to support them with very many measures that improve liquidity but also reduce the compliance burden and give them the opportunity to have greater contribution towards the larger economy, she ...
There is no proposal of a complete loan waiver for farmers under consideration with the central government, Finance Minister Nirmala Sitharaman informed Parliament on Monday. However, she said, the government has taken several measures to strengthen the economic conditions of the farmers, including timely and adequate credit through Kisan Credit Card (KCC), wherein crop loan up to Rs 3 lakh is provided at subsidised interest rates under the Modified Interest Subvention Scheme (MISS), with additional incentives for timely repayment. Besides, the government has enhanced collateral free short-term agricultural loans, including loans for allied activities, from Rs 1.60 lakh to Rs 2.00 lakh and ensuring adequate flow of credit from the banking system to the priority sectors of the economy, including agriculture, under Priority Sector Lending guidelines issued by the Reserve Bank of India (RBI), she said in a reply to the Lok Sabha. Additionally, the government has launched crop insurance